Life Insurance With Multiple Sclerosis: What You Need To Know

Multiple sclerosis (MS) is an autoimmune disease that affects the brain and spinal cord. It is possible to get life insurance if you have MS, but your options and costs will depend on several factors, including the progression of your condition, your age, and your overall health. While some insurers may decline your application, others will offer coverage with higher premiums. Additionally, certain government assistance programs and private insurance options are available to help cover the financial burden of living with MS.

Getting approved for life insurance with MS

It is possible to get life insurance if you have multiple sclerosis (MS). However, the coverage options and costs will depend on several factors, including the progression of your MS, your age, and your overall health. Here are some things to keep in mind when applying for life insurance with MS:

Understand the impact of MS on life insurance:

MS is considered a pre-existing condition by life insurance companies, which increases your insurance risk. The type and stage of your MS will play a significant role in determining your eligibility for traditional coverage, such as term or whole life insurance. Be prepared to disclose information about your MS, including the frequency of symptoms, treatment history, and impact on daily activities.

Work with an MS life insurance specialist:

Consider working with an insurance agent or broker who specializes in MS life insurance. They can guide you through the application process, recommend MS-friendly insurance companies, and help you find the best rates. Some insurance companies that have been known to view MS favourably include American General, Banner Life, MetLife, Mutual of Omaha, Transamerica, Protective, and Prudential.

Be honest and transparent:

It is crucial to be honest and accurate when disclosing information about your MS on the insurance application. Failing to disclose your MS diagnosis or providing misleading information may result in denial of coverage or future complications. Remember, each insurance company evaluates MS diagnoses differently, so it's important to shop around and find the right coverage for your specific needs.

Understand the different types of life insurance:

There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance is typically more affordable and covers a specific period, while whole life insurance is more expensive and provides lifelong coverage. If you have MS, you may also want to consider supplemental coverage, such as living benefit riders, which allow you to access a portion of your death benefit while alive if diagnosed with a qualifying terminal illness.

Maintain a healthy lifestyle:

Life insurance companies consider overall health and lifestyle when evaluating applications. Maintaining a healthy lifestyle, managing your MS through regular medical care and treatment, and controlling other health conditions can positively impact your insurance rates. This includes following your doctor's recommendations, taking prescribed medications, and managing stress.

Shop around for quotes:

Don't be discouraged by higher rates or denials. Shop around and compare quotes from multiple insurance companies to find the best rates and coverage options for your specific situation. Remember, each company has different underwriting guidelines, and smaller, localized insurers may offer more competitive rates for MS patients.

The impact of MS on your life insurance policy

Multiple sclerosis (MS) is a chronic, inflammatory autoimmune disease that affects the central nervous system, compromising the brain and spinal cord, and can also impact the optic nerve and retina. While it is possible to get life insurance if you have MS, the condition does have an impact on the insurance policy and the application process.

Application Process

When applying for life insurance, you will need to disclose your MS diagnosis and treatment, along with other relevant medical information. This includes details about the frequency and progression of your symptoms, current treatments, and any medications you are taking. Insurance companies will also request information directly from your doctor to confirm your health status.

Insurance Rates and Premiums

The type and severity of MS, as well as the progression of the condition, age of diagnosis, and current age, are all factors that will influence your insurance rates and premiums. Mild cases of MS may result in more favourable rates, while severe cases will likely lead to higher premiums or even a denial of coverage.

Insurance Options

The specific type of MS you have will also determine the insurance options available to you. For example, those with Relapsing-Remitting MS (RRMS) may have better insurance options compared to those with Primary Progressive MS (PPMS) or Progressive-Relapsing MS (PRMS).

Underwriting

The underwriting process for individuals with MS will involve a comprehensive assessment of your health status, including your medical history, treatment plan, overall health, and any other existing medical conditions. Underwriters will also consider your lifestyle habits, such as smoking, which can further impact your insurance rates.

Alternative Options

If you are unable to obtain traditional life insurance due to your MS diagnosis, there are alternative options available, such as guaranteed issue life insurance or simplified issue life insurance. These policies often have lower coverage amounts and may include a waiting period before the full death benefit is available.

Life insurance rates for people with MS

Yes, it is possible to get life insurance if you have multiple sclerosis (MS). However, the coverage options and premium rates will depend on several factors related to your condition, age, and overall health. Here is a detailed overview of life insurance rates for people with MS:

Factors Affecting Life Insurance Rates for People with MS:

• Type and Stage of MS: The type and stage of your MS will significantly impact your eligibility for traditional coverage, such as term life or whole life insurance, and the premium rates you will be offered. People with milder forms of MS, such as relapsing-remitting MS (RRMS), are more likely to be offered coverage and may qualify for lower rates. On the other hand, those with more severe forms, such as primary-progressive MS (PPMS) or aggressive MS, may face challenges in obtaining traditional coverage.
• Age at Diagnosis: The age at which you were diagnosed with MS will also influence your insurance rates. If you were diagnosed under the age of 45, it may result in higher premiums.
• Time Since Diagnosis: Insurance providers will also consider the time that has passed since your MS diagnosis. If it has been more than 10 years since your diagnosis, you may be offered more favourable rates.
• Impact on Daily Activities: If your MS has no significant impact on your daily activities (such as eating, bathing, dressing, etc.), you may be assigned a lower health risk classification, resulting in more affordable premiums.
• Overall Health and Lifestyle: Aside from MS, insurance companies will evaluate your overall health profile, including other medical conditions, family history, lifestyle habits, and gender, all of which can influence your insurance rates.

Recommended Insurance Companies for People with MS:

• Transamerica: Transamerica is recommended for its flexible guidelines for people with MS. They offer competitive rates for term life insurance and are known for their fast turnaround times. They can consider coverage for individuals with moderate or relapsing-remitting MS diagnosed over two years ago.
• Lincoln Financial: Lincoln Financial is another good option, as they can offer up to standard rates for individuals with mild MS. They also have competitive no-med and high-net-worth policy options.
• Prudential: Prudential is known for its flexible guidelines for various health conditions, including MS. They are more likely to offer coverage for individuals with mild, moderate, or relapsing-remitting MS. Prudential is also a good choice for seniors and individuals with immigration statuses such as visas and green cards.

Sample Premium Rates for People with MS:

• A 40-year-old non-smoking female with mild MS could pay less than $56 per month for a 20-year term life insurance policy with a $500,000 payout.
• A 40-year-old non-smoking male with mild MS can expect to pay less than $72 per month for the same coverage.
• A 50-year-old non-smoking female with relapsing-remitting MS may pay less than $222 per month for a similar policy.
• A 50-year-old non-smoking male with relapsing-remitting MS can expect to pay less than $300 per month for the same coverage.

Please note that these rates are provided as examples, and the actual premium you will pay will depend on your unique circumstances and the insurance provider you choose. It is recommended to consult with an independent broker or an MS life insurance specialist to find the most suitable coverage options and rates for your specific needs.

How to get approved for life insurance with MS

It is possible to get life insurance if you have multiple sclerosis (MS), but there are several factors that will determine your eligibility and the premium you will pay. Here are some steps to help you get approved for life insurance with MS:

Understand the Impact of MS on Life Insurance

Recognise that life insurance companies consider MS a pre-existing condition that increases your insurance risk. The type and stage of your MS will play a significant role in determining your eligibility for traditional coverage, such as term life or whole life insurance, and the associated costs.

Choose the Right Insurance Company

Not all insurance companies will view your MS diagnosis favourably. Some carriers will automatically decline applications from individuals with MS. It is crucial to work with an independent insurance agent or broker who specialises in helping people with MS obtain life insurance. They can guide you towards insurance companies with a history of underwriting individuals with MS and favourable rates.

Be Transparent About Your Health

When applying for life insurance, it is essential to be transparent and provide accurate information about your health. Disclose your MS diagnosis and any other relevant medical history. Remember that lying on your application can result in denial of coverage and future applications. Be prepared to share details about your MS, including the date of diagnosis, treatment history, response to treatment, current symptoms, and any medications you are taking.

Maintain a Healthy Lifestyle

Leading a healthy lifestyle can positively impact your premiums. Life insurance companies want to see that you are taking the necessary precautions to manage your MS effectively. This includes following your doctor's recommendations, taking prescribed medications, maintaining a healthy diet and exercise regimen, and managing stress. Regular medical appointments and updated health records are crucial in demonstrating proactive management of your condition.

Understand the Underwriting Process

Underwriting is the process by which insurance companies evaluate your application and determine your eligibility and premium rates. For individuals with MS, underwriting departments will consider various factors, including the type and severity of MS, date of diagnosis, number and frequency of attacks, response to treatment, and overall health. They will also take into account your height, weight, BMI, other medical conditions, financial background, and credit history.

Explore Different Types of Life Insurance

Depending on the severity of your MS and your overall health, you may have different life insurance options available to you. These include fully underwritten term or permanent life insurance, simplified issue/simplified underwriting life insurance, and guaranteed issue life insurance. Simplified issue life insurance may be a good option for those with moderate to severe MS, while guaranteed issue life insurance is suitable for those with severe MS who have been declined by other carriers.

Compare Quotes and Choose a Plan

Once you have identified insurance companies that are favourable towards individuals with MS, compare their quotes and plans. Consider the premium costs, coverage amounts, waiting periods, and any additional benefits or restrictions. Choose a plan that fits your budget and provides the necessary coverage for your loved ones.

Consult a Specialist

Working with a specialist in MS life insurance can significantly increase your chances of getting approved. They can guide you through the application process, help you navigate the complexities of underwriting, and find the most suitable insurance company and plan for your needs.

Remember that the specific steps and requirements may vary depending on your location and the insurance companies you approach. It is always a good idea to consult a professional for personalised advice and to ensure you are making well-informed decisions about your life insurance needs.

The best life insurance companies for people with MS

Yes, it is possible to get traditional life insurance if you have multiple sclerosis (MS). Here are some of the best life insurance companies for people with MS, along with details about their offerings:

Transamerica

Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts. It offers competitive rates for term life insurance and is known for its fast turnaround times. Transamerica is also flexible when it comes to medical exams, as they are not required for certain applicants, including smokers and individuals between the ages of 60 and 70. However, their term life insurance is not available in New York, and they may not be a good option for people with a history of cancer, alcohol abuse, or asthma. Transamerica is considered the best overall life insurance company for people with MS due to its flexible guidelines and willingness to provide coverage for those with moderate or relapsing-remitting MS.

Lincoln Financial

Lincoln Financial offers a wide range of life insurance policies, including competitive no-medical-exam and high-net-worth options. They are a good choice for individuals with existing health conditions such as depression, stroke, and heart conditions, as well as marijuana users. Their term life insurance is not available in New York. Lincoln Financial is a viable option for people with MS as they can offer Standard rates for those with mild MS, whereas other insurers may offer less favourable table-rated health classifications.

Prudential

Prudential is a well-known life insurance company with nearly four million policyholders and 150 years of experience. They offer competitive coverage options for seniors and individuals with common medical conditions like asthma, depression, and fibromyalgia. Prudential stands out for its flexibility, accommodating a variety of immigration statuses and income requirements. While younger applicants may find better prices elsewhere, Prudential is generally more likely to offer coverage to those with mild, moderate, or relapsing-remitting MS.

American General, Banner Life, MetLife, Mutual of Omaha, Protective

These companies are also mentioned as favourable options for individuals with MS, as they offer competitive rates and are known to view MS more favourably.

Frequently asked questions