Life insurance is not only for people in perfect health. Those who suffer from multiple sclerosis (MS) are also eligible for life insurance, including guaranteed issue (GI) and simplified issue (SI) life insurance policies. Although you may have been diagnosed with MS, you and your family still deserve to be protected.
What is Multiple Sclerosis?
Multiple sclerosis (MS) is a chronic disease that is progressive in nature. It causes damage to the nerve cells in the spinal cord and the brain, causing people to lose functionality of their muscles, balance, and sensations over time. There are a number of different types of MS, but they all have a very similar impact on a person’s health. These types include: Devic’s syndrome, Schiller’s disease, relapse-remitting MS, primary progressive MS, secondary progressive MS, and progressive relapse MS. All forms of multiple sclerosis require a significant amount of medical care, which is why life insurance should be an important topic of discussion before the disease sets in.
Why Do You Need Financial Protection for MS?
When it comes to life insurance and multiple sclerosis, the statistics tell the story. There are well over two million people in the world who have the disease, with most people having been diagnosed in their early 30s. MS is most prevalent in men, but it is much more debilitating for women. Once contracting the disease, women experience a more rapid decline than men. In terms of life insurance, the average cost to treat MS symptoms is approximately $1.2 million over the course of a person’s lifetime. This is a significant cost to take on for the average person and would be incredibly difficult to pay for without life insurance.
The main objective of life insurance is to provide financial funds to the insured’s family members, significant others, or any other beneficiaries, so that they can maintain their living standards at the time of the insured’s death. Without any coverage, there is a chance that you will leave your family in significant debt as a result of medical bills at the time of your passing. With a pre-existing condition like multiple sclerosis, it is very likely that you will not be able to qualify for standard life insurance. Those who do must undergo a medical exam and complete a medical questionnaire when purchasing a policy. There are alternatives to standard life insurance, which may be more appropriate for someone diagnosed with MS.
Your Best Options for MS Insurance
When it comes to life insurance and multiple sclerosis, there are a number of important things that you need to understand, in order to ensure that you receive the correct amount of life insurance coverage. As mentioned above, people who have been diagnosed with MS will often not qualify for standard life insurance. However, that does not mean that you cannot get some kind of multiple sclerosis insurance coverage. When it comes to multiple sclerosis life insurance, your best coverage option is no medical exam life insurance.
There are two types of no medical life insurance policies for you to consider: guaranteed issue (GI) and simplified issue (SI). For guaranteed issue life insurance, there are no medical tests required and no questions to answer. In exchange, you will have to pay higher premiums, and there will always be a two-year waiting period on your non-accidental death portion of the policy. For simplified issue life insurance, there are no medical tests required, but you will have to answer a short series of health-related questions. The benefit of an SI policy is that you will pay lower premiums that you will with GI. In any case, no medical life insurance will allow you to get the life insurance policy that you need when dealing with MS.
Contact InsurEye for More Information
If you have multiple sclerosis in Canada, our insurance advisors will assist you in finding the best insurance option for you, as we work with over 20 insurance companies.
If you are still unclear about the decisions you’d like to make regarding purchasing life insurance as someone who has MS, contact the team at InsurEye today! We understand all of the ins and outs of insurance, and will help you make the best decision as an individual with multiple sclerosis in Canada. It is not difficult to purchase no-medical life insurance as someone with MS. We can provide you with the best insurance offers and rates, you simply have to request a life insurance quote through our website. We look forward to hearing from you!
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