South Korea: ABL launches insurance for dementia patients

| 25 Aug 2022

ABL Life Insurance has launched a new insurance product for dementia patients and their family members this month.

The Seoul-based insurer said that the new product covers not only dementia and Alzheimer’s but also some Parkinson’s and Lou Gehrig’s disease. 

Policyholders who are diagnosed with the diseases will be able to enjoy benefits, which cover their hospital charges and costs for care assistants. 

A rider of the plan ensures a monthly payout of 500,000 won (US$373) throughout their life so that the patient’s family suffers less from the healthcare costs. 

Customers of the insurance will not be able to get their premiums back in case they terminate the contract before its maturity. 

Those who are aged between 30 and 75 can purchase the plan. 

ABL noted that the company would provide various other benefits to policyholders of the new product, including escort services of nurses or support for transfers between hospitals. 

“Some 10% of people aged 65 or older are diagnosed with senile dementia. In consideration of the fact, we designed a new product to help them in various ways,” ABL chief marketing and product officer Jason Eun said. 

“This is a dedicated plan geared toward dementia patients and their family members as it provides coverage for the disease and other care services at the same time.” 

Founded in 1954, ABL Life is the second-oldest life insurance firm in South Korea. Its customer base amounts to more than 1.1 million across the country, according to Korea New Plus.