Can I still buy critical illness insurance if I have already been diagnosed with multiple sclerosis?

If you have already been diagnosed with multiple sclerosis, it is highly unlikely that you will get critical illness insurance coverage. It doesn’t make any sense for insurance companies to issue policies to one who is already diagnosed with multiple sclerosis.

Remember, insurance is based on risk. If insurance companies will issue insurance companies will issue policies to those who are already sick, they will go out of business!

You don’t need to fret, though. There are also some insurance companies that may issue a critical illness insurance policy, but will treat the multiple sclerosis as a pre-existing condition. Also, you can expect that the premiums will be expensive.

Pre-Existing Conditions and Waiting Period

For the purpose of issuing the policy, the pre-existing condition will be excluded from the cover. This means that any condition related to your multiple sclerosis will not be payable under the policy. The advantage of this is that you can still get a policy and get coverage for other unrelated critical illnesses.

For instance, if you are diagnosed with cancer or have a heart attack, you can claim under your policy, since this is not related to your multiple sclerosis. However, if you get into an accident (you are run over due to your paralysis), the insurance company may deny your claim due to the fact that the multiple sclerosis was the underlying condition that resulted in the accident.

Also, there is a waiting period where any critical illness incurred within that time will not be payable. After you have been diagnosed, you also need to survive the illness for at least 30 days after diagnosis.

Existing Critical Illness Policy

If you already have an existing critical illness insurance policy (which was issued before you got sick), you can expect to get a lump sum payment. Usually, multiple sclerosis is covered under a critical illness insurance policy. Once you make a claim on your multiple sclerosis, however, this will mean that the insurance policy will terminate and coverage for other critical illnesses.

When you make a claim for the diagnosis of multiple sclerosis, you need to show that you are impaired and that the impairment is expected to last for at least six consecutive months.

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