Does Trauma Insurance cover Multiple Sclerosis (MS)?
When you purchase Life insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance.
Trauma Insurance provides extra financial security in the event of one of the 38 serious health conditions listed under the policy being diagnosed or occurring. These listed conditions include Multiple Sclerosis.
Multiple sclerosis, or MS, is a chronic degenerative disease of the nervous system. Movement, speech and the thinking process can be affected by MS, limiting capacity to communicate and sometimes even forcing early retirement from the workplace.
Symptoms and treatment of MS
According to support resource MS Australia (MSA), the disease affects 23,000 people throughout the country – more women than men, and mostly those in the 20-40 age bracket.
MS symptoms include problems with bodily functions, fatigue, numbness, pain, muscle stiffness and spasms.
Unlike diseases where symptoms are the same for everyone, MS affects individuals differently. That’s because it is a result of the individual’s immune system attacking the protective layer called myelin that covers nerves. This causes scarring or ‘sclerosis’ on the nerve and makes the nerve misfire.
As MSA states, there is no cure for MS, but there are numerous treatments and therapies available that can help patients to manage the symptoms of the disease and slow its progression.
The financial cost of living with MS
There can be a financial cost to having MS. According to a US study of people living with MS, 67% said their finances were worse after their MS diagnosis. 32% of respondents said they had a “very difficult time” paying their monthly bills, while 46.9% claimed to have a somewhat difficult time.
An Australian MS Longitudinal Study (AMSLS) employment survey published in 2010 found 56% of MS sufferers had lost their job as a result of the illness, and 64% were not in paid work.
Those with MS were also not as likely to be working full-time. Some of the issues related to not being able to work included fatigue, loss of mobility and cognitive deficits.
Taken out as an optional extra with Life insurance, Trauma Insurance can provide additional financial security for you and your family in the event of you being diagnosed with MS.
Trauma Insurance and financial peace of mind
Trauma Insurance is designed to provide a lump sum payment of $2 million on eligible claims on the confirmed diagnosis of one of the medical conditions listed under the policy.
This payment is made irrespective of whether the condition can be successfully treated or not.
Apart from the medicines and therapies that are available to help people manage Multiple Sclerosis, there can be other adaptations that need to be made in order for people to overcome the various physical problems that can arise and which can significantly hinder mobility and independence.
According to MS Queensland, people with MS may eventually need to use a wheelchair or scooter to manage fatigue and remain mobile, which is a significant cost.
Also, people with MS can experience heat intolerance. The cost of keeping cool, especially during summer heat waves, is another contributor to the cost of MS.
A Trauma Insurance payment could assist with the financial burden of adapting to life with MS.
NobleOak’s Trauma Insurance
Trauma Insurance can provide a lump sum payment up to $2 million for any of the medical conditions listed under the policy, including Multiple Sclerosis. The amount of Trauma insurance available is determined at the time of application.
In the event of a claim, the payment can be used to fund ongoing (and possibly expensive) medical treatment, complete any necessary modifications to the home due to the changed medical circumstances, replace lost income, or for any other purpose including mortgage repayments and meeting day to day family living expenses and ongoing educational expenses, or to take a holiday.
The cost of NobleOak’s Trauma Insurance depends on the amount of insurance proposed, and also the age and health of the life insured.
It’s wise to consider Trauma Insurance as part of your overall Life Insurance portfolio when you are younger and healthier as this will secure lower premiums.
This insurance is available to people aged 18 to 59, and is renewable up to age 70.
While Life Insurance provides cover in the event of an untimely death, Trauma Insurance provides payment on the diagnosis of one of the 38 medical conditions listed under the policy.
It can provide immediate financial assistance and an additional layer of financial protection for you and your family.
Contact NobleOak if you would like a no-obligation Trauma Insurance quote.