Life insurance for MS sufferers [UK]

Affordable life insurance can be arranged through Reassured for people who’ve been diagnosed with multiple sclerosis (MS).

We compare policies from a range of major insurers as well as smaller specialists, allowing us to help you find the right type of cover to meet your needs - at the best price possible.

Your life insurance policy options may include:

  • Level term life insurance
  • Decreasing term life insurance
  • Over 50s life insurance (guaranteed acceptance for those aged 50 - 85)

Reassured also specialise in securing life insurance for applicants who’ve previously found it difficult, for example people with serious medical conditions.

In fact, our expert team have sourced suitable cover for 45% of applicants who’ve been declined elsewhere.

Get in touch with Reassured today for your FREE personalised quotes.

Continue reading this guide for everything you need to know about MS life insurance…

Can you get life insurance with MS?

Yes, it’s possible to get life insurance after you’ve been diagnosed with MS.

Your application is likely to be accepted if you’re responding well to treatment, have mild symptoms and are leading a healthy lifestyle.

However, your eligibility for life insurance and the cost of your premiums will depend on various factors including:

  • The type of MS you have (relapsing-remitting, secondary progressive MS or primary progressive MS)
  • Date of diagnosis
  • Date of your last relapse
  • Your current symptoms (if any)
  • Severity of symptoms (e.g. if you need to use walking aids)
  • Any medication you’re currently taking or treatment you’ve received

Other key factors such as your age, smoking status and weight (BMI) will also affect your application.

For those who have primary progressive MS or advanced MS, it will be more difficult to secure some types of life insurance (or premiums will be very expensive).

However, there may be other options available to you. For example, you could take out an over 50s plan which will guarantee acceptance as long as you’re a UK resident aged 50 - 85.

With an over 50s plan you don’t need to provide any information about your MS and there are no health or lifestyle questions.

This type of cover starts from just £5* a month through Reassured. Get in touch to find out your available options and compare free quotes.

Does life insurance pay out for MS?

Life insurance provides your loved ones with a cash lump sum if you pass away whilst your policy is active.

So long as you’ve disclosed that you have MS at the point of application, then your life insurance will pay out upon your passing.

If you develop MS whilst your life insurance is already in place, then you don’t need to inform your insurer of your diagnosis.

Bear in mind, life insurance isn’t designed to provide you with a pay out if you’re diagnosed with a life-changing illness, such as multiple sclerosis.

If you’re looking for this type of protection, then you may consider critical illness cover or income protection insurance.

Do you need MS life insurance?

Many people can benefit from having a form of life insurance in place, especially those with dependents.

Life insurance can be even more important for those who suffer with a degenerative medical condition, such as MS, where the risk of developing other health issues is heightened.

Should anything happen to you, a life insurance pay out could provide a vital financial safety net for your family.

They can use the funds to cover the following costs if you were no longer around:

  • Mortgage or rental payments (average mortgage debt £131,724[1])
  • Family living costs
  • Outstanding debts
  • Childcare (average weekly cost £263.81[2])
  • Funeral expenses (average cost of a UK funeral £4,184[3])

So, for peace of mind, get in touch with Reassured today to protect your loved ones’ financial future.

How much MS life insurance do you need?

Find out how much life insurance you may need by filling in this calculator with the costs you would like your policy to cover.

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£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.

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According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.

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The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.

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You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.

£
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According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.

£
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If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.

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Your total cover estimate

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Let us find your best quotes.

Types of life insurance for people with MS

There are four main types of life insurance which can be arranged through Reassured:

Term life insurance

Term life insurance is available as two different types: level term and decreasing term.

Both types provide you with cover for a set period of time (the term) and will pay out if you pass away during the term.

Level term has a pay out amount which stays the same throughout the term, so you know the exact amount your family would receive.

Decreasing term has a pay out amount which reduces throughout the term, making it ideal for covering debts which will reduce over time, such as a repayment mortgage.

It’s possible to get term life insurance as someone with MS, however you may be charged an inflated monthly premium.

Also, factors such as your age and the severity of your MS will affect the amount of cover you can get and the length of the policy term.

For more information, see our guides to level term life insurance and decreasing term life insurance »

Over 50 life insurance

Over 50 life insurance, also known as an over 50s plan, guarantees acceptance to UK residents aged 50 - 85.

This type of policy provides you with lifelong cover and guarantees to pay out when you pass away, (after the initial 12 or 24 month waiting period).

When applying for over 50 life insurance there are no medical questions and you don't need to disclose that you have MS.

The cost of your monthly premium and the maximum pay out amount you can secure is determined by your age and your smoking status.

Compared to other types of policies the pay out is lower, usually up to £20,000 depending on the insurer.

Many people take out an over 50 plan as a way to help pay for their funeral and other associated costs (average cost of dying is £9,263[3]).

Over 50 plans start from just £5-a-month through Reassured.

Whole of life insurance

A whole of life insurance policy provides guaranteed life-time cover.

So your loved ones are guaranteed to receive a lump sum pay out when, not if, you pass away.

The maximum pay out amount is much higher than that of an over 50s plan, but you’ll need to provide medical information during the application process.

As someone with MS, insurers are likely to charge you an inflated premium for whole of life insurance due to the to the increased risk of an earlier pay out.

Plus, depending on when you take out the policy and how long you live, you could end up paying above the value of the policy.

To learn more about this option, simply get in touch and one of our friendly team members will be happy to help.

Prepaid funeral plan

Some people choose to take out a prepaid funeral plan as an alternative to traditional life insurance.

With a funeral plan you don’t need to disclose any information about your medical condition, as acceptance is guaranteed, and there’s no maximum age limit.

This type of policy is designed to cover your key funeral costs at today’s rate, so that your family don’t have to find the money to pay for these when the time comes.

A funeral plan also allows you to plan your funeral in advance, so your final goodbye will be carried out according to your wishes.

Unlike life insurance, a funeral plan has a fixed price and there’re various payment options to choose from.

Prepaid funeral plans arranged through Reassured start from just £19.11** a month.

How much is MS life insurance?

The cost of MS life insurance will depend on your individual circumstances and the terms of the policy you take out.

For term-based or whole of life insurance, your monthly premium is calculated based on the information provided about your condition (as listed above) as well as other key factors.

These factors include:

  • Age
  • Health
  • Smoking status
  • Weight (BMI)
  • Type of policy
  • Cover length (the term)
  • Pay out amount (the sum assured)

It’s likely that, as someone with MS, you’ll be charged a higher premium (known as a loaded premium) for your cover.

The amount of loading will depend on the type and severity of your MS, but it will also depend on the insurer.

Every insurer has a different way of assessing risk and the thresholds for loaded premiums will vary between them.

If your application is referred to a specialist insurer, then premiums start from £15 a month. On the other hand, if you opt for an over 50s plan, then premiums can start from £5-a-month.

Compare quotes for all your available options through Reassured today - we don’t charge a fee.

The best life insurance providers for MS sufferers

The best life insurance provider for you will depend on your individual circumstances and how much cover you need.

For example, if the condition severely impacts your daily life or you’ve been diagnosed recently, then a specialist insurer may be most suitable.

A specialist insurer can offer higher levels of cover for people with pre-existing conditions, compared with traditional insurers.

Or, if you’re looking to secure a small sum assured to cover your funeral costs and you’re aged between 50 - 85, then you may consider over 50 life insurance options.

Reassured can compare quotes for multiple policies from a variety of insurers, including specialist insurers - helping you to find the best life insurance for MS sufferers.

Contact our award-winning team for your free, no-obligation quotes.

Is MS a pre-existing condition?

Yes, if you’ve been diagnosed with multiple sclerosis before applying for life insurance, then this would be classified as a pre-existing medical condition.

Pre-existing medical conditions must be disclosed at the point of application to ensure that you’re provided with the right cover.

If you’re diagnosed with MS during the term of your policy, this isn’t a pre-existing condition and you’re not obligated to inform your provider.

If you require more information on how medical conditions affect life insurance read our life insurance with pre-existing conditions article »

Will I need to undergo a medical exam for life insurance?

Generally, you don’t need to undergo a medical exam for life insurance even if you have a pre-existing medical condition.

However, in some cases an insurer may require more information regarding your MS before offering you cover.

They may request to see your medical records, provided by your GP, or they may request a full medical exam, (at the cost of the insurer).

Subsequently, this would delay your application until the insurer is able to accurately assess the level of risk involved and decide whether to offer you cover.

What happens if I don’t disclose MS?

When applying for life insurance it’s essential that you’re honest about your personal circumstances.

Being untruthful on your application is called non-disclosure and this could invalidate your policy.

In the rare instances that life insurance doesn’t pay out, non-disclosure is one of the main reasons that a claim is rejected.

Therefore, telling the insurer that you have multiple sclerosis will ensure that your selfless investment isn’t compromised.

Once you’ve taken out life insurance, you won’t need to update your provider of any changes to your illness.

Even if your symptoms worsen whilst the policy is active, cover will remain valid and the terms of your policy won’t be affected.

For this reason, it’s sensible to take out life insurance as early as possible when premiums are lower.

Can you get critical illness cover with MS?

Yes, it’s possible for you to obtain critical illness cover (CIC) with some insurers.

Critical illness cover provides you with a tax-free lump sum if you’re diagnosed with a serious, yet non-life-threatening illness.

The pay out can be used to pay for private medical treatment, adaptations to your home and/or to cover a lost income.

As someone with MS, it’s likely the CIC provider will exclude this condition from the cover.

This could also include other conditions that could develop (or have developed) as a result of your MS.

So, you’ll be covered for any new illnesses (unrelated to MS) after taking out CIC.

Critical illness cover arranged through Reassured can be taken out as a standalone policy, or alongside your life policy at an additional cost.

Contact our team to discuss if critical illness cover is the right product for you.

Free terminal illness cover

At Reassured, all term life insurance policies come with terminal illness cover as standard.

This means, if you’re diagnosed with a terminal illness and given less than 12 months to live, you could make an early claim on your policy.

The pay out could be used to pay for a carer, make adaptations to your home, or however you wish to spend it.

Compare life insurance for MS applicants (save time & money)

When arranging life insurance it’s important to compare multiple quotes to ensure you’re getting the best available deal.

It’s also essential that you’re able to find the right type of cover to suit your unique needs and budget.

This is where Reassured come in.

We’re an FCA-regulated life insurance broker, providing you with all the information you need to make the process as hassle-free as possible.

Make the most of our award-winning, fee-free service today to secure financial protection for your family.

Sources:

*£5 per month Life Insurance quoted rates are based on Over 50 Life Insurance Cover of a non-smoker and subject to individual status as of 1st July 2021. £1,244 Cover Amount - 50 year old born in 1971 (SunLife)

**£19.11 per month pricing includes a £75 discount only available to Co-operative members and is based on a 50-year-old purchasing a Co-operative Simple Funeral Plan at £3,020 over the maximum term available of 25 years (total amount repayable £5,733.40) as of 1st March 2021

£15 a month is the minimum monthly premium for The Exeter Real Life term cover life insurance product. Premiums are subject to status and will vary depending on the type and severity of your medical condition, as well as personal information such as your age. Securing cover is not guaranteed

[1] https://www.finder.com/uk/life-insurance-statistics

[2] https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk

[3] SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021

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