Chubb Life Hong Kong has introduced the Side by Side Dementia Insurance Plan, which it says is the city's first standalone insurance policy specifically designed to support individuals diagnosed with dementia and their caregivers.
The launch comes as Hong Kong’s population ages rapidly, with projections indicating that, by 2046, one in three residents will be aged 65 or older. Dementia cases are forecast to surpass 390,000 by 2045, intensifying the demand for both financial and caregiving support. A significant proportion of family caregivers (42%) have reported experiencing depression, highlighting the considerable challenges faced by those caring for relatives with dementia.
The Side by Side plan provides benefits at the initial diagnosis of both moderate and severe dementia, with policyholders able to select either a lump sum or monthly instalment payout for severe dementia coverage. After a severe dementia diagnosis, all future premiums are waived. The plan also allows for the appointment of a successor owner, streamlining policy management if the original owner becomes mentally incapacitated.
Complimentary cognitive assessments are available for the insured and designated family members, which are intended for early detection and intervention. Recognising the challenges faced by caregivers, the Side by Side plan includes a Caregiver Support Benefit, which reimburses counselling expenses following a severe dementia diagnosis. The Step by Step Care service – accessible in Hong Kong, Macau, and selected Greater Bay Area cities – offers families case management, cognitive assessments, daily living support, therapy, and training programs.
Ms Belinda Au, president of Chubb Life Hong Kong and head of North Asia, commented, “Introducing Hong Kong’s first dedicated dementia insurance plan, Side by Side, is more than a product innovation – it is a reflection of our commitment to building a stronger, more connected community. What sets Side by Side apart is its holistic approach with a special focus on supporting caregivers, because we understand that dementia touches not only individuals, but everyone around them. Side by Side is designed to provide practical solutions and emotional support at every stage of the journey.”