Insurance

At MSNZ we receive a number of calls about insurance options. Many calls we get are from people who have been told insurances are not available to them due to their pre-existing condition. Whether you or a family member have a diagnosis of MS or are awaiting results you should know that there are options available to you. We have put together some advice when looking at insurance options to help you with the process.

It is important to note that just as the experience of MS is different for everybody so are insurance options.

We welcome feedback about positive and negative experiences getting insurance cover with MS so we can help provide better information and advice to others in the same position.

Common Concerns

• Parents looking for insurance for their child who is excluded due to the parents diagnosis of MS
• Concerns that mortgage payments won’t be kept up with if condition deteriorates
• Awaiting a confirmed diagnosis of MS
• Recently been diagnosed with a more progressive form of MS and want to ensure self and family is not left with increasing debts

Things to note

• Options are available but they may involve higher additional charges or exclusions
• It is preferable to get insurance as early as possible
• Some health insurance policies will not provide cover for the first 3 years of premium payments for a pre-existing conditions
• Your insurance cover may need to be tailored to suit you
• It is worth getting multiple quotes – explore your options
• There is no guarantee that a specific insurance is available but there may be other options
• It may be preferable to use an insurance broker – they understand the system and the questions that need to be asked.

How can an insurance broker help?

Your insurance broker:

• should be able to find the best option for you and through a conversation they will be able to understand where the ‘need’ is for you
• look beyond the standard insurance options that you see advertised
• should not charge you additional fees on top of your insurance policy
• is there to work for you!

What insurance options are available?

Health Insurance

Provides cover for medical expenses which may include; private health care, specialist care and diagnostic costs. Can help reduce time having to wait in public sector.

Mortgage Insurance

Designed to protect the ownership of the family home. If the policyholder were to die while the mortgage life insurance was in force, the policy would pay out a capital sum that will be just sufficient to repay the outstanding mortgage.

Mortgage Repayment Insurance

Provides an agreed monthly amount if a policy holder is unable to work on doctors advice after an accident or illness. Life Insurance – insurance that pays out a sum of money either on the death of the insured person or if terminally ill. Income Protection – Pays up to 75% of your regular income if you are suddenly unable due to an accident or health reasons.

Trauma Cover

Trauma Cover provides a lump sum benefit in the event the insured is diagnosed with a critical condition that is covered in their policy. These may include cancer, a heart attack, stroke and many more conditions including MS if not already diagnosed.

Home Insurance

Provides cover for damages to the home or possessions.

Car Insurance

May provide cover following an accident, damage or vehicle theft.

Funeral Insurance

Pays a lump sum when you pass away. It removes the financial burden of paying for a funeral from those that you leave behind.

Travel Insurance

Designed to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically. Some MS related health costs may be excluded from your travel insurance policy.

Life Insurance

Pays out a sum of money either on the death of the insured person or after a set period. This may exclude death as a result of complications due to your MS.

What next?

If you have any questions or would like more information about who to speak to about your options please Contact Us. We are able to put you in touch with an insurance broker who has experience working with people with MS and accessing insurance policies.

Note: we have worked with an Insurance Broker with experience in these areas to gauge the best advice and information about insurance options available.