Dementia insurance is a new product in Japan

A comprehensive insurance product has been developed in Japan to cover the risk of dementia due to the growing elderly population.

The insurance product is called "Dementia Assistance" and was developed in partnership between Saint-Plus Small Amounts and Short Term Insurance and pharmaceutical company Eisai.

The insurance coverage applies to people aged 40 to 90 who can count on a one-time benefit upon diagnosis of dementia. The premium is calculated from $1.52 per month.

Insurance policyholders will be provided with additional services such as information consultations from the public charity Alzheimer's Association Japan.

According to the Ministry of Health, Labor and Welfare of Japan, in 2012, the number of people with dementia in the country was estimated at 4.62 million and is expected to reach 7 million by 2025.

According to the Eisai study, which surveyed 224 men and women aged 40 and over, the highest source of concern is "own illness or a family member's illness with dementia" because it entails the "burden of caring for the sick" and «financial burden» .

Source: UkrStrakhavania