[USER]

I’m in a group for ppl with MS. There is a conversation about life insurance which makes me wonder if investing looks different for someone with a health condition.

MS doesnt shorten life expectancy but can render one disabled amd shorten their working years.

Right now I invest as much as I can but I do not come close to maxing out (self employed so no employer match but i do contribute to solo 401k as both employee and employer).

I’m wondering if I should be diverting a portion of my contributions to a life insurance or long term care insurance policy.

[Vic]

It’s hard to get life insurance once you have a serious diagnosis. I think it makes sense to focus as much as possible on financial independence as soon as possible – an alternative to relying on insurance.

[Caro]

Yeah I think I would just save what you can. I don’t think the other things you mentioned would be fiscally worth it at this point.

It is tough though. My dad (82) cares for my mom (66) with MS and he just had a mini stroke and is still in the hospital… so I’ve been going over to her house multiple times a day to change her diaper and prep her food etc.

I had to pay a nurse to come when I was at work one day.

But in the hope of him not overdoing it I may have to find a nursing home for them stat and I may have to supplement it as well.

If they can’t afford it I may have to move them into my house.

That’s why my personal FI number correlates back to the average cost for skilled living in my area since I worry I could end up with MS or really anything that would render the need for full time care.

[Alicia]

It’s usually too late to buy these types of insurance once you’re diagnosed.

Hopefully all the young, healthy people out there purchase disability and life insurance while they still can.

[Bunny]

I have NMO. I am ineligible for new life insurance or long term care insurance. If you have MS, you’re likely too late.

[Charlotte]

People with serious health conditions are often denied for life insurance, disability insurance, and long-term care insurance.

Do you have anyone who relies on your income where they would be in a financial bind if you passed away?

There are some “guaranteed issue” life insurance policies that you may be able to get.

I just received info from AAA about theirs and it does not appear to list MS as a disqualifying condition.

Just know that those type of no-medical exam policies can be costly, but may be worth it if someone is relying on your income.

[Stef]

In your situation I would look into long term care and disability policies. You’re likely to be denied because of the MS.

I think your life insurance analysis would be the same as for everyone, consider what income you would need to replace for your dependents, if something unexpected happened to you.

I tend to think defensively, so I would probably err towards the side of owning a home that could be adapted to meet my possible needs in the future.

[Author]

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