An ABL Life model promotes the company’s new Do-It-Yourself health insurance product at its head office in Seoul. Photo courtesy of ABL Life

Seoul-headquartered insurer offers innovative product

ABL Life Insurance announced on Aug. 14 that its new health product had attracted many customers during the past month after its launch on July 12.

The Seoul-based insurer said that the new product had won the hearts and minds of people thanks to its innovative features of customized coverage.

The product is composed of two types. One allows people to design coverage themselves to prepare for specific diseases like cancers, brain illnesses, and vascular disorders.

In other words, they can prepare for hospitalization, surgeries, or death caused by various diseases on their own. Toward that end, the do-it-yourself (DIY) policy has various riders.

Those who are aged between 15 and 80 can savor its benefits.

The other type is a simplified issue product, which lets people purchase it with minimal health questions.

When policyholders are ready to give up a refund when they cancel them before maturity, the premiums will go down accordingly. They are also capable of renewing the insurance every 10, 20, or 30 years.

The simplified issue version is available to those who are aged between 30 and 80.

“Our DIY product offers various options for our clients. It would be a perfect fit for those who want to various coverage with a single product,” said Jason Eun who leads the firm’s marketing, product, and sales offices.

With a customer base of more than 1.1 million here, ABL is the second-oldest life insurance company in South Korea, as its history stretches back to 1954.

The publisher studied Korean history in Seoul and management of business administration in the United Kingdom. He has 20-year experiences in the media business. Kim can be reached at voc200@gmail.com or 82-2-6956-6698.