An ABL Life model promotes the company’s insurance product, which covers Alzheimer’s disease. Photo courtesy of ABL Life

Seoul-based insurer covers Alzheimer’s patients

ABL Life announced on Oct. 19 that the company’s healthcare insurance product for people with Alzheimer’s disease had attracted many customers over the past few years.

The Seoul-based insurer came up with the policy in early July to defray the costs of taking care of Alzheimer’s patients as the housing and nursing care arrangement for them is expensive.

Under the policy, ABL Life noted that the insurance payments would depend on how severe the patients are.

When a policyholder opts for a specific rider, he or she can get a monthly payment of up to half a million won throughout his or her life.

The plan, which is offered to those aged between 30 and 75, also covers other degenerative disorders like certain Parkinson’s disease and Lou Gehrig’s disease.

“When policyholders surrender, they are not supposed to get premiums paid in. Instead, their premiums are not so high,” an ABL official said.

“In addition, the new product has offered various benefits for people. We think that those factors have drawn the interests of many customers this year.”

ABL Life’s chief product officer Jason Eun said that it would continue to launch long-term care products.

“Up to 10 percent of those aged over 65 were diagnosed with Alzheimer’s disease as of 2020. Against this backdrop, we decided to introduce the new product,” Eun said.

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.