Dongyang Life Launches '(Non) Guardian Angel Dementia Insurance' "Broad Dementia Coverage"

[Asia Economy Reporter Changhwan Lee] Dongyang Life Insurance announced on the 1st that it has launched the ‘(Non-payment) Guardian Angel Dementia Insurance I Make Myself,’ which provides extensive coverage for dementia, including dementia diagnosis benefits and dementia caregiving expenses, in response to the continuous increase in dementia incidence rates in Korea.

This product features a main contract that guarantees a severe dementia diagnosis benefit upon confirmation of severe dementia diagnosis, and through dependent riders, it provides diagnosis benefits according to each stage of dementia, from mild cognitive impairment to moderate dementia and above.

Upon final diagnosis confirmation for each dementia stage, a one-time payment of 10 million KRW is made. Through the moderate dementia caregiving expense rider and severe dementia caregiving expense rider, a monthly caregiving expense of 500,000 KRW is guaranteed for 36 months upon diagnosis confirmation of each dementia stage, with coverage extending up to lifetime. (Based on a main contract and rider subscription amount of 10 million KRW)

Additionally, if the optional rider for home and facility care benefits F is subscribed, after being assessed for long-term care grade and using home or facility care benefits, a home/facility care support payment of up to 1.2 million KRW per use once a month for up to 10 years (up to 500,000 KRW when using grades 1 to 5) can be guaranteed.

If the dementia caregiver use hospitalization rider (renewable type) is subscribed, when a caregiver or integrated nursing and caregiving service is used due to dementia, a daily payment ranging from a minimum of 10,000 KRW to a maximum of 50,000 KRW can be received.

This product is a non-surrender value type and is available for subscription from age 30 up to a maximum of 75. The insurance period can be selected among maturity ages of 85, 90, or 100.

A Dongyang Life Insurance official stated, “Due to rapid aging, the number of dementia patients in Korea is increasing quickly,” and added, “By designing this product as a non-surrender value type, we reduce the monthly premium burden on customers, and through various riders, customers can select only the coverage they need. We hope this will help them prepare in advance for the economic burden of high-cost diseases such as dementia.”

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