NH NongHyup Life Insurance Launches ‘NH All-Wonderful Memory Care Dementia Insurance’

NH NongHyup Life Insurance announced on March 10 that it has launched a new product, the ‘NH All-Wonderful Memory Care Dementia Insurance,’ which offers enhanced coverage tailored to each stage of dementia progression.

The ‘NH All-Wonderful Memory Care Dementia Insurance’ provides monthly living expenses for up to 10 years even upon a diagnosis of mild dementia, allowing policyholders to prepare for long-term treatment and care needs.

In particular, the product reflects the latest medical trends by covering targeted drug therapies such as 'Leqembi,' which has been proven effective in treating very mild dementia. These therapies are designed to slow disease progression in the early stages of dementia, and the insurance coverage system takes into account the potential financial burden of these treatments.

Additionally, if dementia does not occur during the policy period, the policy can be converted into an annuity to support retirement funds. Even if dementia is diagnosed after this conversion, the policyholder can still receive additional living expenses from the remaining coverage amount.

Furthermore, a dementia insurance-specific pre-contract disclosure obligation has been established, lowering the threshold so that even individuals with existing health conditions can obtain dementia coverage. The product also allows for customized design according to each customer’s health status.

Byunghee Park, CEO of NH NongHyup Life Insurance, stated, “Since early diagnosis and long-term treatment are crucial for dementia, we focused on providing coverage structures tailored to different treatment stages and circumstances.” He added, “We will continue to introduce practical dementia insurance products to address the needs of an aging society.”

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