Living With Multiple Sclerosis: Life Insurance Impact

Multiple sclerosis (MS) is an autoimmune disease that affects the brain and spinal cord, causing a range of symptoms including hazy vision, muscle weakness, and paralysis. While it is possible to get life insurance when living with MS, it can be challenging. Those with MS are considered high-risk applicants and may face higher rates and more limited policy options. The specific impact on life insurance depends on the type and severity of MS, overall health, and how long the individual has been living with the condition. This article will explore these factors and provide tips for navigating life insurance with MS.

How does MS affect life insurance premiums?

Multiple sclerosis (MS) is a chronic condition that affects the central nervous system, and it is considered a pre-existing condition by life insurance companies. This means that having MS will likely impact the rates and types of life insurance policies available to you. The extent of this impact depends on several factors related to your health and the progression of your MS. Here's how MS may affect your life insurance premiums:

Severity and Type of MS:

The severity and specific type of MS you have will play a significant role in determining your life insurance premiums. More severe forms of MS, such as primary-progressive MS (PPMS) or aggressive MS, may lead to higher premiums or even result in a denial of coverage. On the other hand, milder forms of MS, such as relapsing-remitting MS (RRMS), may result in lower rate increases.

Time Since Diagnosis:

The duration since your MS diagnosis is an important factor. A more recent diagnosis, especially within the last year or two, may result in higher premiums or limited coverage options. Insurance companies use this information to gauge the progression of your condition and the potential impact on your life expectancy.

Impact on Daily Living:

The extent to which MS affects your daily activities will also be considered. If your MS impairs your ability to perform basic activities of daily living (ADLs), such as eating, bathing, dressing, or using the toilet, it may result in higher premiums. The insurance company will assess how your MS affects your overall functionality and independence.

Overall Health and Lifestyle:

Your overall health and lifestyle habits will also be taken into account when determining your life insurance premiums. Other medical conditions, such as high blood pressure, diabetes, or heart disease, may further increase your premiums. Additionally, lifestyle factors such as smoking, alcohol consumption, and obesity can negatively impact your rates.

Age and Gender:

Your age and gender are standard factors considered by life insurance companies when setting premiums. Being diagnosed with MS at a younger age may result in higher premiums, as the insurance company anticipates a longer payout period. Additionally, women tend to have higher premiums than men due to their longer life expectancy.

Treatment and Progression:

The insurance company will also consider your response to treatment and the progression of your MS. They will evaluate your medical records, lab test results, and the effectiveness of any medications you are taking. Providing comprehensive information about your treatment program and following your doctor's recommendations can help improve your chances of obtaining more favorable rates.

It's important to note that each life insurance company has its own underwriting guidelines and may weigh these factors differently. Working with an independent agent or broker who specializes in MS or impaired risk can help you find the most suitable coverage options at the most competitive rates.

What are the best life insurance companies for people with MS?

People with multiple sclerosis (MS) can get life insurance, but their options and premiums will depend on the progression of their condition, their age, the age they were diagnosed, and other factors. Here are some of the best life insurance companies for people with MS:

Transamerica

Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts. It offers affordable rates for almost every age, and you may not even need a medical exam if you fall under a certain age or coverage amount. Transamerica has more flexible guidelines than other insurers for people with MS. For instance, Transamerica can consider you for coverage if you have moderate or relapsing-remitting MS, as long as you were diagnosed over two years ago.

Lincoln Financial

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-medical-exam and high-net-worth options. Lincoln Financial is a good option for people with an MS diagnosis. The insurer can consider you for up to standard rates if you have mild MS, while other insurers may only consider table-rated health classifications instead.

Prudential

Prudential has nearly four million policyholders and 150 years of experience. It offers competitive coverage options for seniors and people with some of the most common medical conditions, including asthma, depression, and fibromyalgia. Prudential has more flexible guidelines for several health conditions, including MS. If you have mild, moderate, or relapsing-remitting MS, Prudential may be more likely to offer you coverage than other insurers.

Banner Life

Banner Life is part of Legal and General America and is known for underwriting high-risk applicants favourably.

Nassau Re

Formerly called Phoenix, Nassau Re specialises in providing term no-physical life insurance.

What are the different types of life insurance for people with MS?

People with multiple sclerosis (MS) can get life insurance, though it may be more expensive and harder to obtain, and it will likely fall under high-risk life insurance options. The types of life insurance available to people with MS include term life insurance, whole life insurance, and guaranteed issue life insurance.

Term Life Insurance

Term life insurance is one of the most affordable types of life insurance and is typically available for a set term, usually between 10 and 30 years. It does not come with complex tax restrictions or regulations, and it is a good option for those looking to protect their income and provide their family with a financial safety net.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that does not expire and includes a cash value that earns interest in addition to the death benefit payout. It is usually significantly more expensive than term life insurance and is a good option for high-net-worth individuals or those with long-term financial obligations or coverage needs, such as dependents who require lifelong care.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is a type of final expense insurance aimed at covering end-of-life costs, such as funeral or medical bills. It does not expire and offers almost certain approval as it does not require a medical exam or ask detailed health questions. However, coverage amounts are usually capped at $25,000, and premiums are higher than traditional life insurance.

How does underwriting work for life insurance with MS?

The underwriting process for life insurance with multiple sclerosis (MS) involves a detailed assessment of an applicant's medical history and current health status. Here's a closer look at how underwriting works for life insurance when you have MS:

Health Information Disclosure

When applying for life insurance with MS, you will need to provide comprehensive information about your health. This includes disclosing your MS diagnosis, treatments, and any other relevant medical history. It's crucial to be transparent and accurate in your responses. The insurer will also request additional information directly from your doctor(s) through an attending physician statement (APS) to confirm your disclosed health information.

Impact of MS on Underwriting

The progression and severity of your MS will significantly influence the underwriting process and the rates you are offered. Underwriters will evaluate the following factors:

• Type and stage of MS: The specific type of MS you have (relapsing-remitting, primary-progressive, secondary-progressive, or progressive-relapsing) and the stage of the disease will play a significant role in underwriting. More severe forms of MS may lead to higher rates or even declination of coverage.
• Age at diagnosis: The age at which you were diagnosed with MS is an important consideration. Being diagnosed at a younger age may impact your insurance risk assessment.
• Time since diagnosis: Underwriters will consider the amount of time that has passed since your MS diagnosis. A more recent diagnosis may result in higher rates or limited coverage options.
• Impact on daily living: The extent to which MS affects your daily activities, such as eating, bathing, dressing, and mobility, will be evaluated. If MS impairs your ability to perform these activities, it may affect your insurance risk classification.
• Frequency and progression of symptoms: Underwriters will want to understand the frequency and progression of your MS symptoms. They will assess if your symptoms are stable, improving, or worsening over time.
• Treatments and response: The treatments you are undergoing for MS and your response to those treatments will be considered. This includes medications, therapies, and any other interventions.
• Overall health and lifestyle: In addition to MS-specific factors, underwriters will evaluate your overall health and lifestyle. They will consider other medical conditions, your smoking status, and any high-risk habits or occupations that may impact your insurance risk.

Health Classification and Rating

Based on the information gathered during the underwriting process, the insurer will assign you a health classification, which determines your premiums. The health classifications typically used include Preferred Plus, Preferred, Standard Plus, Standard, and Table Ratings (for more serious health conditions). For individuals with MS, a Standard or Table rating is more likely, with Table ratings indicating higher-than-average premiums.

Working with Specialists

It is advisable to work with independent agents or brokers who specialize in life insurance for individuals with MS. They can guide you through the underwriting process, help you navigate the requirements, and find insurance companies that offer the most favourable rates for your specific situation.

What are the statistics for MS patients?

Multiple sclerosis (MS) is a progressive disease that affects the central nervous system. It is a chronic, immune-mediated condition that damages the myelin sheath covering the brain and spinal cord nerves. The symptoms of MS vary in severity, ranging from mild to debilitating, and can include fatigue, muscle spasms, balance issues, and vision problems. While MS is rarely fatal, it can increase the risk of life-threatening complications such as severe infections or swallowing difficulties, which may lead to pneumonia.

The average lifespan of people with MS is about five to ten years shorter than that of the general population. However, this gap is narrowing due to improvements in treatment and care. A 60-year study found that people with MS had an average life expectancy of 74.7 years, compared to 81.8 years for those without the disease. The National MS Society estimates that MS can shorten a person's life by seven years.

Several factors influence the prognosis and life expectancy of MS patients. These include the type and stage of MS, age at symptom onset, disease progression and severity, treatment, and lifestyle choices.

There are four typical courses of disease progression:

• Clinically Isolated Syndrome (CIS): This term describes someone who has experienced their first episode of symptoms.
• Relapsing-Remitting MS (RRMS): Characterised by multiple attacks of new or worsening symptoms, with periods of remission in between. This is the most common type of MS.
• Secondary Progressive MS (SPMS): The disease progresses more steadily, with or without periods of remission.
• Primary Progressive MS (PPMS): This form of MS involves a steady, gradual progression of symptoms with few or no remission periods.

The time it takes to progress from RRMS to SPMS varies from person to person and can be influenced by the use of disease-modifying therapies (DMTs). If left untreated, about half of RRMS patients progress to SPMS within ten years. However, with treatment, only about 10% converted to SPMS over a median of 32 years.

The Expanded Disability Status Scale (EDSS) is a standardised measure used to track disability progression in MS patients. It ranges from 0 (no disability) to 10 (death), with scores increasing in increments of 0.5 as disability progresses.

In summary, while MS can impact life expectancy and quality of life, advancements in treatment and management strategies have improved the outlook for people living with the disease. Early treatment, disease-modifying therapies, and lifestyle factors such as exercise, weight management, and stress reduction can positively influence the prognosis and life expectancy of individuals with MS.

Frequently asked questions