Neurological Disorders and the Need for Insurance
Disorders affecting the brain and nerves due to biochemical, electrical, or structural anomalies in the brain, nerves, and spinal cord are called neurological disorders. Major neurological disorders include Alzheimer’s disease, brain tumors, Multiple Sclerosis, strokes, and Parkinson’s disease.
Common symptoms associated with these disorders include poor coordination, paralysis and loss of sensation, muscular weakness, pain, confused mental state, seizures, confusion, pain, and altered consciousness, thus greatly affecting normal bodily functions and quality of life. This is why people suffering from these disorders require insurance, however, due to the varying levels of severity, offers for Neurological Disorders life insurance have a broad-spectrum range of offers.
Insurance options for People with Neurological Disorders
Here we are discussing two primary insurances for people with neurological disorders in Canada. The first is insurance covering several neurological disorders among other major illnesses, while the second is a list of other insurance options available solely for people with Parkinson’s Disease.
Critical Illness Insurance
Critical Life Insurance covers multiple major illnesses, including the below-mentioned neurological disorders, offering the critical illness insurance benefit of $25,000. However, it requires the applicant to be alive and untouched by any irreversible cessation of the entire brain function through the benefit payment waiting period (which may be 30 days or longer), before the amount becomes payable.
Within 3 months of the ending of the benefit payment waiting period, the claim must be made, and only then the insurer adjudicates the claim. This insurance terminates either when the benefit has been paid or when you reach age 65, whichever occurs first. Note that only a single critical illness benefit is payable in the insured person’s lifetime.
The claim must be supported with evidence that agrees with DSMIV‘s criteria for Alzheimer’s disease, i.e. the progressive deterioration of memory and the ability to perceive, understand, reason and express ideas, with the severity of the condition such that the person requires daily supervision of at least 8 hours. It does not include any other dementing or psychiatric brain illnesses.
Benign Brain Tumor
It is a non-malignant tumor that originates from the brain or its meninges. Its nature must be confirmed through biopsy or surgical excision before one is considered eligible for this insurance benefit. However, cysts, granulomas, hematomas, and tumors in the pituitary gland, spine or cranial nerves are not covered in this.
Motor Neuron Disease
This refers to the progressive condition of upper or lower motor neuron degeneration for over at least 6 months with the confirmation of a neurologist. It includes the following conditions:
- Primary lateral sclerosis
- Definite amyotrophic lateral sclerosis
- Progressive bulbar palsy
- Progressive muscular atrophy
At least two distinct occurrences of neurological abnormalities that are clinically documented and confirmed by a neurologist and occurred at least a month apart yet have been continuously going on for 6 months at least.
A cerebrovascular episode caused by a hemorrhage or intracranial thrombosis, causing neurological side effects for a month or more. It does not include ischemic attacks. There must be evidence of significant and quantitative neurological deficit.
Parkinson’s disease is a common neurological disorder in Canada with over 100,000 diagnosed Canadians. The neurological impairment must be to an extent that interferes with performing some basic daily life activities. The diagnosis with relative evidence presented via a current physical assessment obtained by an occupational therapist must be included.
Insurances for People with Parkinson’s Disease
The best choice of life insurance for a person with Parkinson’s disease is determined by each patient’s unique set of factors. Insurance options for people with Parkinson’s are guaranteed life insurance, simplified life insurance, and even a fully underwritten life insurance policy.
Guaranteed Life Insurance Policy
Persons with severe Parkinson’s who have been rejected from obtaining a fully underwritten policy or who want to avoid a medical evaluation procedure may benefit from a guaranteed life insurance policy. However, proceeding forward without a medical evaluation can restrict your insurance benefit to as much as 10 times less than a policy with a medical evaluation.
Simplified Life Insurance Policy
Simplified insurance policies don’t require a doctor’s examination and only consist of limited medical questions promising a higher coverage amount. These offer a combination of features of both fully underwritten policies and guaranteed policies.
Fully Underwritten Policy
A medical exam and a certified physician’s medical evaluation are mandatory for acquiring a fully underwritten policy. This will enable you to secure a higher coverage amount and access to different life insurance policies to browse for what suits you best.
Insurance Eligibility Criterion
Critical illness insurance covers 6 different neurological disorders. Once the benefit payment waiting period (which is 30 days or more), claims should be made within 3 months. Any claims made beyond this timeline will not be accepted. Claims should be submitted as soon as possible, but no later than 3 months after the end of the benefit payment waiting period, as indicated above. Claims submitted beyond the 3 months claiming limit will be denied. Click the links below to fill the forms if you wish to submit a claim, and send it to the address mentioned:
List of condition-specific forms
Once your claim has been adjudicated, you will be informed about the approval or disapproval.
While applying for life insurance for Parkinson’s disease, the underwriter will need to know a list of things about you to determine your life insurance coverage. Among other things, this list includes:
- Age and Date of Diagnosis
- Type of Parkinson’s disease you have
- The stage of your Parkinson’s disease
- Stability of your Parkinson’s disease
- Your family medical record
- Attending Physician’s Statement
Here is a list of some life insurance companies in Canada offering insurance for people with Parkinson’s:
- BMO Life Insurance
- Canada Life
- Canada Protection Plan
- Empire Life
- Human Life
- SSQ Life
If you are suffering from a Neurological Disorder and are struggling with finding the right insurance policy for you or if an insurance policy provider has denied your application earlier, please refer to Insurance Direct Canada and the experts there will guide you in detail.
The experts at Insurance Direct Canada can help you clear your doubts with personalized advice and quotes, feel free to reach out to them at your convenience.
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