ABL Life launches online cancer insurance plan
Promotional image of ABL Life Insurance's online cancer insurance plan / Courtesy of ABL Life Insurance
By Anna J. Park
ABL Life Insurance, the country's second-oldest life insurer founded in 1954, has launched its new online cancer insurance plan that protects consumers from the five most-frequently diagnosed cancers.
The online-exclusive insurance policy offers 10 million won ($8,500) coverage for the five cancers ― stomach cancer, lung cancer, liver cancer, pancreatic cancer and gall bladder cancer ― with significantly low premiums of less than a dollar a month for most customers.
A 20-year-old male purchasing the 10-year coverage plan needs to pay only 26 won or about just two cents as a monthly premium in order to be covered by the 10 million won policy. Or a 40-year-old woman, in another example, needs to pay only 637 won as a monthly premium.
Customers can also pay all the premiums at once instead of paying the monthly premium; in this case, a 20-year-old male pays only 2,710 won for his entire 10-year coverage, while a 40-year-old woman pays 66,033 won for the 10-year cancer policy.
“The insurance plan offers cost-effective insurance coverage with a burden-free miniscule amount of monthly premiums, yet it covers cancers with high fatality rates,” said Kim Jong-mun, ABL Life Insurance's e-Business director. “With its cheap monthly premiums, the insurance policy is expected to draw attention from the MZ Generation.”
The company explains the insurance policy's low cost is possible by sharing risks among many insurance policy purchasers. Those aged from 19 to 50 can join the insurance plan through the website of ABL Life Insurance, and monthly premiums do not change over the course of the covered period.
Founded in 1954, ABL Life Insurance now has over 1.15 million customers nationwide with a wide range of insurance products.