Approximately 1 in 10 people over the age of 65 have dementia in Australia. It’s an illness that’s unfortunately common, being the second leading cause of death amongst Australians. Receiving benefits for your condition will help protect your finances – but how do you know if you are eligible?
TDP For Alzheimer’s: An Introduction
If you have recently had a diagnosis of Alzheimer’s or dementia and you have reason to believe you may soon be unable to work as a result, or if a family member is no longer able to work because of this disease, you may be able to claim for a lump sum from your TPD (total & permanent disability) insurance within your super fund.
It’s commonly assumed that you have to have been involved in an accident, have a critical illness, or have obtained an injury at work to get access to TPD benefits. This is not true – total and permanent disability applies to any illness that you can’t recover from and that will prevent you from being able to work.
What Is A TPD Claim For Alzheimer’s Disease?
Your life insurance provider should provide total and permanent disablement for various conditions relating to Alzheimer’s disease or dementia, including cognitive loss, loss of independent existence, significant permanent impairment from dementia including Alzheimer’s disease. The purpose of these benefits is to cover living costs and fund medical expenses linked to long-term care.
There are several considerations your insurer will make when determining your eligibility for a claim, including:
- Whether a healthcare professional can support your claim.
- What, if any, treatment you have been prescribed for your dementia, and how regularly you require this treatment.
- Whether your illness can be classed as permanent (ongoing for the rest of your life).
- How well you will be able to perform your current duties at work, including in a suitably adjusted position or in another career.
If you’re successful in making a TPD insurance claim for Alzheimer’s or dementia, you may be able to get your super early to cover the necessary costs related to your day-to-day life. Your benefit will be paid as a lump sum, the total of which will depend on the information you provide about your personal circumstances.
Receiving Support For Your Claim
It’s not always easy to make a successful insurance submission, even if you tick all the boxes outlined in your policy for receiving benefits for your condition. This is especially the case with a cognitive disorder like dementia, which varies greatly from person to person and, as such, is viewed on a case by case basis. You may also have difficulty understanding your insurance policy; they don’t tend to be designed for easy reading.
That’s where it can come in useful to have a professional by your side to help you collect all the relevant paperwork and supporting medical documents needed for your dementia claim.
At Life Matters Claims, our professional client claims advocates can advise you on the likely success of your insurance claim and help you gather the information your insurance requires.