Shinhan Securities partners with Woongjin FreeLife to expand funeral, post-death services for single-person households

Shinhan Securities announced Tuesday it has signed a strategic MOU with Woongjin FreeLife to offer funeral planning and life-care partnership services to customers of its Shinhan Premier Single-Household Trust.

The agreement addresses growing demand among single-person households — driven by the rise in people living alone and shifting family structures — to arrange not only asset succession but also funeral and post-death procedures while still alive.

The Shinhan Premier Single-Household Trust lets customers plan everything from asset management and living expense disbursements during their lifetime to funeral preparations, post-death asset distribution and charitable giving.

Under the partnership, customers can select their preferred funeral services in advance and sign a separate contract with Woongjin FreeLife. When a funeral occurs, professional funeral services are provided in accordance with that contract. Customers may also convert their enrolled funeral product into other life-care services, such as travel, based on their needs.

When the designated death notifier or post-death beneficiary named by the customer submits the required documents, post-death procedures proceed according to the terms of the trust agreement. After settling the costs of the partnership services, taxes and other expenses, any remaining assets are paid out to the designated beneficiary.

"For single-person household customers, having a system that allows them to prepare not only their financial assets but also their funeral and post-death arrangements according to their own wishes is essential," said Investment Products Division Head Kwon Young-dae of Shinhan Securities. "Through our collaboration with Woongjin FreeLife, we will help customers prepare the funeral services they need and make use of a range of life-care services depending on their circumstances."

Shinhan Securities earlier signed an MOU with Kyowon Life on Oct. 12 to provide funeral and post-death settlement services for single-household trust customers. Under that partnership, the company arranged funeral services across four tiers — no-parlor, basic, expanded and premium — and gave customers the option to add a personal belongings clearance service if desired.