Insurance product covers wide-range of illnesses
South Korea’s ABL Life noted on October 16 that the Seoul-based company had introduced a new-type life insurance product, which also covers a wide range of illnesses.
ABL named the new product a general illness (GI) policy because its coverage is wider than that of critical illness (CI) insurance. Plus, the review of policy events is less strict for GI products.
In case customers opt for the simplified-issue version, they will be able to easily take out the policy if they meet a few requirements.
“Simplified issue” indicates that people answer a small number of questions about their medical history for the insurance application without having to go through a medical check.
By comparison, “guaranteed issue” means that people don’t need to answer any medical questions or undergo a medical exam. They qualify for coverage regardless of their health condition.
Customers can add a set of riders to expand the coverage, according to ABL Life of which history stretches back to the early 1950’s.
The firm’s chief marketing and product officer Jason Eun said that the new product will protect many Koreans.
“The GI policy is basically life insurance. At the same time, it covers six diseases, which are most common to Koreans,” Eun said.
“In addition, it is designed to accept not only healthy folks but also those with a case history. I hope the new policy will enable our customers to prepare for rainy days in an effective way.”