Wide Range of Optional Riders
Comprehensive Coverage from Cancer Diagnosis to Treatment and Hospitalization
On February 2, ABL Life Insurance announced the launch of its new product, "(Non-Refundable) Woori WON Cancer Insurance," which provides comprehensive coverage for the entire cancer treatment process, from diagnosis and testing to treatment, hospitalization, and outpatient care.
The main contract of this product covers death, and customers can choose from 43 optional riders to receive coverage for cancer diagnosis benefits, cancer testing fees, major cancer treatment costs, anti-cancer drug therapy, radiation therapy, and cancer-related hospitalization and outpatient expenses. In addition, the coverage scope has been further strengthened by adding premium waiver riders and riders that cover diagnoses of liver, lung, and kidney diseases, which are highly correlated with cancer occurrence.
In particular, to enable intensive care at advanced general hospitals, additional coverage for major cancer treatment, cancer surgery, and cancer-related hospitalization and outpatient expenses at such hospitals has been included. This allows customers to design cancer protection plans with reasonable premiums according to their individual needs.
This product features a "Health Grade Application Rider" as an institutional rider, allowing policyholders to receive up to a 10% discount on both the main contract and optional rider premiums, depending on their health grade. The health grade can be checked using the "LOG" mobile app, which calculates the grade based on gender, age, health status, and medical utilization information. The health grade is determined on a scale from Grade 1 to Grade 9, considering various factors such as BMI (Body Mass Index), blood pressure, proteinuria, hemoglobin, fasting blood sugar, liver function levels, cholesterol, number of medical visits, and smoking status. A grade closer to 1 indicates better health. As health records improve over time, greater premium discounts can be obtained.
For the simplified underwriting plan, customers can utilize the "Accident-Free Customer Contract Conversion Rider." If there is no history of hospitalization, surgery, or diagnosis of certain diseases during the accident-free period of 1 to 5 years after enrollment, the contract can be converted to more favorable terms, resulting in premium discounts. The simplified underwriting plan is also available to individuals with pre-existing conditions.
The "(Non-Refundable) Woori WON Cancer Insurance" is available for individuals aged 15 to 80 under the standard underwriting plan and provides coverage up to lifetime.
Kim Soonjae, Head of Product Division at ABL Life Insurance, stated, "As cancer survival rates increase, the burden of medical expenses, including follow-up tests, treatment, and ongoing management, is also rising. This product aims to be a reliable companion throughout the entire cancer treatment process by offering customized coverage for each customer through a wide range of riders."
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