Life Insurance with Fibromyalgia.
In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance with Fibromyalgia.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Fibromyalgia?
- Why do life insurance companies care if I’ve been diagnosed with Fibromyalgia?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance if I have been diagnosed with Fibromyalgia?
Yes, some individuals who have been diagnosed with Fibromyalgia will be able to qualify for a traditional term or whole life insurance policy. That said however, what you’re generally going to find is that most of the best-term life insurance companies are going to want to learn a lot more about your Fibromyalgia prior to making any kind of decision about your application.
This is also why…
You’re probably not going to be able to qualify for a No Medical Exam Term Life Insurance Policy because these “types” of life insurance policies aren’t going to provide an insurer with enough information for them to reasonably decide whether or not you are “healthy” enough to qualify for coverage.
Why do life insurance companies care if I’ve been diagnosed with Fibromyalgia?
Most life insurance companies are going to “care” if an individual has been diagnosed with Fibromyalgia is because Fibromyalgia is considered a pretty serious pre-existing medical condition that is characterized by widespread pain throughout the body.
Pain that is often…
Accompanied by fatigue, sleepiness, difficulty concentrating and remembering things and a variety of mood “issues”. More serious complications may include and increase risk of:
- Developing depression,
- Suicide attempts and/or suicidal ideation,
- Greater risk of other “rheumatic conditions.”
And an increased risk of substance dependency indicative of being prescribed certain pain medications (dependency is simply a by-product of using certain medications and not actually linked to having Fibromyalgia itself).
The tricky thing…
About Fibromyalgia is that not all folks are going to suffer equally from this disease which is reflected in the various treatment options some will utilize while managing their condition.
Some folks may be able to “self-treat” their disorder by using over the counter pain medications, utilizing certain stress reduction techniques and participating in group therapy to help them “manage”.
May require more care and utilize certain prescription medications such as SSRI’s, nonsteroidal anti-inflammatory medications, as well as a variety of different nerve pain medications and muscle relaxants.
Which is why, once a life insurance company learns that you have been diagnosed with Fibromyalgia, they are probably going to want to ask you a series of questions to determine just how serious your condition is and how you are currently managing it.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked about your Fibromyalgia will likely include:
- When were you first diagnosed with Fibromyalgia?
- Who diagnosed your Fibromyalgia?
- What symptoms led to your diagnosis?
- What symptoms are you currently experiencing as a result of your Fibromyalgia?
- How are you treating your Fibromyalgia?
- Are you currently taking any prescription medications?
- In the past 12 months, have any of your prescription medications changed in any ways?
- In the past 12 months, have you used any tobacco or nicotine products?
- In the past 2 years, have you been hospitalized for any reason?
- Do you have a history or drug or alcohol abuse?
- Do you have any issues with your driving record? Issues such as a suspended license or DUI?
- Are you currently working now?
- In the past 12 months, have you applied for any form of disability benefits?
Based on your answers to questions like these, we’ll generally have a better idea about what “kind” of life insurance policy you may be able to qualify for as well as what “kind” or rate you might qualify for as well.
What rate (or price) can I qualify for?
For those that are going to be able to qualify for a traditional life insurance policy, what you’re most likely going to find is that they will be limited to a Standard rate at best. Which isn’t all that bad considering “Standard” is considered “Normal”.
Individuals who find…
Themselves able to qualify at this rate will usually be those who are “self-treating” their Fibromyalgia and probably aren’t taking any kind of prescription medications to treat their condition (especially any nerve pain meds or muscle relaxants). Additionally, these patients may suffer from discomfort due to their condition; they will not exhibit many (if any) signs that their disease is causing them to suffer from a diminished lifestyle.
Which means that they will likely be fully employed or self-employed and not receiving any kind of disability benefits.
Now for those…
Who suffer from a more “serious” case of Fibromyalgia, it still may be possible to qualify for a traditional life insurance policy. Only now you’re probably not going to be able to qualify for a Standard rate, and my have to settle for a “high risk” or “sub-standard” rate. The good news is that you may still be able to qualify for a traditional life insurance policy.
The bad news is…
You’re probably going need to submit your medical records to an insurance company prior to being approved (don’t worry, the insurance companies handle all of this), and you’re definitely going to want to be more “selective” with who you choose to apply with.
What can I do to help ensure that I get the “best life insurance” for me?
In our experiences here at IBUSA, we’ve found that usually, the “best” approach in helping someone find the “best” life insurance policy for them is to first:
- Fully understand what an individual is trying to achieve by purchasing their life insurance policy.
- Are you looking to:
- Cover the cost of a mortgage?
- Replace lost wages?
- Protect a child or spouse?
- Or just cover one’s final expenses?
- Then provide one with plenty of options to choose from so that you’re not limited to just one or two different options.
- Are you looking to:
This is why…
We here at IBUSA choose to work with so many different life insurance companies so that when it comes time to help you decide “which” life insurance company is going to be the best for you, we don’t have to apply a…
“One Size Fits All”
Approach. Instead, we can make dozens of different life insurance companies compete for your business.
Now will we be able to help out everyone who have been diagnosed with Fibromyalgia?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Best Final Expense Insurance Companies as well so that in the event that someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for!