ABL Life Launches Whole Life Insurance Covering Cancer and Severe Dementia

ABL Life announced on the 1st that it has launched the 'ABL Cancer and Dementia Worry-Free Whole Life Insurance,' which simultaneously covers death, cancer, and severe dementia.

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 1st that it has launched the 'ABL Cancer and Dementia Worry-Free Whole Life Insurance,' which simultaneously covers death, cancer, and severe dementia.

Although it is a whole life insurance policy that provides death coverage, in the event of a diagnosis of cancer (excluding minor cancers) or severe dementia, 100% of the insured amount can be received as an advance payment. The main contract premium remains fixed without renewal and is maintained at the initial contract premium until the payment completion date.

If diagnosed with cancer or severe dementia, the insured receives 100% of the insured amount as an advance payment, and upon death, 20% of the insured amount is paid as the death benefit.

Additionally, by selecting optional riders, coverage can be further designed to include diagnosis funds for dementia stages from mild to moderate dementia, caregiving living expenses for dementia stages from moderate to severe dementia, diagnosis funds for critical illnesses such as cancer, cerebral hemorrhage, acute myocardial infarction, and end-stage renal failure, as well as funds related to children.

Discount benefits are provided for high-value contracts. Contracts with an insured amount of 100 million KRW or more but less than 200 million KRW receive a 3% discount on the main contract premium, and contracts of 200 million KRW receive a 4% discount. The eligible age for subscription is from 15 to a maximum of 68 years old, and the insured amount ranges from 30 million KRW to 200 million KRW.

For a 30-year-old male and female subscribing to a main contract insured amount of 100 million KRW with a 20-year payment period and a non-surrender value type, the monthly premium is 168,780 KRW and 158,110 KRW, respectively.

Eun Jae-kyung, Head of Product & Marketing at ABL Life, stated, "As survival rates increase and the financial and psychological damages caused by long-term battles with cancer and severe dementia grow daily, we have launched a product that can simultaneously cover the risks of death and survival."

This content was produced with the assistance of AI translation services.