Post Office Announces Launch of 'Important Service'! Rolled Out Nationwide, Changes to Elderly Borrowing and Withdrawals – Full Details of the New System

To prevent elderly life insurance policyholders from falling victim to fraud, Chunghwa Post launched the 'Designated Contact Person' service on March 14, 2024. For policyholders aged 65 and above, when conducting high-risk transactions such as policy loans, partial withdrawals, or contract termination, the post office will proactively contact the 'designated contact person.' This measure aims to reduce fraud risks through immediate family oversight, and so far, 93 individuals have applied.

How to apply for a designated contact person? Both parties must present identification, and only specific relatives are eligible.

Chunghwa Post Vice President Tsai Wen-ching stated that the 'Designated Contact Person' service requires in-person application. Life insurance policyholders aged 65 and above may designate one contact person based on personal needs. Applicants must bring both their own and the contact person's national ID cards to any post office nationwide to complete the process.

The designated contact person must be a relative, including spouse, parents, children, grandchildren, or siblings, and must provide a mobile phone number for follow-up notifications. If the designated contact person is changed in the future, the latest application will take precedence. The original contact person will not be separately notified in principle, though exceptions may apply in special circumstances.

Which high-risk transactions trigger notifications? The policyholder's decision is still respected if contact cannot be made.

Tsai Wen-ching explained that to protect elderly policyholders aged 65 and above from fraud, the post office will automatically call the designated contact person and send a text message whenever high-risk transactions—such as policy loans, partial withdrawals, contract termination, or activation of non-counter policy loan functions—are initiated. This encourages family members to check in with the policyholder and confirm whether the transaction aligns with their intentions, aiming to serve as a preventive measure against fraud.

Tsai further clarified that if the designated contact person cannot be reached, the policyholder's decision will still be respected. If the contact person and policyholder disagree, both parties will be encouraged to communicate and reach a consensus. In cases of persistent disagreement, the policyholder's wishes will ultimately take precedence. This service is part of an elderly protection policy and is not mandatory. Other major insurance companies are also gradually introducing similar measures.

178,000 elderly policyholders across Taiwan benefit! Will this be expanded to savings accounts?

Statistics show that approximately 178,000 life insurance policies held by individuals aged 65 and above are currently managed by Chunghwa Post. In recent years, no fraud cases related to life insurance have been reported. Since the service launched on March 14, 93 applications have been received. Post office counters actively introduce this service to customers aged 65 and above when they visit. Among the 93 applicants, no disputes or disagreements with contact persons have occurred so far.

Regarding potential expansion to savings accounts, Tsai Wen-ching stated that Chunghwa Post has already implemented multiple anti-fraud measures for its approximately 20 million savings accounts. At this stage, there are no plans to extend the designated contact person system to savings accounts. However, if new regulations are issued by the Financial Supervisory Commission (FSC) or relevant authorities in the future, Chunghwa Post will comply accordingly.