MetLife Life Insurance Introduces 'Dementia Care Insurance' Comprising 17 Special Riders

MetLife Life Insurance announced on the 4th the launch of the '(Non-Participating) 360 Dementia Care Insurance,' which provides coverage for dementia ranging from staged dementia diagnosis benefits to nursing care benefits, hospitalization and outpatient expenses, and living expenses.

This product consists of 17 different dementia-related riders in addition to the main contract coverage. Customers can complete their dementia coverage by selecting protections tailored to their individual situations. First, by choosing the diagnosis-related rider, coverage of up to 10 million KRW is provided from the earliest stage of dementia, mild dementia. Additional coverage is provided for each subsequent stage. In the case of a diagnosis of severe dementia, a diagnosis benefit of 30 million KRW is paid.

Dementia is a disease with a long treatment period that can increase financial burdens. This new product also includes a rider that pays a fixed monthly living expense, significantly alleviating the burden of living costs. If the living expense rider is selected, monthly living expenses of up to 500,000 KRW and 1,500,000 KRW are covered for moderate or higher and severe dementia diagnoses, respectively, up to lifetime coverage. In addition to dementia, through rider enrollment, insurance benefits can be received after being rated for long-term care levels for home care benefits, facility benefits, and use of day and night care facilities. Based on a layered design for home care and facility benefits, monthly benefit support payments of up to 1,500,000 KRW are covered.

The new product also provides coverage for costly CT and MRI examination fees and medication treatment costs through riders. Additionally, a rider can be selected to receive 90,000 KRW per outpatient visit when receiving dementia treatment at a tertiary general hospital, and by adding a caregiver rider, 50,000 KRW is covered for hospitalization using a caregiver (excluding nursing hospitals).

The eligible age for enrollment is from 30 to 75 years old, and the coverage period extends up to age 100, allowing elderly individuals with rapidly increasing dementia incidence rates to be covered. Furthermore, by choosing the non-participating no-surrender value type, customers can enroll with lower premiums in exchange for no surrender value during the payment period.

Song Young-rok, CEO of MetLife Life Insurance, stated, “With the rapid aging of the population and the increase in dementia patients, we have introduced a new product that comprehensively covers customers' needs related to this. As we continue to expand our portfolio with various health insurance products alongside dollar insurance and pension insurance, we will continue to introduce differentiated products unique to MetLife Life Insurance that customers need.”