Hanwha Life Launches 'Dementia-Safe MMT' to Support Asset Management for Dementia Patients

On August 18, Hanwha Life announced the launch of the "Dementia-Safe MMT (on-demand trust)," a product designed to protect the assets of patients in the event of dementia onset and utilize them for care expenses.

This product adds an essential rider for moderate or higher dementia coverage to the existing MMT. Customers can freely use it as a regular MMT, but when they develop cognitive impairment of moderate severity or above (CDR score of 2 or higher), the special rider is activated and funds are paid out.

At the time of enrollment, customers pre-arrange the method of fund distribution with the trust manager, so that, in the event of a future dementia diagnosis, the trust manager can claim care expenses from the available balance within the MMT. This trust product is structured to support such arrangements.

The payout options include a "lump-sum payment," a "regular payment" distributed monthly over a set period, and a "special payment" for the actual costs incurred at hospitals or nursing facilities. The percentage of the MMT balance allocated to each payout method can also be set in advance.

Notably, there are no additional rider fees incurred before a dementia diagnosis, reducing the financial burden for customers. While in good health, assets are managed as with any regular MMT without extra charges; the special rider fee is charged only when the care fund payment service is activated after submitting a diagnosis certificate.

Lee Jongho, Head of Marketing at Hanwha Life, stated, "The Dementia-Safe MMT is an extension of our dementia care services encompassing asset management after the onset of dementia," and added, "Beyond early detection of diseases and treatment guarantees, our goal is to build a comprehensive solution that provides a practical financial safety net."

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