South Korea: ABL's whole life insurance plan offers additional death benefit

| 20 Jun 2023

ABL Life Insurance's "ABL The Dream Whole Insurance Policy" guarantees an additional death benefit once insurance premiums are fully paid. The insurance policy plan was launched in August 2021.

According to the insurer, when holders of the whole insurance policy complete payment for a certain period of time stipulated in their main contract, the increased death benefit is guaranteed from the first day of the next coming monthly contract day. 

The amount of the increased death benefit is determined by multiplying the total amount of premiums paid up by a completed payment bonus rate of 9 percent when the premium payment period is five years, or 10 percent when the premium payment period is seven years or more. 

Thus, whenever an ABL The Dream Whole Insurance Policy holder completes payment of monthly premiums for a pre-determined payment period, they will be subject to an increased death benefit during the remainder of their life. 

People can apply for the plan without any additional documents or diagnoses, even while having a medical history or advanced age, as long as three conditions are met: no hospitalisation, surgery or additional testing needed within the past three months, no history of hospitalization or surgery due to illness or accident within the past two years, and no diagnosis or history of surgery related to cancer within the past five years. 

The age of the insured can range from a minimum of 15 to a maximum of 77 years old, and the minimum insurance amount for the main contract is 20 million won ($15,600) or more. 

"ABL The Dream Whole Insurance Policy strengthens the function of whole life insurance plans by offering additional death benefits to those who completed monthly payments of premiums for their contract period," an official from ABL Life Insurance said. 

Founded in 1954, ABL Life Insurance is the second-oldest life insurer in Korea. The firm now has over 1.13 million customers nationwide, offering various insurance policies and services, reported The Korea Times.