Japan insurers shift to longevity plans

January 10 2018 by InsuranceAsia News Staff

The growing need for medical insurance among Japan’s elderly has prompted Japanese insurers to offer plans that accept customers of up to 90 years of age.

Among them is Meiji Yasuda Life Insurance, which introduced the country’s first healthcare insurance plan available for those aged 50 to 90.

Neo First Life Insurance, which operates under the Dai-ichi Life Group, and Medicare Life Insurance, under the Sumitomo Life Group, have also extended the enrolment age to 85.

Both companies have a rough annual total of 9,000 new customers over the age of 80.

In 2013, insurance giant Aflac Japan extended the age of enrolment for lifetime healthcare insurance from 80 to 85.

The life expectancy for Japanese people has been rising each year, and it is estimated that by 2049, Japan’s population of centenarians will surpass 500,000.

A Meiji Yasuda representative said the proportion of elderly people enrolling in medical insurance is also expected to grow.