As a general rule, securing various types of insurance when you are young and healthy is the best advice. But all too often, MS or other health conditions that typically strikes early in life get diagnosed before many of us have seriously considered investing in these types of financial safeguards. However, people with MS are still wise to look into insurance, even after their diagnosis, and the sooner, the better!
Although surveys reveal that many people with MS have life insurance, it is possible that they had it in place prior to their MS diagnosis. And while there is no reason MS should automatically disqualify anyone from a life insurance policy, insurers willing to issue a policy to someone with an MS diagnosis are apt to limit it or charge a higher premium.
Clearly, it is in your best interest to try to find a policy that does not limit the value of your life insurance policy in any way, so keep shopping. A licensed insurance broker who knows about your MS diagnosis and is willing to work on your behalf may be your best option. Contact your local chapter to ask if they can refer you to a knowledgeable resource, or ask your state department of insurance for help identifying one with experienced in “impaired risk” coverage.
Long term care insurance is rarely available for purchase by an individual with MS after their diagnosis. If an employer-sponsored plan is available to you, enroll in it as soon as possible, and contact the Society’s Information Resource Center (1-800-344-4867) for the most recent information about the availability of long-term care insurance in your state.
Finally, consider other ways of attaining your financial goals, especially if certain types of insurance are un-attainable due to your MS. Sometimes savings programs, trusts or other financial planning vehicles can achieve similar goals as life, long term care or disability insurance.