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 after being diagnosed with Marfan’s Syndrome (MFS).

Questions that will be addressed will include:

• Can I qualify for life insurance if I have been diagnosed with Marfan’s Syndrome?
• Why do life insurance companies care if I have been diagnosed with Marfan’s Syndrome?
• What kind of information will the insurance companies ask me or be interested in?
• What rate (or price) can I qualify for?
• How can I help ensure 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 Marfan’s Syndrome?

Unfortunately, when it comes to those who have been diagnosed with Marfan’s syndrome, what you’re generally going to find is that most (if not all) of the top-rated life insurance companies are going to “automatically” consider someone ineligible for a traditional life insurance policy. This means that you’ll need to consider some “alternative” products should we wish to try and find some way to insure an individual who has previously been diagnosed with Marfan’s Syndrome.

Why do life insurance companies care if I have been diagnosed with Marfan’s?

The main reason why a life insurance company is going to “care” if an individual has been diagnosed with Marfan’s Syndrome is that a large percentage of those diagnosed with Marfan’s Syndrome will also suffer from a variety of different cardiovascular conditions.

Which is why, we wanted to take a moment to discuss Marfan Syndrome and highlight some of the most common symptoms associated with this disease so that we can better understand “why” most life companies will not consider someone with this disease eligible for traditional coverage.

Marfan’s Syndrome Defined:

Marfan’s Syndrome (MFS) is a genetic disorder that affects the “connective tissues” throughout the body and is something that can affect different people in different ways. Most individuals suffering from Marfan Syndrome tend to be tall and thin with abnormally long legs, arms, fingers, and toes. Many will also have very “flexible” joints and sometimes scoliosis.

Additional symptoms may include:

• Crowded teeth due to a high, arched palate,
• Extreme nearsightedness,
• Heart murmurs,
• As well as flat feet.

Serious complications may include an increased risk of:

• Aortic aneurysms,
• Aortic dissection,
• And valve malformations.

Unfortunately, there isn’t a cure for Marfan’s Syndrome; however, as medical treatments improve, individuals nowadays do seem to be able to either minimize or delay many of the more severe complications associated with this disease. This is why, over the past few decades, the life expectancy of individuals has risen from the mid-’40s up to the mid-’70s, which is what it is now.

But…

Despite this good news, most life insurance companies (if not all) are unwilling to provide someone with this disease with a traditional life insurance policy.

Now, at this point, we usually like to take a moment and remind folks that nobody here at IBUSA has any “official” medical training, and we’re certainly not doctors. All we are is a bunch of life insurance agents who are really good at helping folks with pre-existing medical conditions like this one find and qualify for the life insurance coverage they are looking for.

But…

Not so great if you’re looking for answers to any specific medical questions. In such cases, we recommend contacting an actual medical professional with the training to help. For everyone else, you’re in luck because now we’re going to get into some of the “nitty-gritty” about what you may or may not be able to qualify for.

What kind of information will the insurance companies ask me or be interested in?

You’re generally going to find that once a life insurance company determines that you’re suffering from Marfan’s Syndrome, there really isn’t much more they will need to know before denying your life insurance application. After all understanding “why” you are suffering from Marfan’s Syndrome isn’t really going to change all that much on their end. For this reason, what you’ll likely find when purchasing a life insurance policy for those suffering from Marfan’s Syndrome is that many life insurance companies and/or agents aren’t all that helpful.

This is mainly because…

They may not have any options for you, or they aren’t able to focus on more minor life insurance policies that may still approve you for coverage. Fortunately, here at IBUSA, because we do offer a wide variety of different life insurance products, once we learn that you are currently suffering from Liver Failure, we’ll usually ask you three different questions to see if you might be able to qualify for a Guaranteed Issue Life Insurance policy which might be something that may interest you.

Those three questions are: 

#1. Are you a US Citizen?

#2. Are you between the ages of 40 and 85?

#3. What state do you live in?

What options might be available to me?

Now, at this point, it’s important for us to “temper” one’s excitement because while it’s true that you may be able to qualify or a Guaranteed Issue Life Insurance policy or maybe even an Accidental Death Policy, it’s important to understand that while these products may seem like an excellent option for some, they’re also going to have some pretty severe “disadvantages” to them that we want to make sure that you are fully aware of before purchasing one.

Accidental Death and Guaranteed Issue Life Insurance Policies Defined

Accidental Death Policies

Since Accidental Death Policies tend to be a bit easier to understand while simultaneously being the most frequently “misunderstood” product out there, we wanted to begin our “alternative” products discussion with them so that anyone considering one of these “types” of policies will know precisely what they are paying for before applying for coverage.

So, let’s begin our discussion…

By stating very clearly that accidental death policies are NOT TRUE LIFE INSURANCE POLICIES. This is why you don’t need to be a licensed life insurance agent to sell them and why they aren’t going to provide you with any coverage if you die of a “natural” cause of death.

Now, at this point, you may be asking yourself…

“What do you mean by NATURAL CAUSE of death?”

When we use the term “natural cause of death,” we’re referring to an “illness-based” death like you would experience as a result of:

• Heart disease,
• Cancer,
• Diabetes,

Or from some complication that one might experience as a result of having been diagnosed with Marfan’s Syndrome!

These types of products…

Are you only going to provide a death benefit to your family if you die from an accidental cause or any cause of death that isn’t “illness-based”? Examples that would typically qualify as an Accidental Cause of death would typically include:

• A motor vehicle accident,
• A slip-and-fall accident
• A natural disaster,
• Victim of crime,
• Etc…

Which is nice…

But typically, this isn’t what someone is looking for after they have been diagnosed with liver failure. On the plus side, these “types” of products are generally pretty affordable. They will allow someone to purchase a large amount of ACCIDENT insurance for a relatively small amount of money. This brings us to our next possible option, which is a…

Guaranteed Issue Life Insurance

On the other hand, a Guaranteed Issue Life Insurance policy is A TRUE LIFE INSURANCE PRODUCT. This means you need to be a licensed life insurance agent to sell them, and “ultimately,” they will provide individual true-life insurance coverage. Now we say “ultimately” because when you purchase a Guaranteed Issue Life Insurance Policy, you’re purchasing a life insurance policy that has a “catch” to it. 

And…

In our experience here at IBUSA, we’ve found that the best way to discuss these types of life insurance policies is by analyzing the three major disadvantages that these “types” of life insurance policies have aside from the fact that you generally have to be over the age of 50 and live in a state where these “types” of life insurance policies are available.

So, let’s dive right in…

Problem #1.

Guaranteed-issue life insurance policies will only provide a limited amount of life insurance coverage and will usually “cap out” right around 25,000 dollars in coverage. This means that if you’re looking to purchase more than 25,000 dollars in coverage, a guaranteed issue life insurance policy might not be suitable for you!

(Yes, individuals can purchase several different guaranteed issue life insurance policies from several different companies, but as we will now discuss, this can get really expensive).

Problem #2.

Dollar-for-dollar, guaranteed-issue life insurance policies aren’t always the most affordable compared to other “types” of life insurance policies. Now, we don’t want to imply that these “types” of life insurance policies are going to cost a fortune; it’s just that if you can qualify for another “kind” of life insurance policy, that coverage will usually cost less dollar for dollar than a guaranteed issue life insurance policy will.

Problem #3.

Guaranteed-issue life insurance policies contain a clause commonly called a Graded Death Benefit.

Graded Death Benefit Defined:

Graded Death Benefits are “clauses” written into most (if not all) guaranteed issue life insurance policies, which state that a guaranteed issue life insurance policy won’t begin to cover an individual from “natural causes” of death until a certain waiting period has elapsed. This “waiting period” will usually last 2 to 3 years and is designed to ensure that someone who knows they are very close to death can purchase these “types” of life insurance policies.

And while…

This may seem extremely unfair; it’s important to remember that a guaranteed life insurance policy doesn’t require you to take a medical exam or answer any health-related questions. So, at the end of the day, a graded death benefit is the only thing that allows insurance companies to offer one of these “types” of life insurance policies.

The good news is…

While you may have to wait 2 to 3 years for a guaranteed-issued life Insurance policy to provide you true life insurance protection, these “types” of life insurance policies will provide immediate coverage for any “accidental causes” of death. They may also provide some “return of premium” to the beneficiaries of the insured who do end up dying from natural causes before their Graded Death Benefit expires. So, it’s like buying a small Accidental Death Policy that will ultimately “turn into” a true life insurance policy after some time.

So, have we confused you yet?

If so, don’t fret. The purpose of this article wasn’t to try to make you an insurance expert; it was to give you an idea of what questions you’ll want to pursue before making any decisions. This brings us to the last topic we wanted to discuss here in this article, which is…

How can I help ensure I get the “best life insurance” for me?

In our experience here at IBUSA, what we have found that works best for folks who have been diagnosed with a pre-existing medical condition where the “severity” of the condition is often “subjective” is for the applicant to make sure that they first find a true-life insurance professional who will work as an advocate for you. Such an agent who can help guide you through the application process and be perfectly “frank” with you about what options may or may not be possible for you.

From there…

You’ll also want to make sure that the very same agent you have chosen has access to dozens of different life insurance companies because, after all, it really doesn’t matter how “great” of a life insurance agent you might have if they don’t have access to the “best” life insurance policy for you! Now, does it?

Lastly, you’ll want to ensure you’re completely honest with your life insurance agent before applying for coverage. By doing so, you will be helping them narrow down what options might be the “best.” So, what are you waiting for? Give us a call today and see what we can do for you!