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, it is possible to qualify for life insurance if you have been diagnosed with fibromyalgia. However, the terms of your policy and the premiums you will pay may be affected by your diagnosis.

You see, life insurance companies generally consider a range of factors when determining eligibility and premiums, including age, gender, medical history, and lifestyle.

If you have been diagnosed with fibromyalgia, the insurance company may ask for more information about your condition and how it is being managed. They may also ask about any other medical conditions you have, as well as your family medical history.

It is also worth noting that most of the best-term life insurance companies have different underwriting guidelines and may have different approaches to assessing risk for individuals with fibromyalgia. It may be helpful to shop around and compare quotes from multiple insurance companies to find the policy that is right for you.

Additionally…

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:

• Hospitalizations,
• 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.

For example…

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”.

While others…

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?

When applying for life insurance, you will typically be required to complete an application that includes questions about your personal and medical history. If you have been diagnosed with fibromyalgia, the insurance company may ask for more information about your condition and how it is being managed. Some of the information they may request includes:

• Details about your diagnosis, including when you were diagnosed, what symptoms you experience, and the severity of your condition.
• Information about your treatment, including any medications you are taking, physical therapy or other types of rehabilitation you are undergoing, and any lifestyle changes you have made to manage your condition.
• Any additional medical conditions you have, as well as your family medical history.
• Your current and past occupation, as well as any hazardous activities you engage in as part of your work or leisure activities.
• Your lifestyle habits, including your diet, exercise routine, and use of tobacco or alcohol.

It is important to be honest and accurate when answering these questions, as this information will be used to determine your eligibility for a life insurance policy and the premiums you will pay.

If you do not disclose your fibromyalgia diagnosis and it is discovered later, it could affect your coverage or the payout of your policy.

It is also a good idea to have a copy of your medical records and a list of medications you are taking with you when you apply for life insurance. This can help the insurance company get a better understanding of your condition and its management.

What rate class 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.

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!