ABL Life, 'The Dream Whole Life Insurance' Offering Additional Death Benefit Upon Full Premium Payment

ABL Life announced on the 29th that it will launch the 'The Dream Whole Life Insurance,' which provides additional death benefits after the completion of premium payments, on the 1st of next month.

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 29th that it will launch the 'The Dream Whole Life Insurance,' which provides additional death benefits after the completion of premium payments, on the 1st of next month.

The key feature is that from the first contract date after the completion of the main contract premium payments, an 'Increased Death Benefit' is additionally guaranteed. The increased death benefit refers to the amount calculated by multiplying the total main contract premiums paid by a completion bonus rate of 2% for a 5-year premium payment period or 7% for 7 years or more, and this amount is provided as a single premium to guarantee additional death benefits.

For example, if a 40-year-old male subscribes to Type 2 (general underwriting) Plan 1 (level premium) with a main contract insurance amount of 100 million KRW and a 20-year payment period, the completion bonus amount is 4,015,200 KRW, which is 7% of the total main contract premiums paid of 57,360,000 KRW. This amount, when used as a single premium, results in an increased death benefit of 6,718,000 KRW, which is additionally guaranteed.

The simplified underwriting type 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. These are no hospitalization, surgery, or additional examination recommendations within the last 3 months; no hospitalization or surgery due to illness or accident within the last 2 years; and no cancer diagnosis, hospitalization, or surgery within the last 5 years.

Type 1 simplified underwriting is available for ages 40 to a maximum of 75, and Type 2 general underwriting is available from age 15 to a maximum of 76. The main contract insurance amount can be subscribed from 30 million KRW (10 million KRW for those aged 60 or older) or more.

Eun Jae-kyung, Head of Product Marketing at ABL Life, said, "We have strengthened 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 customer situations, including simplified underwriting, general underwriting, level premium, and increasing premium types."