Japanese insurer launches cover for elderly who die alone

Jul 23 (insurancebusinessmag.com) - Japanese insurer Tokio Marine is now selling a policy that will cover costs incurred when elderly people die alone with no relatives located.

According to a report by The Asahi Shimbun, elderly individuals dying alone has become a growing social problem in recent years. Due to the isolation, it may take days or even weeks before the corpse is discovered. By then, decomposition has set in, causing contamination and damage to the dwelling and property.

The insurer said that it can cost up to Y1 million to clean an apartment and prepare it again for occupancy after the previous tenant dies.

The policy, which has been on sale since July, will reimburse apartment association boards that shoulder the costs for cleanup and disinfection, as well as the expenses to hire lawyers to locate possible family members of the deceased.

The yearly insurance premium for a 100-unit apartment complex is at around ¥50,000 for a maximum payout of ¥1 million yen in the event of a solitary death, Tokio Marine & Nichido said.

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