Multiple Sclerosis is a lifelong disease and may cause a varied combination of symptoms. No one can tell you at the outset what course your MS will take, it’s an unpredictable condition with no clear prognosis. As a result, living with MS means living with uncertainty.
MS is not a fatal disease and planning for your future should still remain a priority.
Due to the number of questions we get from people with MS, we have put together an explanation of the underwriting process for applying for life insurance when you have multiple sclerosis. We hope this information assists you during your application process. The disease might be unpredictable, but your expectations when applying for insurance doesn’t have to be.
Because of MS, you will not be able to buy life insurance at standard rates, but many people with this condition have been able to qualify for policies. Whether you qualify or not largely depends on the type and severity of your MS, how long you’ve had the condition, and your overall health.
Life Insurance with Critical Illness | The Insurer’s view
Having multiple sclerosis does not mean an automatic rejection from all life insurance companies. That’s why you need to shop around first. However, the insurance companies will want to gather a substantial amount of information about your condition, to determine its severity, and properly rate your policy for premium purposes.
Insurance companies group people according to the type of risks they represent. Being diagnosed as having MS automatically puts you in the category of having a chronic disease that is perceived as having some impact on mortality. In most cases, you will be approved for life insurance, but you’ll be “rated” and charged a higher premium. 75% is generally the minimum loading that companies apply to applicants suffering from MS. Unfortunately in general, it’s not possible to get critical illness cover or income protection with multiple sclerosis however to be certain always best to ask as many companies as possible and potentially consider any automatic salary continuance cover that may be available in your super fund.
Despite this, you must be upfront about your condition when applying for insurance – insurers are unlikely to pay out a claim if you took out cover knowing you had the condition, but didn’t tell them.
I am enquiring about Life Insurance for myself. I am a 36-year-old female, smoker, with relapsing-remitting multiple sclerosis. Diagnosed 5th August 2003.
Hi Sarah,
Thank you for reaching out.
While many people with a pre-existing medical conditions, like MS, are able to obtain life insurance, albeit with a loading, the question of whether you qualify for a policy depends on various other factors as well, including your overall health (BMI included), current treatments and medications, and your family’s medical history.
A detailed step-by-step guide to finding life insurance when you have a pre-existing condition can be found here>>
When you are ready to get started, give us a call on 1300 135 205 and a consultant will take you through the process.