ABL Life Launches 'ABL Dementia Care Insurance' Available for Seniors

[Asia Economy Reporter Changhwan Lee] ABL Life announced on the 30th that it will launch the '(Non-Participating) ABL Dementia Care Insurance,' a dementia-specialized insurance that even elderly people can subscribe to, on the 1st of next month. However, the target is limited to those who do not fall under certain criteria, such as having no history of dementia diagnosis.

This product covers diagnosis fees according to the stage of dementia, caregiving fees for moderate or severe dementia, dementia hospitalization fees supported by caregiver use, home and facility benefits according to long-term care grades, and also covers severe Alzheimer's dementia and specific Parkinson's and Lou Gehrig's disease conditions associated with dementia.

By subscribing to the relevant special contract, one can receive up to 500,000 KRW per month as living expenses for life for moderate or higher dementia, and upon determination of long-term care grade, receive support funds of 200,000 to 300,000 KRW per use for home care or facility care.

If a caregiver, nursing, or integrated care service is used for hospitalization due to dementia, adding the relevant special contract also provides hospitalization fees of 30,000 to 50,000 KRW per day of hospitalization.

This product is a 'non-surrender value type,' meaning that if the contract is canceled during the premium payment period, no surrender value for the main contract is paid, but the monthly premium is relatively low.

For a 40-year-old man and woman subscribing to this product with a main contract insurance amount of 10 million KRW, maturity at age 90, and 20-year payment period, the monthly premium for the main contract is 6,700 KRW and 5,300 KRW, respectively.

The subscription age ranges from 30 to 75 years old, and the main contract subscription limit is from 1 million KRW to 30 million KRW.

ABL Life provides healthcare services such as health consultations, identity guidance and medical appointment arrangements, preferential health checkups, and health information provision, as well as early dementia care services including self and early diagnosis of dementia and finding dementia care facilities for customers subscribing to this product.

Eun Jaekyung, Head of Product & Marketing at ABL Life, said, "Reflecting the reality that as of 2020, one out of ten people aged 65 or older is diagnosed with dementia, we developed a product that elderly people can subscribe to and that focuses on coverage for diagnosis fees by dementia stage and caregiving fees associated with dementia." She added, "This dementia-specialized insurance product was developed so that customers can prevent dementia early through healthcare and dementia services and enjoy necessary medical care services upon dementia diagnosis."

This content was produced with the assistance of AI translation services.