Controlled Multiple Sclerosis, your options are as extensive as they are for anyone else. Your life insurance will cost a bit more than someone with absolutely no health problems, but if you get with the right carrier, your price will be far less than for many other health conditions. If you have significant side effects such as impaired memory or are in a wheelchair, your choices are more limited.
Purpose of Whole Life for Seniors
* Funeral expenses
* Provide income for senior spouse or child beneficiary's after your death
* To insure coverage to age 100 or guaranteed death benefit to beneficiary
* To build cash value and create a supplemental income stream for retirement
* Children purchase whole life for parents to insure security of other parent
* Insurance for seniors who may have been declined for coverage previously
* To leave an estate or college fund for grandchildren
Those with Multiple Sclerosis should base your decision about length of coverage on the same criteria as someone without MS. However, due to the progressive nature of MS, your price for new coverage in the future may increase much more than someone without it. So it's generally better to lock your price in for as long as you can afford to do so.
Protection like this normally simply pays a lump sum of cash to the named person on the policy or a series of amounts on a kind of schedule in the event of the policy holder's death. This is only a very basic starting point as there are all sorts of variations and products.
Whole-of-life insurance cover is generally more expensive than term life because the insurer takes a gamble that you may not claim against a term life policy, but it's inevitable they will pay out on a whole-of-life policy because the cover stays in force until you die.
If you have Multiple Sclerosis and you are angry by the fact you are likely to have to pay higher premiums for your life insurance you should know that you there are a lot of people have long-term illnesses or conditions that raise premiums, and many by looking around correctly, find an affordable policy they are happy with. There are things you can do to reduce the chance that you will be paying through the nose for a life insurance policy.
Please contact us to discuss your options for life insurance based on your health condition(s).
If you have further query please contact Canada Insurance Plan.