ABL Life Insurance's newly launched product, called the 'ABL The Double Whole Life Insurance,' offers double the basic death benefit if a policyholder passes away after being diagnosed with cancer or other serious diseases.
It is composed of two plans – the first covers cancer with a premium waiver upon diagnosis, while the other’s coverage is extended to two other illnesses of cerebral haemorrhage and acute myocardial infarction.
The policy also includes an increasing benefit feature, offering a death benefit payout of 100% to 200% of the initial coverage, depending on the elapsed period.
From the first to the 11th year of the policy, the coverage increases by 10% annually, up to a maximum of 200%.
In addition, if the policyholder is diagnosed with cancer or any of the above-mentioned three major illnesses, the death benefit can expand up to four times the initial coverage.
This policy also includes a premium waiver feature in cases of diagnosis of cancer, the three major illnesses, or in the event of a 50% or greater disability.
If the policyholder opts for the premium refund rider, they will receive a full refund of the premiums paid up to the diagnosis date for both the main contract and the rider.
The age of eligibility for standard underwriting ranges from 15 to 70 years, while for simplified underwriting, it is from 30 to 70 years. Policyholders can choose payment terms of 7, 10, 15, or 20 years.
“The new policy is an innovative whole life insurance product that not only provides basic death coverage but also addresses the leading causes of death in Korea,” ABL Life Chief Product Officer Kim Soon-jae said, reported The Korea News Plus.