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Preparing for dementia As the global population ages, the number of people living with dementia is increasing. Could bespoke dementia insurance products be the way forward for life insurers?
IN SHORT › As life expectancy increases
around the world, so too does the incidence of dementia — impacting those diagnosed with the disease, their support network and communities.
› In Japan and South Korea,
some life insurers have introduced bespoke dementia insurance policies that cover a range of medical and nonmedical costs, catering to their ageing populations.
› Ordinary life insurance may
provide limited dementia cover up to age 65 or 70. ANZ insurers have an opportunity to innovate with a local solution, learning from the APAC products in market.
JOURNAL // ISSUE 04 2022 // ANZIIF.COM