Insurance in Korea
Can foreign residents buy private insurance in Korea?
Foreign residents may be able to buy private insurance in Korea. Some insurers provide consultation, identity verification, policy management or claims services for foreign customers. It is therefore incorrect to say that foreign residents cannot buy private insurance in Korea.
Eligibility is nevertheless decided through the insurer’s assessment of the particular product and application. Depending on the type of insurance, factors may include age, health, previous treatment, occupation, driving history, residence status, contact details in Korea and whether the insurer can verify your identity. The same person may be eligible for one product but not another.
Identity verification is especially important for foreign residents. Online enrollment or policy-access services may require a foreign resident registration number, a domestic residence report number, verification through a Korean mobile phone, or a Korean financial certificate. The identity documents accepted for an in-person application may differ from those accepted online. When considering insurance, check not only what the product covers but also how a foreign customer can complete identity verification.
For health and accident insurance, you must answer the insurer’s health questions accurately. A pre-existing condition does not always make enrollment impossible, but the insurer may decline the application, exclude a particular condition or part of the body, or offer different terms. For motor insurance, relevant factors include the vehicle, permitted drivers, driving licence and insurance history.
Examples from official insurer information
One insurer’s online-registration guidance for foreign customers says to use the English name and number shown on a Foreign Resident Registration Card or Domestic Residence Report Card. It also says that online identity verification may be restricted when the lawful period of stay has ended or the customer is not currently in Korea. Some insurers also operate English-language or overseas customer-service lines.
These are examples of how particular insurers handle identity verification and customer support. They do not mean that every insurer or product uses the same documents and procedures. Confirm eligibility and required documents with the insurer offering the product you are considering.
What foreign residents should check separately
Even when a product is described as available to foreign customers, check:
- whether foreign residents may apply for the particular product you want;
- whether you can complete identity verification with your current residence status;
- whether online and in-person applications require different documents;
- which languages are available for claims, changes and cancellation after the contract starts; and
- whether health- or occupation-related underwriting applies.
Claims to avoid
- “All foreign residents can enroll.”
- “This visa guarantees acceptance.”
- “Enrollment in the National Health Insurance automatically makes you eligible for private insurance.”