ABL Life Launches Cancer Insurance Asking Only One Medical History Question for Seniors and Patients

ABL Life announced on the 24th that it has launched the 'Hana Man Mutneun ABL Choganpyeon Cancer Insurance,' which allows elderly or high-risk individuals who had difficulty obtaining cancer insurance to easily enroll and receive cancer coverage by meeting just one condition.

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 24th that it has launched the 'Hana Man Mutneun ABL Choganpyeon Cancer Insurance,' which allows elderly or patients with pre-existing conditions, who previously had difficulty subscribing to cancer insurance, to easily enroll and receive cancer coverage by meeting just one condition.

The new policy includes a special rider for targeted anticancer drug approved treatment, which covers targeted anticancer drug therapy that has fewer side effects compared to conventional anticancer drug treatments but involves high treatment costs.

The product consists of Type 1, a simplified underwriting plan, and Type 2, a general underwriting plan. The simplified underwriting plan allows enrollment if there is no history of diagnosis, hospitalization, or surgery for cancer, carcinoma in situ, or cirrhosis within the past five years. In case of a cancer diagnosis, the insured can receive a diagnosis benefit.

For a main contract insurance amount of 10 million KRW with a 20-year term and premium payment period, the monthly premium for Type 1 simplified underwriting is 8,700 KRW for a 40-year-old male and 5,800 KRW for a 40-year-old female.

If a standard healthy person with no medical history enrolls in Type 2 general underwriting, the monthly premium is 5,100 KRW for males and 3,800 KRW for females, providing the same coverage.

By adding various riders, additional coverage is available for cancer surgery, anticancer drug treatment, anticancer radiation therapy, direct cancer treatment hospitalization, cancer hospitalization in nursing hospitals, minor cancer diagnosis, and targeted anticancer drug approved treatment.

The eligible age for enrollment is from 30 to 80 years old, and coverage can be extended up to age 100 through contract renewal. The maximum insurance amount for the main contract is 30 million KRW.

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