ABL Life Launches GI Whole Life Insurance with Easy Enrollment for Policyholders with Pre-existing Conditions

ABL Life announced on the 2nd that it has launched the 'ABL Simple Enrollment GI Whole Life Insurance'.

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 2nd that it has launched the 'ABL Easy Enrollment GI Whole Life Insurance.'

GI insurance is characterized by an expanded coverage scope compared to the existing CI (Critical Illness) insurance. While CI insurance has strict conditions for payout based on the severity of cancer even if diagnosed under the disease classification code 'C (cancer) code,' GI insurance pays the insurance benefit upon diagnosis with the 'C code.'

The ABL Easy Enrollment GI Whole Life Insurance pays 80% of the insured amount as a diagnosis benefit in advance if diagnosed with one of the six major diseases or five major diseases, and pays the remaining 20% as a death benefit upon death. If the reason for the advance diagnosis benefit payment does not occur, 100% of the insured amount is paid as a death benefit upon death.

By choosing the Type 1 Easy Screening option, even elderly or those with pre-existing conditions can easily enroll if they have no history of hospitalization, surgery, or need for additional tests (re-examination) within the last 3 months, no history of hospitalization or surgery due to illness or accident within the last 2 years, and no history of cancer diagnosis, hospitalization, or surgery within the last 5 years.

Also, by selecting the partial surrender value payment option, the policyholder can enroll with a lower premium, as only 50% of the surrender value is paid upon contract cancellation during the premium payment period, compared to the basic plan.

For a 40-year-old male and female subscribing to the main contract with an insured amount of 50 million KRW, 20-year payment period, Type 1 Easy Screening, and Type 1 six major disease coverage with partial surrender value payment, the monthly premium is 161,500 KRW and 141,500 KRW respectively. This is about 12% cheaper compared to the basic plan.

For high-value contracts with an insured amount of 100 million KRW or more, a 3% discount on the main contract premium is provided. The eligible age for enrollment is from 15 to a maximum of 74 years old, and the insured amount ranges from 15 million KRW to a maximum of 125 million KRW.

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