ABL Life's 'ABL Health Dream Advance Payment GI Whole Life Insurance' Gains Popularity

[Asia Economy Reporter Changhwan Lee] ABL Life announced on the 11th that its '(Non-Participating) ABL Health Dream Advance Payment GI Whole Life Insurance (Partial Surrender Refund Type)', launched earlier this year, is gaining attention.

This product features the ability to receive a portion of the death benefit in advance upon the occurrence of GI (General Illness), which can be used for medical expenses and living costs.

When diagnosed with 'Severe Burns and Corrosions', 'Major Surgery', or any of the '8 Major Diseases', one of 50%, 80%, or 100% of the insured amount is paid in advance as a diagnosis benefit, which can be used for treatment and living expenses.

The 8 major diseases include cancer, cerebral hemorrhage, acute myocardial infarction, end-stage renal failure, end-stage liver disease, end-stage chronic pulmonary disease, severe aplastic anemia, and Lou Gehrig's disease.

If the insured dies after receiving the advance payment insurance, Types 1 and 2 will pay the remaining 50% and 20%, respectively, and Type 3 will pay an additional 20% of the insured amount as the death benefit. If death occurs without the reason for advance diagnosis benefit payment, 100% of the insured amount will be paid as the death benefit.

This product was launched as a partial surrender refund type. For a 40-year-old male and female subscribing to the main contract with an insured amount of 50 million KRW, 20-year payment term, and Type 1 (50% advance payment type), the monthly premium is 147,500 KRW and 130,500 KRW, respectively.

The burden of future premium increases has also been reduced. Most riders, including the main contract, are non-renewable, and by utilizing the institutional rider 'Health Grade Application Rider', the main contract premium can be discounted up to 8% and optional rider premiums up to 10% according to the insured's health grade discount rate.

The subscription age ranges from 15 to a maximum of 71 years old, and the insured amount starts from 30 million KRW. For Type 1 (50% advance payment type), the maximum is up to 200 million KRW.

Eun Jaekyung, Head of Product & Marketing at ABL Life, said, "This product was developed to allow customers to enjoy broad disease coverage including the 8 major diseases, major surgeries, and long-term care states, along with death coverage through whole life insurance."

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