Last reply 1 month ago
Life insurance

Hey all,

I have just been diagnosed with very early RRMS. It hasn’t really affected me physically as of yet but I keep getting adverts on my social media about thinking about life insurance. It is also all targeted at MS.

My question to all of you is do you think it is something I should look into just now? Do any of you have it and recommend specific companies?

Thanks in advance,
Nicola

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wjgregg
1 month ago

Dear @nicholajinks,

Life insurance is definitely something you should look at. Do make sure you tell the company providing that you have Multiple Sclerosis (or they will doubtless try to avoid paying out, says the cynic). Make sure you set a few quotes as well, from reputable companies. Don’t just jump at the first offer. It always pays to shop around for things like this.

Best wishes with the search.

Jon


itsmewithms
1 month ago

I’m not a big fan of Life Insurance but rather not having any debt or obligations around upon my death. After we pulled from debt we built a house with that equity that I could continue to live in if/when my MS progressed. In this house I can live on one level if needed, can easily get out into a front and back yard, it has a bathroom that is well designed with a zero entry shower and separate tub that I can soak in quickly to either get warm or cool down.

Once established in this new house in the country I have managed to find a new job with a reasonable commute so I should have enough time to maintain my PT and diet. I was also pleased to see the disability insurance policies available and that concerns me more than life insurance although it is documented our life span is about 7 years less. But I look at my mom (Parkinson’s) and my dad (MDS) and their life was cut short by other diseases so none of us are promised how long we will be here 😉 I look at all my dad paid into life insurance through his life and the $7k payment we finally wrestled out of them at the end that only covered a fraction of his funeral and closing bills. It kind of confirmed that putting money aside personally into an account for this purpose is likely a better investment. JMHO MS isn’t the type of disease (like a cancer) with an imminent death so I feel better about good health insurance and disability insurance.


stumbler
1 month ago

@nicolajinks , are you at a stage in your life where you need life insurance?

Do you have kids? A mortgage and a partner? If not, this may not be the right time for you.


nicolajinks
1 month ago

@stumbler I have a partner and we are looking at getting a house and start a family in the very near future. Xx


stumbler
1 month ago

@nicolajinks , then’ll be a good time to arrange it.


guinness
1 month ago

@itsmewithms IMMINENT DEATH what Bollocks


ralee
1 month ago

@nicolajinks

I recently enquired about life insurance and i’ll shop around but I got a quote for £40 per month for cover of £250k.

I’m 34, RRMS, Non smoker, no other health conditions other than MS declared.

Married with a young son.


itsmewithms
1 month ago

@guinness right, I’d focus on some sort of income protection or disability insurance rather than life insurance. While our life span may be somewhat impacted by MS the more common impact is likely mobility and cognition with that affecting our life. I will be checking out the disability insurance options in my new job- I don’t have life insurance at this point but no debt and adequate savings currently.


edmontonalberta
1 month ago

@nicolajinks

A very simple philosophy; buying enough life insurance to pay of the mortgage ensures you can refuse mortgage insurance with the bank since that insurance is much more expensive than life insurance.

Another purpose of life insurance is to help your loved ones financially “just in case”… When my first wife died, I paid off our house plus had enough money to cover living expenses for five years. This allowed me to rebuild my life; I got remarried five years after Donna passed away…

Basically, the amount you should consider purchasing depends upon your financial needs as a family.


stumbler
1 month ago

@itsmewithms , income protection and disability insurance is usually prohibitively expensive for an MSer, even if undiagnosed, yet being tested for MS.


itsmewithms
1 month ago

Yes, here (in US) some options are available automatically with employment…I’ll be checking them out with this new job. When you lose your job (not if you quit) you also are given the option to remain on their insurance for a period of time through a program called “COBRA”. For me this will expire at the end of the year with my old job so is another advantage of working again as even if something happens to that employment (other than me voluntarily quitting) I should qualify for this insurance again. It is more expensive than what a healthy person can find but often a better option if you have any underlying health conditions. One of the issues in having your insurance linked to employment as it is in the US-


charlotte_wright
1 month ago

In the UK, there’s one called Vitality. It costs about £26 a month.
It got recommended from the financial advisor when we were buying our house, and he has a friend with MS who also uses it. It’s a good deal, and you can get money off if you do certain things like exercise regularly.
I noticed you said you don’t smoke, but for others, it also reduces if you quit smoking.
Having a child may bump it up a bit, but depending on your financial circumstances, you may qualify for benefits for your children (child tax, I think its called), which will probably counter any increase in insurance costs.


watsoncraig
1 month ago

@nicolajinks

Life insurance is a must when you apply for a mortgage and a nice to have for kids and a partner.

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