ABL Life Insurance has launched a new whole life insurance product designed to provide financial support to policyholders diagnosed with serious illnesses while maintaining death benefits for their beneficiaries.
Unlike conventional whole life insurance policies that primarily provide benefits upon death, the new product allows policyholders to receive advance payments following diagnoses of certain critical illnesses.
The product comes in two versions, one covering cancer and the other covering cerebrovascular and cardiovascular diseases.
Under the cancer coverage plan, policyholders diagnosed with cancer can receive an advance payment equivalent to 100% of the insured amount.
The second plan offers the same benefit to customers diagnosed with cerebral hemorrhage, cerebral infarction, or acute myocardial infarction.
ABL Life noted that the advance payments can be used to cover medical expenses, living costs, and other financial needs during treatment and recovery.
Even after receiving the advance payment, policyholders remain entitled to death coverage equivalent to 100% of the original insured amount, according to the Seoul-based company.
For customers who do not develop the specified critical illnesses after purchasing the policy, the death benefit increases to 150% of the insured amount.
ABL Life chief product officer Kim Soon-jae said, “This product is designed to provide policyholders with advance payments upon diagnosis of cancer or cerebrovascular and cardiovascular diseases.
“By extending the benefits of whole life insurance beyond death coverage to support policyholders during their lifetime, while preserving death benefits even after advance payments, we aim to meet customers’ diverse protection needs,” reported Korea News Plus.