An ABL Life model introduces the company’s two “simplified issue” insurance products. Photo courtesy of ABL Life

Seoul-based life insurer comes up with new products

ABL Life announced on August 13 that the company had come up with two types of “simplified issue” insurances to attract senior customers and those with a history of serious disease.

The Seoul-based company said that the two health insurance products would protect people who failed to take up insurance policies due to their age or medical history.

Simplified issue” means that people answer a few questions about their medical history for the insurance application, rather than going through a medical exam.

It is different from “guaranteed issue,” which means that people do not have to answer any medical questions or undergo a medical check _ they qualify for coverage without regard to their health condition.

The two products offer various benefits to policyholders. And the products are offered in different types so that our clients can enjoy customized coverage,” an ABL official said.

ABL Life chief marketing and product officer Jason Eun expressed his hopes that the two products would offer great benefits to many.

We have introduced two simplified issue insurances with a variety of different plans. They will help our customers deal with longevity risks,” Eun said.

Longevity risks have been dubbed as one of the biggest challenges to South Korea because the country has become an aged society at a very fast pace.

In particular, the proportion of senior citizens is jumping here as the number of people aged 65 or older surpassed 10 percent of the total population in 2009. The figure is expected to double in a few years.