ABL Life promotes life insurance policy covering illness

A model promotes ABL Life Insurance's life insurance policy that covers cancer and severe dementia. / Courtesy of ABL Life

By Kim Bo-eun

ABL Life Insurance is promoting a life insurance policy that covers both cancer and severe dementia.

Under the policy, holders pay the same premium through the end of the contact.

If they are diagnosed with cancer or severe dementia, 100 percent of the insured amount is paid in advance, and in the event of death, an additional 20 percent of the insured amount is received as a death benefit.

Those aged 15 through 68 can sign up for the policy. The insured amount ranges from 30 million won to 200 million won.

The policy type that does not refund payments when canceling the policy during the premium payment period allows policy holders to pay lower premiums.

"We launched a policy that can cover the risks associated with both death and survival, based on the fact that cancer and severe dementia have high survival rates that lead to extended periods of struggle against the illness resulting in large financial and mental distress," said Eun Jae-kyung, the head of ABL Life's policies and marketing.

ABL Life, which was founded in 1954, is the second-oldest life insurer in Korea. It provides 1.15 million customers here with a range of policies and financial services.