Heungkuk Life Insurance Launches (Non-)Heungkuk Life Insurance My Love My Side Dementia Care Insurance

Step-by-Step Coverage from Mild Cognitive Impairment to Severe Dementia

[Asia Economy Reporter Ki Ha-young] Heungkuk Life Insurance announced on the 2nd that it has launched the '(Non-participating) Heungkuk Life My Love My Side Dementia Care Insurance (Non-surrender Refund Type V3),' which strengthens dementia coverage while lowering premiums.

This product is a specialized dementia insurance that provides not only dementia diagnosis benefits but also caregiving living expenses. It features coverage for each stage, from mild dementia, which has the highest incidence rate, to moderate and severe dementia.

The product pays up to 25 million KRW in diagnosis benefits upon a severe dementia diagnosis. It guarantees 5 million KRW for mild dementia onset, and through special riders, diagnosis benefits of 5 million KRW and 15 million KRW can be received for moderate and severe dementia, respectively.

Since severe dementia patients find normal life difficult, coverage for caregiving living expenses is essential. This product guarantees a monthly living expense of 1 million KRW regardless of maturity upon a severe dementia diagnosis (when subscribing to the '(Non-participating) Severe Dementia Care Living Expense Rider III (Non-surrender Refund Type V3) 1 million KRW'). Even if the insured dies early while receiving living expenses, a minimum of 36 payments (3 years) is guaranteed.

Additionally, this product is a 'non-surrender refund type' that does not provide a refund upon cancellation during the payment period but offers lower premiums than the standard type, lowering the entry barrier for middle-aged and older adults over 50 who hesitate to purchase insurance due to relatively high premiums. It is available for subscription from age 30 up to a maximum of 75, with insurance periods selectable between maturity at age 90 or 95.

A representative from Heungkuk Life Insurance's product development team stated, "As we rapidly enter an aging society, the threat of dementia is emerging as a social issue," and added, "We expect this product to be helpful to customers preparing for dementia."