Life Insurance With Ms: Is It Possible?

Yes, it is possible to get life insurance if you have multiple sclerosis (MS). However, it is important to note that having MS, a chronic autoimmune disease, will make it more challenging to get insured. The availability and cost of coverage depend on several factors, including the type and severity of MS, overall health, age, and treatment history. People with MS are considered high-risk applicants, and the underwriting process for life insurance involves a detailed assessment of their condition. While traditional life insurance may be more difficult to obtain, alternative options like guaranteed issue life insurance are available for individuals with progressive MS.

Life insurance options for people with MS

Multiple sclerosis (MS) is a chronic autoimmune disease that affects the central nervous system, particularly the brain and spinal cord. While it is possible to get life insurance if you have MS, it can be challenging. The condition is considered a pre-existing condition by insurers, and those with MS are viewed as high-risk applicants. This means that the rates and types of policies available may be limited, and the cost of premiums may be higher. However, it is still possible to find suitable life insurance options. Here are some things to consider when exploring life insurance with MS:

Understanding MS and its Impact on Life Insurance

MS is a disease that affects the protective sheath covering nerve fibres in the central nervous system, leading to communication issues between the brain and the rest of the body. The symptoms of MS vary widely and can include fatigue, difficulty walking, numbness, vision problems, and coordination issues. The treatment focuses on managing symptoms, slowing progression, and improving quality of life. When evaluating life insurance applications from individuals with MS, insurers consider several factors, including the type of MS (relapsing-remitting or progressive), the need for walking assistance, the use of steroids, the frequency and severity of flare-ups, and the overall progression and disability degree.

Traditional Life Insurance Options

People with MS may be eligible for traditional life insurance options such as term life insurance or whole life insurance. Term life insurance is a policy set for a specific amount of time and is typically less expensive than whole life insurance. Whole life insurance, on the other hand, is a type of permanent life insurance that doesn't expire and includes a cash value component in addition to the death benefit payout. The availability and cost of these options will depend on the severity and progression of MS, as well as other factors such as age and overall health.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is an alternative option for individuals with MS who may not qualify for traditional life insurance. This type of policy does not require a medical exam and is guaranteed to be issued regardless of health status. However, it typically comes with lower death benefits and higher premiums. There is also usually a two- to three-year waiting period before benefits can be paid out.

Graded Death Benefit Life Insurance

Another option for individuals with progressive MS is graded death benefit life insurance. These policies are slightly more difficult to qualify for and involve answering health questions and providing a health history report. They also have a two- to three-year waiting period, but the premiums are generally lower than guaranteed issue policies.

Recommended Insurance Providers

When it comes to life insurance for individuals with MS, some recommended insurance providers include Transamerica, Lincoln Financial, Prudential, Protective, MetLife, Banner Life, and Mutual of Omaha. These companies are known to offer competitive rates and favourable considerations for individuals with MS.

Transparency and Expert Advice

It is essential to be transparent and provide accurate information about your MS diagnosis, treatments, and overall health when applying for life insurance. Incomplete or insufficient information can lead to challenges in securing a policy or result in higher premiums. It is also advisable to work with an independent insurance agent or broker who has expertise in MS and can help you navigate the application process, find the most suitable insurance providers, and optimise your application for a favourable outcome.

Factors affecting life insurance for MS patients

While it is possible to get life insurance if you have multiple sclerosis (MS), the coverage options and premiums depend on several factors. Insurers consider MS a pre-existing condition that increases insurance risk, so they will assess various aspects of your health and circumstances when evaluating your application. Here are the key factors that can affect your life insurance options and rates:

• Type and stage of MS: The type and progression of your MS are significant factors. Relapsing-remitting MS (RRMS) is generally viewed more favorably than progressive forms such as primary-progressive MS (PPMS) or secondary progressive MS (SPMS). The degree of disability, need for walking assistance, and frequency and severity of flare-ups or relapses are also considered.
• Treatment and effectiveness: The treatments you are undergoing and their effectiveness in managing your symptoms are important. The use of steroids like prednisone is also a factor.
• Impact on daily living: If your MS impacts your ability to perform activities of daily living (ADLs), such as eating, bathing, dressing, toileting, and continence, it may affect your insurance options and rates.
• Age at diagnosis: The age at which you were diagnosed with MS matters. Being diagnosed under the age of 45 or over the age of 60 can result in higher premiums.
• Time since diagnosis: Insurers will consider the time that has passed since your diagnosis. A longer time frame can provide a clearer understanding of the severity of your condition and its progression.
• Overall health: Your overall health, including other medical conditions and lifestyle habits, plays a role in determining your insurance risk and premiums.
• Smoking status: If you smoke cigarettes or have other serious medical conditions, such as diabetes or heart problems, it can negatively impact your insurance rating.
• Transparency: Being transparent and providing comprehensive information about your MS and medical history is crucial. Incomplete or insufficient information can lead to higher premiums or even rejection of your application.

These factors will influence the insurance company's assessment of your insurance risk and determine your eligibility, premiums, and coverage options. It is important to work with an experienced insurance agent or broker who specializes in MS to optimize your application and find the most suitable insurance providers and policies for your specific circumstances.

Guaranteed issue life insurance

This type of insurance is best for people who have no other options because of their health or who cannot afford other options due to their health. It is designed for people with serious health conditions that prevent them from buying policies that offer immediate death benefits.

How It Works

The waiting period is in place to prevent end-of-life candidates from cashing in on the death benefit too early, which would put a financial strain on insurance companies.

Pros and Cons

Pros

• Provides coverage for those who may usually have difficulty getting life insurance.
• Saves time by avoiding medical exams and questions.
• The policyholder can scale the death benefit up and down, usually between $2,000 and $25,000.

Cons

• More expensive than typical term and whole life policies because they are considered riskier.
• There is an initial waiting period before benefits can be accessed.

Eligibility

To be eligible for guaranteed issue life insurance, you typically need to fall within a certain age range, usually between 50 and 80 years old.

Alternatives

If you are seeking life insurance with multiple sclerosis (MS), there are alternatives to guaranteed issue life insurance. Traditional life insurance may be an option, depending on the progression of your condition, your current age, the age you were diagnosed, and other factors. Term life insurance and whole life insurance are two common options for traditional life insurance.

If you are unable to obtain traditional life insurance, group life insurance is another alternative. This type of insurance is offered through work or a trade organization, often for free or at a subsidised rate, and typically does not have medical requirements. However, coverage is usually maxed out at one or two times your salary, and you may lose the policy if you switch jobs.

How to increase your chances of getting insured

While it is possible to get life insurance if you have Multiple Sclerosis (MS), the condition does make it more difficult to get insured. However, there are steps you can take to increase your chances of getting insured. Here are some tips to improve your chances of getting life insurance with MS:

• Get an expert – Partner with an insurance agent who is an expert in life insurance with MS. They will know which insurance companies view MS more favourably and can help you find the best rates and policies for your specific situation.
• Be transparent – Be transparent about your condition and treatment history. Provide as much information as possible about your MS, including the frequency and severity of symptoms, treatments, and how you are responding to them. Incomplete or unclear information about your MS may result in your application being rejected or rated poorly.
• Get a comprehensive consultation – Start with a comprehensive consultation with an expert to understand your specific situation and insurance needs. This will help you get tailored advice and increase your chances of approval with favourable terms.
• Provide complete medical records – Ensure that all necessary medical records and documents are in order. Missing information about your disease may make insurance underwriters nervous.
• Get a doctor's letter – If your MS is under control and you are in good health, ask your doctor to write a letter describing your condition and health status. This can help improve your rating.
• Consider guaranteed issue life insurance – If you have severe MS and are declined by insurance companies, consider guaranteed issue life insurance. This type of policy is guaranteed to be issued regardless of health status, but it has higher premiums and lower death benefits.
• Explore alternative options – If you are unable to qualify for standard life insurance, explore alternative options such as graded benefit life insurance policies or group life insurance.
• Improve your overall health – Improve your overall health by treating your MS and any other medical conditions, quitting smoking, and adopting a healthy lifestyle. This can help improve your health classification and lower your premiums.

Underwriting for MS

Underwriting is the process of evaluating the risk of insuring a potential policyholder. In the context of life insurance for individuals with Multiple Sclerosis (MS), underwriting involves assessing the likelihood of insuring an individual with a pre-existing condition. Here are some key considerations for underwriting in the case of MS:

Type and Stage of MS:

The type and stage of MS play a significant role in determining eligibility for life insurance coverage. Relapsing-Remitting MS (RRMS) and Secondary Progressive MS (SPMS) may be viewed more favourably than Primary Progressive MS (PPMS) or aggressive forms of MS. The progression and severity of symptoms, as well as the impact on daily activities, are crucial factors.

Treatment and Response:

The effectiveness of treatment and the individual's response to it are important considerations. Disease-modifying therapies (DMTs), symptomatic treatments, physical therapy, and lifestyle changes can all influence the underwriting process.

Medical History and Lifestyle:

Underwriters will evaluate the applicant's medical history, including pre-existing conditions, and lifestyle factors such as occupation, hobbies, and habits (e.g., smoking or drinking). This information helps determine the risk associated with insuring the individual.

Insurance Company Guidelines:

Each insurance company has its own underwriting guidelines, which assist underwriters in determining whether to accept the risk. These guidelines consider various factors, such as the applicant's age, health, and medical history, to assess the likelihood of insuring them.

Premium and Coverage Amounts:

Underwriters set the premium and coverage amounts based on their evaluation of the risk. Individuals with MS may face higher premiums or lower coverage amounts compared to those without pre-existing conditions.

Alternative Options:

If traditional life insurance is not an option due to the progression of MS, alternative policies such as guaranteed issue life insurance or graded death benefit life insurance policies may be considered. These policies often have higher premiums and lower coverage amounts but can provide financial protection for individuals with progressive MS.

Frequently asked questions