Man kills homeless for insurance money

A man in his 30s who subscribed a homeless person for hundreds of millions of won in life insurance then killed him for the payout has been arrested by the police.

The police in Ansan, Gyeonggi Province said Sunday that the 37-year-old Kim has been arrested for stabbing a 41-year-old Lim to death in a park.

Kim, who was under enormous stress because of more than 100 million won ($90,000) he provided in collateral payment, found out through an insurance agent that a person does not have to a relative to be a beneficiary of insurance payments.

Having found Lim as a potential victim, Kim helped him write up papers for life insurance worth 200 million won ($180,000) in the beginning of this month.

Kim maintained contact with Lim, often taking him out for meals and drinks and persuading him to change his registered address to that of a friend.

He went to the extent of how the insurance payment can be collected, checking on the Internet how long it takes a pertson to die after being repeatedly stabbed.