Does Trauma Insurance cover Dementia?

Life insurance provides a payout to the beneficiaries in the event of the death of the Life insured.

However people living with a chronic illness can incur significant medical costs over many years. This is where the optional extra of Trauma Insurance is important.

Trauma Insurance, which is also sometimes called critical illness or recovery insurance, is designed to provide a lump sum payment in the event of one of the medical conditions listed under the policy occurring. These conditions include Dementia.

Information and statistics on Dementia in Australia

Dementia is a term used to describe the symptoms of a number of degenerative brain illnesses.

According to the Alzheimer’s Association of Australia, a large majority of these fall into the Alzheimer’s category, where a reduction in brain cells results in progressive confusion and memory loss.

The Better Health Channel website states that other Dementia diseases include vascular Dementia, which involves poor blood flow to the brain, Lewy body disease, which involves abnormal brain structures, and frontotemporal Dementia, which is caused by degeneration in the brain’s frontal or temporal lobes.

There is also alcohol-related Dementia, HIV-associated Dementia, and Dementia due to Huntington’s disease.

Dementia most often occurs in people over age 65, but it can also occur in younger people. It is not usually an inherited medical condition.

Symptoms of Dementia include progressive memory loss, confusion, loss of ability to perform daily tasks, withdrawal and apathy, and significant personality and behavioural changes.

It’s important that an accurate diagnosis is obtained as other conditions such as Anxiety / Depression, viral infections and brain tumours can cause similar symptoms.

Referral to a Specialist is required to ensure an accurate diagnosis is provided.

While there is currently no specific means of prevention or cure for Dementia, symptoms may sometimes be adequately managed with medication, especially in cases of vascular Dementia and Lewy body disease.

This medication may be effective in treating symptoms such as mild memory loss or confusion, sleeping difficulties and mild depression and anxiety.

According to HealthDirect, there are more than 330,000 cases of Dementia currently in Australia, of which around 60% are women. 25% of these people affected are aged under 75 and 70% live in their usual community.

It is estimated that by 2050 there could be as many as 900,000 cases of confirmed Dementia in Australia.

How NobleOak’s Trauma Insurance covers Dementia

A person with Dementia may require considerable care for a number of years, either at their home or in a healthcare facility. This is especially true if they are younger than 70.

This is likely to be costly as many years of medical care may be required.

NobleOak’s Trauma Insurance is designed for scenarios such as this and can provide a lump sum payment of up to $2 million for a serious health condition such as Dementia.

On payment of a claim, the money can be used to replace lost income, cover ongoing living expenses and provide required healthcare.

The cover proceeds are paid out on diagnosis of the condition, irrespective of whether the condition can be successfully treated.

The key features of NobelOak’s Trauma Insurance include renewability up to age 70, an easy phone-based application application process, cover for 38 different medical conditions listed in the PDS, and built-in inflation protection.

Trauma Insurance can be included as an optional extra with a fully underwritten NobleOak Life Insurance application.

Taking out this cover while you are young and in good health can ensure you obtain the lowest priced premiums.

It’s essential when considering Trauma Insurance that you lock in an adequate level of cover in case of a long-term chronic illness.

Before obtaining Trauma Insurance you should take into consideration any outstanding debts, your general expenses and household bills, educational expenses if you have children and a reasonable amount for possible medical costs.

This will ensure that you will be adequately covered should an unforeseen event occur.

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