ABL Life Eases Eligibility Requirements for Customers with Pre-Existing Conditions, Launches 'Simplified Health Insurance'

Enrollment Available if Applicants Meet None of the Three Disclosure Criteria
Up to 10% Off Main Contract and Optional Rider Premiums Based on Health Grade

ABL Life said on Oct. 16 that it has launched the "(Non-Participating) Woori WON (3.10.5) Simplified Health Insurance (No Surrender Value)," which is available to customers with a history of illness who have not been hospitalized or undergone surgery in the past 10 years.

The product is designed to lower the barriers to enrollment for customers with pre-existing conditions who have had difficulty obtaining insurance because of their medical history. Customers can enroll by disclosing only three items: whether, within the past three months, they have received a recommendation for hospitalization, surgery, or additional testing (retesting), been definitively diagnosed with an illness, or been suspected of having an illness; whether they have been hospitalized or undergone surgery, including a cesarean section, due to an illness or accident within the past 10 years; and whether, within the past five years, they have been diagnosed with, hospitalized for, or undergone surgery for any of seven major diseases (cancer, angina, myocardial infarction, stroke, liver cirrhosis, heart valve disease, or chronic kidney disease requiring dialysis).

The insurer has also introduced a "health-grade-based premium discount service," which offers discounts of up to 10% on premiums for both the main contract and optional riders, depending on the insured customer's health grade. Customers can check their health grade through LOG, a mobile app that calculates health grades. The app assesses health information including body mass index (BMI), blood pressure, urine protein, hemoglobin, fasting blood glucose, liver function indicators, cholesterol, the number of days the customer visited medical institutions, and smoking status, and assigns a grade from 1 to 9. A grade closer to 1 indicates better health, and customers may receive greater premium discounts as their health records improve.

Diagnostic riders for general cancer, minor cancers, cerebrovascular diseases, and ischemic heart disease can be purchased with coverage ending at age 80, reducing the burden of premium payments. At age 80, policyholders can decide whether to extend coverage for life. The product is available to people aged 30 to 80, and coverage can be set to last for life.

Kim Soonjae, head of the Product Division at ABL Life, said, "We developed this product to lower the barriers to enrollment for customers who have faced difficulties obtaining insurance because of their medical history, while also offering healthy customers premium discounts based on their health grades. We will continue to do our utmost to develop practical products that reflect our customers' diverse needs."

This content was produced with the assistance of AI translation services.