ABL Life Introduces Care Expense Insurance Covering Mild to Severe Long-Term Care

ABL Life announced on the 2nd that it has launched the ‘(Non-Refundable) ABL THE Care Long-Term Care Insurance’ which comprehensively covers diagnosis fees and caregiving expenses from mild to severe long-term care.

The ‘(Non-Refundable) ABL THE Care Long-Term Care Insurance’ provides coverage according to long-term care grade levels and, with optional riders, broadly covers home care benefits, facility care benefits, and caregiver costs. This product is a non-refundable type, meaning no surrender value is paid if canceled during the payment period, but it offers lower premiums compared to the basic plan.

For this product, when diagnosed with a severe long-term care grade (levels 1 to 2), a long-term care benefit is paid once at the initial diagnosis. Additionally, by subscribing to optional riders, customers can receive up to 10 million KRW in additional long-term care benefits after being diagnosed with long-term care grades 1 to 5.

When subscribing to the relevant riders, if diagnosed with long-term care grades 1 to 5 and using home or facility care benefits, home care support funds, facility care support funds, and day/night care support funds are provided. Home care benefits cover items such as visiting care, visiting bathing, visiting nursing, day/night care, short-term care, and other home care services, with a limit of once per month per item. For mild or higher grades, up to 1 million KRW per month is paid for up to 10 years, and for severe cases, the coverage period is extended to provide up to 1 million KRW per month for life.

This product also covers costs for using caregivers or integrated nursing and caregiving services during hospitalization for direct treatment of illness or injury, with a limit of 180 days per hospitalization through optional riders.

The eligible age for insurance subscription is from 25 to 75 years old for males, and the payment period can be selected from 10, 15, 20, or 30 years.

Eun Jae-kyung, ABL Life’s Executive in charge of Sales Channels, said, "With the aging population trend and the increase in single-person households, the demand for insurance products for retirement preparation is also increasing." He added, "This insurance product is recommended for customers interested in caregiving coverage at a reasonable premium."

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