An ABL Life Insurance model introduces a general illness (GI) whole life policy. Photo courtesy of ABL Life

Seoul-based insurer cares about policyholders

ABL Life Insurance announced on March 18 that the company’s general illness (GI) whole life policy had won the hearts and minds of clients after its debut on Jan. 1.

The newly-launched product covers a total of eight illnesses as well as serious burns and surgeries.

This compares to other policies available in the market, which typically cover just three critical illnesses of cancer, strokes, and acute myocardial infarction.

In particular, the policyholders can receive their payouts as soon as they are diagnosed with those illnesses.

ABL Life said that the Seoul-based company also had tried to reduce the financial burdens of customers as they did not have to renew the insurance and riders.

In particular, they can savor discounts of up to 10 percent when they are healthy, according to ABL Life.

“This product was designed to cover various illnesses while decreasing the financial burdens of customers,” said Jason Eun who takes charge of ABL Life’s product development and marketing.

“We hope they will be able to seek a better life without having to worry much about illnesses in their later lives.”

Founded in 1954, ABL Life is the second-oldest life insurance firm in South Korea. Its customer base amounts to more than 1.15 million across the country.

Kevin Chung studied literature in Seoul. He is interested in various areas. He can be reached at jumphigher55@aol.com or 82-2-6956-6698.