Heungkuk Life Introduces Dementia Insurance Covering Lifetime Responsibility

Heungkuk Life Insurance announced on the 9th the launch of the '(Non-Participating) Heungkuk Life Dementia Senior Protection Insurance,' which extends the coverage period for dementia protection to lifelong.

This product is an immediate coverage type that provides instant protection without exemption for major riders such as home care benefits upon subscription.

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This product, revised from the existing dementia insurance, is designed to cover all risks related to dementia by providing protection through riders for dementia, nursing diagnosis fees, nursing living expenses, home care benefits, and facility admission benefits.

The product is offered in basic and immediate coverage types. The immediate coverage type provides instant coverage up to KRW 100,000 per month when using home care benefits or facility admission benefits after being assessed as requiring long-term care of mild or higher level (grades 1 to 5).

If the long-term care status assessment results in a cognitive support grade or higher, a one-time payment of KRW 1,000,000 is made. The product also includes riders that pay KRW 100,000 per month each for day and night care and welfare equipment usage. There is also a rider that pays KRW 100,000 per month when using home visit care for long-term care status (grades 1 to 5).

The coverage period has been extended from the previous maximum maturity age of 95 to lifelong. The insurance period can be selected from 90 years, 95 years, or lifelong. Some riders allow for a 20-year maturity type and a layered design, enabling premium savings.