Life Insurance with Myasthenia Gravis (MG).
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after being diagnosed with Myasthenia Gravis (MG).
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Myasthenia Gravis (MG)?
- Why do life insurance companies care if I have been diagnosed with Myasthenia Gravis (MG)?
- 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 Myasthenia Gravis (MG)?
Yes, individuals who have been diagnosed with Myasthenia Gravis can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, some may even be able to qualify for a Preferred rate!
The problem is…
For some, Myasthenia Gravis can prove to be quite serious which is why most (if not all) life insurance companies are going to want to ask an applicant a wide range of questions all about their disease so that they can get a better idea of how “serious” your condition is and what kind of “risk” you might pose to them should they decide to approve your application.
Why do life insurance companies care if I have been diagnosed with Myasthenia Gravis?
The main reason why a life insurance company is going to “care” if an individual has been diagnosed with Myasthenia Gravis is because in extreme cases, this disease can actually “attack” the muscles one uses to breath, causing someone to either have difficultly breathing or simply become unable to breath on their own!
For this reason…
Even though the vast majority of individuals suffering from Myasthenia Gravis will never experience symptoms like this, insurance companies have to wonder…
This is why…
We wanted to take a moment and describe exactly what Myasthenia Gravis is as well as highlight some of the most common symptoms of this disease so that we might gain a better understanding of what it is that a life insurance underwriter will be looking for when making his or her decision about your life insurance application.
Myasthenia Gravis Defined:
Myasthenia Gravies is considered a chronic autoimmune disease that attacks certain skeletal muscles causing them to become weak over time. The most commonly affected muscles are usually the ones involved in breathing and moving parts of the body including one’s arms and legs.
Common symptoms may include:
- Difficulty speaking,
- Facial paralysis,
- Difficulty breathing,
- Problems walking up stairs,
- Difficulty lifting objects which wouldn’t otherwise cause someone trouble,
- Raspy voice,
- Double vision,
Serious complications may include, a condition referred to as Myasthenia Crisis whereby the muscles responsible for allowing one to breath become impaired.
There isn’t a cure for Myasthenia Gravis (MG) however, there are several different therapeutic options available to those suffering from MG, which may provide some relief from many of the previously mentioned symptoms.
It should also be noted that…
In some cases, because one’s symptoms are so minimal no treatment may be required which is why you’ll find that in some cases individuals who have been diagnosed with this condition are not only able to qualify for a traditional life insurance policy, they’re even able to qualify for a Preferred rate!
Now at this point…
We usually like to take a moment and remind folks that nobody here at IBUSA has any kind of “official” medical training and we’re certainly not doctors. All we are is a bunch of life insurance agents who just happen to be really good at helping folks with pre-existing medical conditions like this one, find and qualify for the life insurance coverage that they are looking for.
Not so great if you’re looking for answers to any specific medical questions. In cases like these, we would recommend that you contact a true medical professional who has 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?
Common questions you’ll likely be asked may include:
- When were you first diagnosed with Myasthenia Gravis?
- Who diagnosed your Myasthenia Gravis? A general practitioner or a specialist?
- What symptoms (if any) led to your diagnosis?
- Have you been diagnosed with any other pre-existing medical conditions?
- Are you currently taking any prescription medications?
- How would you rate the “severity” of your MG? Mild? Moderate? Severe?
- In the past 2 years, have you been hospitalized for any reason?
- In the past 12 months, have you used any form of tobacco or nicotine products?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
What rate (or price) can I qualify for?
As one can see, there are a lot of factors that can come into play when trying to determine what kind of “rate” an individual will be able to qualify for after having been diagnosed with Myasthenia Gravis. This is why its pretty much impossible to know what kind of “rate” an individual with MG might be able to qualify for without first speaking with them for a few minutes.
That said however…
There are a few “assumptions” that we can make that will generally hold true about “Myasthenia Gravis applicants” that will generally hold true. For example, if you are someone who has been diagnosed with a “mild” case of MG, and your condition has remained stable for the last 6 months, it is reasonable to assume that you may be able to qualify for a Standard or Better rate when applying for a traditional life insurance policy.
As for anyone else…
What you’re generally going to find is that you will either be considered a “higher-risk” applicant in which case you may be able to qualify for a “Sub-standard” rate or your life insurance application may be denied because according to the insurance company your condition represent too high of a risk. In cases like these, here at IBUSA we may want to try applying with another life insurance company or seek out an alternative product such as a Guaranteed Issue Life Insurance Policy which will not require one to have to be able to “medically qualify” for coverage.
The good news is…
That regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours and are committed to helping all of our clients find the “best” life insurance policy that they can qualify for. Which brings us to the last topic that we wanted to take a moment and discuss which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that usually the folks who seem to find the “best” life insurance policy for them are those that:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions, but also have access to dozens of different life insurance companies so that when it comes time to helping a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
The good news is that this is exactly what you’re going to find here at IBUSA so, if you ready to find out what we can do for you, just give us a call and let give us a chance to show you what we can do for you!