Korean insurer strives to expand coverage for cancer patients
ABL Life announced on June 18 that it had launched a new cancer insurance plan designed to provide a much broader coverage compared to the existing products.
The Seoul-based life insurer said that those aged between 15 and 80 can take out its policy. They can select the coverage age of either 80 or the whole life.
By opting for proper riders, clients can collect the insurance money for inspection costs related to cancer.
Another benefit of the fresh plan is that customers do not have to renew it periodically, which means that their insurance premium will not go up later.
“Healthy people can get discounts by offering their health information via a dedicated mobile app,” an ABL Life official said. “Of note is that the insurance premium will go down when their health condition improves but not the other way round.”
Jason Eun, who takes charge of ABL Life’s product development and marketing, said that the insurance is unprecedented.
“Our new product is really out of the box because we dramatically expand its coverage ranging from prevention of cancer to its treatment,” Eun said
“As a result, we hope that our clients will be able to enjoy healthier and better lives by reducing their concerns about cancer.”
Founded in 1954, ABL Life is South Korea’s oldest life insurer. Its customer base is larger than 1 million.