Unfortunately, it can seem quite difficult to secure reasonable life insurance for anyone who suffers from multiple sclerosis (MS).
However it is not impossible.
In this post we’ll explain to you How to Get Approved for Life Insurance with Multiple Sclerosis
First thing you need to know is that you need to work with an agency like ours, that specializes in high risk life insurance. We believe that everyone has the right to life insurance and you shouldn’t have to pay some astronomical rate just to get it. However, you need to qualify for coverage and we’ll show you how.
If you have been quoted ridiculous rates or have been declined completely, based solely on the fact you have MS, please request a quote with us using our contact us page.
You will see that it is possible to get approved for life insurance with Multiple Sclerosis.
How to get life insurance with multiple sclerosis
If you have Multiple Sclerosis, use an independent life insurance agent that has access to multiple companies.
Everyone with Multiple Sclerosis is different. Your agent will listen to your unique medical condition and your goals for coverage. They’ll also ask you the questions that a life insurance company underwriters will want to know.
Your agent is like your personal shopper. They will find the best life insurance company for Multiple Sclerosis.
Once the best company has been found, choose the policy that meets your specific needs and budget.
Your agent will help you apply quickly and easily online or over the phone.
After submitting the application and the underwriting process is completed you will know if you’ve been approved.
Once your application is approved you may purchase your life insurance policy and put it in force.
Multiple Sclerosis Life Insurance Underwriting
When working with a life insurance agent, they will ask you specific questions that the life insurance companies will want to know about your Multiple Sclerosis.
Evaluating the Severity of Your MS
There are varying degrees of multiple sclerosis and the rate we can secure for you will depend on the severity of your individual case. There are some details of your MS that we will first need to review before we can determine your personal risk and rate.
These questions will help us source your life insurance based on your own physical condition instead of a worse-case scenario.
MS Life Insurance Questions
The following criteria will be assessed for your insurance rate:
- Date you were diagnosed with MS?
- How often do you suffer from attacks?
- How many episodes have you had in total?
- The date of your most recent episode or attack?
- What are the types of therapies or treatments you’ve received?
- What symptoms of MS do you suffer from?
- What medications do you take?
Common prescriptions for Multiple Sclerosis
Typical MS medications include:
- Beta interferons
- Muscle relaxants
If you take these medications it doesn’t mean you’ll be denied coverage automatically get you declined. It all depends on the specifics of your MS. Several of these medications are taken orally and some are taken by infusion or injection.
Multiple Sclerosis Life Insurance Rates
You will receive a lower life insurance rate if you have experienced mild symptoms of MS for a long period of time without it progressing.
On the other hand, your rates may be higher if you suffer from frequent attacks, especially if they result in moderate to severe disability. Term-life insurance will most likely be the most affordable option regardless of the severity of your MS.
>>Advice: Most companies exercise a “postponement” within one year of an MS diagnosis.
Life Insurance Quotes with Multiple Sclerosis
Let’s look to see what your life insurance quote with MS can look like. The chart below shows pricing based on:
- Table Ratings
A) Find your MS severity (#1-3) below and then B) Refer to the Table Ratings chart below to get an idea of what your policy may cost.
- If you’re Age 35 or above at diagnosis and have Slow progressing MS with infrequent episodes, you can receive a:
- Mid Table Rating (Table 3-5)
- For more progressive MS with frequent episodes of 2 or more per year a:
- High Table Rating is more likely (Table 6-8)
- If your MS is rapidly progressing you’re likely to receive a:
Life Insurance Table Ratings
Let’s say that John Doe runs instant quotes on Life Insurance Blog for 30 year term.
His rate was $100 per month at a Standard health class. His MS is slow progressing so we’re going to look at Tables 3-5 to approximate what his approved rate may actually be.
- Table 3 would be +75% over Standard.
- Table 5 would be +125% over Standard.
- John is potentially looking at $175 to $225 per month.
- Here’s how that was calculated:
- ($100 per month Standard rate) x (Table 3 Extra 75%) = $175
- ($100 per month Standard rate) x ( Table 5 Extra 125%) = $225
- Here’s how that was calculated:
Which Life Insurance Company is Best?
We work with over 60 of the best life insurance companies and know which companies are more likely to approve someone with multiple sclerosis, so even if you have been turned down before it doesn’t mean you can’t get coverage.
In the best case scenarios, we’ve been able to help those that suffer with mild MS a Standard rate.
Most of the time however we are able to secure a table rating of anywhere between 2-6 depending on the severity of condition.
Table ratings are considered “sub standard”, and the higher the number, the higher the rate.
How to Get Approved for Life Insurance with Multiple Sclerosis
Please feel free to contact us with any question at 888-411-1329, and we can discuss getting a life insurance policy with Multiple Sclerosis.
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By: Michael Quinn