Compare life insurance for motor neurone disease (MND)
Amyotrophic Lateral Sclerosis (ALS), also known as Motor Neurone Disease (MND) or Lou Gehrig's disease, affects your motor function, which can affect your ability to walk, speak, swallow and breathe.
If you're concerned about ALS, life insurance can protect you in a variety of ways. A life insurance policy can provide you with ongoing protection in the form of trauma or income protection insurance, while also providing you with peace of mind knowing that your family will be protected should the worst happen. Compare life insurance policies today and find the cover that's right for you.
What is motor neurone disease?
How does motor neurone disease occur?
- Motor neurone disease occurs when the motor neurones in the body become damaged and no longer function properly. Motor neurones are cells that control the bodies voluntary functions such as:
- Movement of the limbs
- Once these nerves are damaged you'll experience gradual paralysis, difficulty speaking and swallowing, fatigue and weight loss. MND will eventually lead you to becoming dependent on others for everyday acts.
While some treatments can increase life expectancy, there is no treatment for the disease. Some patients will be prescribed the drug Riluzole which has been shown to slightly increase life expectancy. It is always best consult a certified medical professional if seeking sound treatment.
Trauma insurance for motor neurone disease
Motor neurone disease is listed as a specified medical condition under most trauma insurance policies. The conditions for the benefit payment to be provided for MND are generally fare less complicated to that of other conditions with most insurers simply stating, “There must be unequivocal diagnosis of MND by an approved consultant neurologist.”
Trauma booster benefit for motor neurone disease
Many life insurance companies will offer what is known as a “booster benefit” for certain conditions on trauma insurance policies. The booster benefit is generally available as an additional option on Trauma Insurance policies and provides an increased payment of the sum-insured to the policyholder to a maximum amount. The example below shows how the life insurance company Asteron will apply the booster benefit:
- You'll be provided with an additional 25% of the trauma cover sum-insured
- The maximum benefit that will be paid under this policy including the amount for the booster benefit is $2 million
- The maximum that will be paid under a partial trauma benefit is $200,000
Asteron will provide cover for:
- Motor neurone disease
- Muscular dystrophy
- Severe Burns
The benefits and conditions of the Asteron booster benefit are typical of those for many life insurance companies in Australia.
What are the benefits of having trauma cover for someone with motor neurone disease?
The benefit payment from a trauma policy for someone with ALS can help covering new expenses that have arisen as a result of their condition. The payment could be used to cover things such as:
- Everyday living expenses if they suffer a reduction in their income or are forced to take out of work completely as a result of their condition
- Costs for medical consultations with practitioners
- Cost of making necessary modifications to their home to support their new condition
- Costs of hiring a professional carer if they are no longer capable of carrying out daily acts of living
- Costs to enable family member to experience a reduction income if they are required to take out of work to care of the insured
- Costs of necessary medication
Income protection insurance for motor neurone disease
Income protection insurance is another form of personal insurance that can offer ongoing support in the event that someone is required to take time out of work as a result of illness or injury. If the person is deemed disabled, as defined under the policy, they will be provided with a lump sum benefit of 75% of their income for the duration of the benefit period they have chosen. Some providers will offer more than 75%, provided this extra amount is directed towards the insured’s superannuation.
If someone was to suffer motor neurone disease and the severity of their condition met the eligibility requirements of their condition, they would be provided with the insured monthly benefit.
Income protection insurance crisis benefit
Many income protection insurers will offer what is known as income protection crisis benefit, which will provide an additional benefit of a portion of the insured monthly benefit for a specified period of time. Most insurers will recognise motor neurone disease as a specified condition for crisis benefit.
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*'New cover' refers to when you start a policy, reinstate cancelled cover or increase cover. The conditions in the above form are a general guide. Always consult the insurers product disclosure statement (PDS) for further information.