Early-onset dementia is a type of dementia that causes damage to brain cells in people younger than 65 years of age. It’s estimated that nearly 30,000 people in Australia are affected by dementia, with many more at risk.
If no major breakthroughs come soon, this number is predicted to rise to more than 40,000 within the next 30 years. Receiving life insurance benefits will provide the stability you’re looking for after your dementia diagnosis – but how do you know if you can make a claim?
TPD For Dementia – What to Know
If you have recently been diagnosed with dementia or Alzheimer’s, you may be left unable to work as a result of memory loss, confusion, difficulty with coordination and carrying out day-to-day tasks, reduced concentration, or even a change in behaviour. You may also be researching on behalf of another person, such as a family member, who has been diagnosed with early-onset dementia and requires financial support.
Should your circumstances tick certain boxes, you may be able to claim for a lump sum from your superannuation fund’s total and permanent disability insurance.
Many of us assume that to access TPD benefits, we have to have suffered an accident, obtained a workplace injury, or have a critical, terminal illness. However, this isn’t true. You can claim for TPD and monthly income protection benefit from your super fund if you have any type of long-term illness that affects your ability to do your job – and this includes young-onset Alzheimer’s or dementia.
What Is A TPD Claim For Early-Onset Dementia?
You should get total and permanent disablement from your life insurance provider for a broad range of early-onset Alzheimer’s disease or dementia-related symptoms, including for significant permanent impairment, loss of independence, cognitive decline, and other mental health effects.
Your life insurance provider will consider several factors when deciding whether you’re eligible to make a claim, including:
- Whether your claim can be supported by a doctor or medical specialist.
- Whether you’re receiving any treatment for dementia or Alzheimer’s disease, and the frequency of this treatment.
- Whether your early-onset Alzheimer’s disease can be considered permanent.
- How your capacity to work has been impaired or will be impaired by your symptoms as your disease progresses.
- Whether you may be able to take on an adjusted job role or work in a new career.
If you successfully claim for TPD insurance for early-onset Alzheimer’s or dementia, you should be given early access to your super. This money will be paid in a lump sum, and will cover your day-to-day costs for the rest of your life. The amount of money you receive will depend on your specific circumstances.
Receiving Support For Your Claim
Even if you’re eligible for TPD benefits, it’s not always easy to access what is rightfully yours. Claiming for disorders of the brain or memory, like early-onset dementia, is particularly difficult, as the illness varies greatly from one person to the next, so your insurer will make decisions based solely on your personal case. An insurance policy can be pretty difficult to understand, too, which can put many people off trying to access their life cover.
Having a professional help you through the process can be incredibly reassuring. Life Matters Claims have a team of friendly, professional client claims advocates who can help you or your loved one to collect the medical evidence your insurance requires and advise you on the likely success of your disability claim.