ABL offering LTC insurance

South Korea’s ABL Life Insurance announced on March 8 that the company had launched a new long-term care (LTC) insurance in order to offer customized services.

The Seoul-based insurer noted that the new policy, dubbed The Care LTC Insurance, had won the hearts and minds of people in the era of fast aging.

ABL Life said that the new insurance would help people deal with the rising costs related to the nursing of senior citizens.

According to the Statistics Korea midway through last year, it costs more than 4 million won ($3,000) a month to employ a caregiver.

As Korea’s medical care system does not cover long-term care, LTC insurance has emerged as an alternative.

In particular, a mounting number of South Korean people are expected to purchase LTC policies because the country is one of the world’s fastest aging societies.

The Statistics Korea predicts that the proportion of the population above age 65 will reach 46.4 percent by 2070. Currently, the proportion is less than 20 percent.

“Our new policy is geared toward meeting the rising demand for LTC benefits in line with the fast aging of the society and the increase of single-person households,” ABL chief product and marketing officer Jason Eun said.

Those aged between 25 and 75 can purchase The Care LTC Insurance and included in the benefits are 1 million won insurance money a month when its applicants need nursing.

Founded in 1954, ABL Life is one of the oldest insurance firms in Korea. The outfit has a customer base, which stands at around 1.1 million.