Getting Life Insurance With MS
Multiple sclerosis can make it difficult to find affordable life insurance. However, there are still ways to get coverage if you have MS.
In this guide, we will discuss the best options for life insurance if you have multiple sclerosis. We will also provide tips on how to get the best rates possible. So, whether you are just starting your search or you have been denied coverage in the past, read on for information that can help you secure the life insurance policy you need and deserve.
Insider Tips From Insurance Agents
When evaluating multiple sclerosis (MS) for insurance purposes, underwriters differentiate between two main types:
- Relapsing/Remitting MS (RRMS):
- This is the more common form of MS.
- Generally viewed more favorably by underwriters due to its pattern of flare-ups followed by periods of remission.
- Rating is influenced by the extent of impact on daily life but is often more favorable than for progressive MS.
- Progressive MS:
- Considered more serious by underwriters, leading to higher insurance rates.
- Progresses steadily rather than in the pattern of relapses and remissions seen in RRMS.
- Ratings are more severe due to the continuous nature of symptom progression.
Additional Factors Affecting Insurance Ratings for Both Types:
- The need for walking assistance does not automatically lead to a decline in coverage, but it can result in higher premiums.
- The use of prednisone or other steroids can affect ratings, as it indicates active management of flare-ups.
- The number and frequency of flare-ups are critical factors that underwriters consider to determine the severity and stability of the condition.
What Insurance Companies Look For With Multiple Sclerosis
- Age of the applicant
- Whether a definite diagnosis has been made
- Date of initial and most recent symptoms
- Frequency of symptoms
- Progression of the disease
- Degree of disability
- Medical Treatments
Getting Life Insurance Coverage With Multiple Sclerosis
- A tentative diagnosis of MS with no signs or symptoms for 2 years can be considered.
- Stable MS with moderate symptoms more than 1 year since diagnosis can be considered for coverage.
- Stable MS with moderate symptoms more than 1 year since diagnosis can be considered for life insurance coverage.
- Progressive or severe MS is typically a decline.
Some examples scenarios of getting insurance coverage are:
- Suspected MS: You suspect you may have MS with no testing results nor evidence of the disease.
- Definite MS: You’ve had at least 2 clinical events and/or test results proving you have MS.
Depending on the severity of the disease determines whether you can get coverage or not.
What If I’m Declined?
Even if an insurer declined your life insurance application, you could still purchase life insurance through a guaranteed issue policy.
What Is A Guaranteed Issue Policy?
A guaranteed issue policy is life insurance that does not depend on your health. This means that you will be able to get life insurance even if you have had a stroke and have been declined before. However, there are a few drawbacks that you should consider before getting this type of policy.
Many insurers that offer guaranteed issue life insurance policies have a limit on the death benefit. This amount is usually between $25,000 and $30,000, depending on your age.
If you die from natural causes, your family will have to wait for two or three years before the company will pay the full death benefit. Most companies, however, will pay a benefit equal to the total premiums paid in plus 5 to 10 percent.
Since the insurer is not sure how healthy you are, they will charge you more for your life insurance policy than someone who is healthier.
Although there are some disadvantages to guaranteed issue life insurance, it is still a better option than asking your loved ones to pay your final expenses.
Need Help Getting Life Insurance Coverage?
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help make sure that you get coverage so that you don’t get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you are declined coverage, it could be at least two years before you are able to get any life insurance.