Seoul, November 1, 2016 – Chubb Life in Korea today announced the launch of “Chubb Silver Care Whole Life”, its first Whole Life product with Dementia Diagnosis Acceleration. This product is developed to provide coverage against dementia, one of the most dreadful diseases among elderlies in Korea.
The “Chubb Silver Care Whole Life” product is for customers aged below 60, the insured can accelerate 80% of the death benefit when diagnosed with severe dementia (CDR rating 3 or above). This benefit could be used for medical treatment and nursing care which is much needed for dementia patients.
Key benefits of “Chubb Silver Care Whole Life”
One of the key benefits of this product is that the insured can use the accelerated death benefit for his/her medical or living expenses, while other indemnity medical insurance products available in the market only cover actual medical expenses. Another benefit of this product is the large sum of accelerated benefit available, which is 80% of the total death benefits and the total could reach 160 million Korean Won.
To prevent the risk of inability to make insurance claim by dementia customers, Chubb Life allows the insured to appoint an individual to claim on behalf of the insured. Which means the family members of the insured can claim immediately when the insured is diagnosed with dementia. In addition, this product offers a maximum of 17 optional riders including “Chubb 2nd payment for Cancer”, “CH diagnosis” and “AMI diagnosis” in order to meet diversified and personalized protection needs.
‘In order to fulfil the recent needs of customers who want protection for not only oneself but also his/her surviving family members, this product offers financial coverage in relation to dementia, so the diagnosed may focus on the medical treatments and nursing care required,’ said Yongsa Jee, Chief Marketing Officer of Chubb Life in Korea. ‘Upon introducing the “Chubb Silver Care Whole Life” product and by increasing our agents’ and employees’ knowledge of dementia, we want to increase public awareness of the risk of dementia and help our customers prepare themselves against dementia.’
‘We are striving to develop innovative products and are very proud to launch the “Chubb Silver Care Whole Life” product. This is the first product we launched under the Chubb brand after our rename in September 1, 2016. We will continue to serve Korea with superior underwriting, service and execution,’ said Youngho Lee, Country President of Chubb Life in Korea. ‘Even though our customers may not recognize all the risks associated with dementia, Chubb as the “Craftsmen of Insurance SM” will do its best to develop innovative solutions to cover those risks efficiently.”