Tong Yang Life Under Fire for Using Biden’s Dementia Rumors to Sell Insurance—Is This Ethical?
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Tong Yang Life Insurance is embroiled in controversy for leveraging concerns surrounding U.S. President Joe Biden’s dementia in its promotion of a new dementia insurance product. Industry insiders argue that Tong Yang Life has sparked this controversy through its aggressive marketing strategies.
Sources within the insurance industry revealed that Tong Yang Life had included articles discussing Biden’s dementia rumor in its training materials for insurance sales agents. These materials highlighted 23 million viewers who attended a press conference addressing Biden’s dementia concerns.
Tong Yang Life emphasized that no one, including Biden, is immune to the risk of dementia before launching its new product. They suggested that customers could also face dementia risks similar to Biden’s, urging them to consider this when purchasing dementia insurance.
The maximum enrollment age for this dementia insurance is 80, allowing individuals of Biden’s age to enroll. It provides lifelong coverage for long-term care benefits (both home and facility-based) and living expenses, offered in three types: standard, non-cancellable, and guaranteed renewal policies.
One insurance planner remarked, “The examples in the training materials are intended for insurers to use during sales, and we frequently reference them in client consultations.”
Industry experts have strongly criticized Tong Yang Life’s use of Biden’s dementia rumor in its sales strategies, highlighting its inherent risk.
Biden has not been diagnosed with dementia; instead, controversies arose from verbal slip-ups during speeches and discussions. By citing articles, Tong Yang Life risks infringing on Biden’s privacy rights by portraying him as involved in dementia allegations.
An insurance industry official commented, “Even if this were an issue in the United States, the South Korean government would likely not intervene, and an apology from Tong Yang Life’s CEO, Lee Moon Koo, would not resolve the matter.”
South Korea’s Financial Supervisory Service official stated, “It is absolutely unacceptable to exploit specific issues for insurance sales. We will review Tong Yang Life’s materials and take necessary actions if warranted.”
iNews24 sought clarification from Tong Yang Life regarding the appropriateness of quoting Biden-related articles but did not receive a response.
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