Unfortunately, it can seem quite difficult to secure reasonable life insurance for anyone who suffers from multiple sclerosis (MS).
However it is not impossible.
You just need 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.
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.
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.
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.
The following criteria will be assessed for your insurance rate:
- Date you were diagnosed with MS?
- How often do you suffer from attacks?
- What symptoms of MS do you suffer from?
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 Preferred, Standard, and Table Rates. We’ll be referring back to this chart shortly.
Life Insurance Table Ratings
STEP 1: Find your MS severity below and then refer to the Table Rating
- If you’re Age 35 and Above at diagnosis: Slow progressing MS with infrequent episodes 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 Decline.
Step 2: Get instant life insurance quotes. Make sure to select “Standard” as your health class. Take your quote and multiply it by the Table rating.
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%.
- John is potentially looking at $175 to $225 per month
- ($100 x extra 75%= $175) or ($100 x extra 125%= $225)
Which Life Insurance Company is Best?
We work with over 60 life insurance carriers 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