ABL Life Introduces 'Whole Life Insurance' Offering Double Basic Death Benefit Coverage

ABL Life announced on the 16th that it has launched the ‘(Non-Participating) ABLTHE Double Whole Life Insurance (Partial Surrender Refund Type)’.

This product consists of Type 1 (Cancer Premium Waiver Type) and Type 2 (Three Major Diseases Premium Waiver Type). It guarantees twice the basic death benefit if the insured is diagnosed with one of the three major diseases (cancer, cerebral hemorrhage and cerebral infarction, acute myocardial infarction) and subsequently passes away.

Designed as an increasing benefit type, the death benefit is paid from 100% up to a maximum of 200% of the insured amount depending on the elapsed period. From one year after enrollment until eleven years after enrollment, the benefit increases by 10% annually (up to 10 years), reaching up to 200% of the insured amount. If diagnosed with one of the three major diseases, the death benefit can increase up to four times compared to the initial enrollment amount.

It also includes a premium waiver feature that exempts future premium payments if diagnosed with one of the three major diseases or if a disability of 50% or more occurs. When subscribing to the premium refund rider, if diagnosed with one of the three major diseases, the insured can receive a full refund of the premiums paid for the main contract and the premium refund rider up to that point.

A completion bonus is provided upon full payment of premiums, and after paying the total basic premium of the main contract and completing the payment period, partial withdrawals or additional payments are also possible.

The simplified underwriting type allows people with pre-existing conditions to enroll. The eligible age for the general underwriting type is from 15 to 70 years old, and for the simplified underwriting type, from 30 to 70 years old. The premium payment period can be selected from 7, 10, 15, or 20 years.

Kim Sunjae, Product Manager at ABL Life, said, “This product is a new concept whole life insurance that not only provides the basic death benefit of whole life insurance but also includes coverage for cancer, cerebral hemorrhage and cerebral infarction, and acute myocardial infarction, which are the major causes of death among Koreans. We hope this new product, designed with practical coverage, will become a reliable companion that offers customers a better life.”