Additional Coverage Upon Payment Completion... ABL Life 'THE Dream Whole Life Insurance'

ABL Life is focusing on whole life insurance products that add death benefits after the completion of premium payments.

According to the industry on the 16th, ABL Life has been selling the '(Non) ABL THE Dream Whole Life Insurance (Partial Surrender Refund Type)' since August 2021. This product is characterized by providing an additional 'increased death benefit' from the contract date following the completion of the main contract premium payments. For Type 1 (Level Premium), if the premium payment period is 5 years, 9%, and if 7 years or more, 10% is added to the total main contract premium paid.

For example, if a 40-year-old man subscribes to Type 2 (General Underwriting) Type 1 (Level Premium) main contract insurance amount of 100 million KRW with a 20-year payment period, an additional single premium of 5,496,000 KRW, which is 10% of the total main contract premium of 54,960,000 KRW, will be charged. The calculated 9,702,300 KRW becomes the 'increased death benefit' and is additionally guaranteed after the completion of premium payments.

Type 1 (Simplified Underwriting) allows subscription without submitting separate documents or diagnosis even if there is a history of illness or advanced age, as long as three criteria are met: no hospitalization, surgery, or additional examination recommendations within 3 months; no hospitalization or surgery due to illness or accident within 2 years; and no cancer diagnosis, hospitalization, or surgery within 5 years.

Additionally, customers can choose between 'Level Premium' and 'Increasing Premium' according to the desired death benefit guarantee type.

The subscription age for Type 1 Simplified Underwriting is from 30 to 77 years old, and for Type 2 General Underwriting, from 15 to 77 years old. The main contract insurance amount can be subscribed from 20 million KRW (10 million KRW for those aged 61 or older).

Eun Jae-kyung, Executive Director of Sales Channels at ABL Life, explained, "This product strengthens the function of whole life insurance by providing additional death benefit coverage to customers who have completed premium payments," adding, "We developed the product to allow various coverage designs suitable for customers' situations, such as 'Simplified Underwriting', 'General Underwriting', 'Level Premium', and 'Increasing Premium'."

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