According to the Alzheimer’s Association, every 66 seconds someone in the U.S. develops Alzheimer’s disease, and one in three seniors dies with Alzheimer’s or another form of dementia. The toll the disease takes is exacerbated by the financial and emotional costs borne by families and their caregivers.
Seeing its impact on customers and their loved ones firsthand, Transamerica® collaborated with researchers from the Massachusetts Institute of Technology (MIT) AgeLab to develop what has become an industry-leading educational program for the aging and caregiver communities. The Financial Planning in the Shadow of Dementia program features caregiver and financial advisor guides, checklists, online resources, leading research, videos and blog posts — all designed to help navigate the challenges associated with helping manage the finances of someone living with dementia.
Transamerica’s outreach to the aging and caregiver communities helps between 700 and 1,000 American families and their financial advisors each month. During 2015, more than 60,000 requests for the guides were fulfilled; and hundreds of advisors participated in training to recognize signs of dementia. Transamerica has also helped raise awareness within the industry and was honored with an Insured Retirement Institute (IRI) award in March. In addition, Transamerica Institute®, a nonprofit private foundation funded by Transamerica, was invited to attend the White House Conference on Aging last July.
“Our core purpose — to help people achieve a lifetime of financial security — is driven by a passion to help people overcome the underlying barriers to that security,” said President and CEO Mark Mullin. “The relationship between physical and financial health is undeniable.”