|ABL Life Insurance newly launched an insurance plan for more people to receive benefits when diagnosed with cancer. Courtesy of ABL Life Insurance|
By Yi Whan-woo
ABL Life Insurance is promoting a new health insurance plan that has lowered barriers for senior citizens and people with chronic illnesses in receiving benefits when diagnosed with cancer.
The insurance especially covers costs for targeted molecular therapy, an advanced but expensive medical treatment.
The therapy kills cancer cells while leaving normal cells totally unaffected, with little chance of side effects after the treatment.
Those aged between 30 and 80 can subscribe to the plan and can be covered until they are 100 years old.
The maximum coverage amount is 30 million won ($26,900).
"We came up with this up-to-date insurance to cope with the aging society and help a wider range of people receive cancer coverage," said Jason Eun, who is in charge of ABL Life's product development and marketing.
He expressed hopes it will help people to prepare effectively for the possible risks of cancer.
The insurance is divided into two types.
The first one is open to those who have no records of diagnosis, outpatient treatment or surgery for cancer as well as other life-threatening illnesses within the past five years.
The second one is for those who do have such records during the same periods.
Benefits vary by insurance type.
Founded in 1954, ABL Life Insurance is the second-oldest life insurance company in Korea.
It has more than 1.15 million customers covered nationwide.