Life Insurance with Multiple Sclerosis.
Despite the fact that just about every life insurance commercial that’s aired on the TV and radio nowadays tells you, applying for life insurance isn’t always super easy.
And if you’re looking…
To secure the “best” possible deal out there, it’s probably wise to do a little bit a “shopping” before you apply with the very first person that you talk to. Which is especially true if you have been diagnosed with a pre-existing medical condition like multiple sclerosis which can significantly affect one’s chances at being able to qualify for a traditional term or whole life insurance policy.
This is why…
We wanted to take a moment and actually discuss what it’s like to apply for a traditional term or whole life insurance policy as well as focus on some of the things that you can do yourself to help insure that you are able to find the best life insurance company for you!
But before we can…
Dive into exactly how an life insurance company is going to view an application from someone who has been diagnosed with multiple sclerosis, it’s important to “define” a few facts about multiple sclerosis which will help us understand why insurance companies “care” if someone has been diagnosed with multiple sclerosis and what symptoms/complications are they looking for when trying to make their decision on who they will and won’t insure.
What is Multiple Sclerosis?
Multiple sclerosis is a disease that impacts both the brain and the spinal cord. Now since these are obviously two very important parts of the body, it’s no wonder why most life insurance companies are going to be pretty interested in how your particular case of MS is “presenting” itself.
Multiple sclerosis can cause a number of problems including but definitely not limited to:
- Impaired Motor skills,
- Stiffness of muscles,
- Vision problems,
- Tingling sensation.
Simply knowing that you have been diagnosed with MS, almost worthless from a life insurance perspective since some folks will only experience minor complications from their disease while others may end up suffering severely. A problem made even worse by the fact that researchers have yet been able to determine what causes someone to develop MS and why some folks seem more susceptible to its harmful affects.
Diagnosing Multiple Sclerosis itself can be quite difficult itself since there is not definitive test one can take to determine whether or not they have this disease and because they symptoms of MS can vary so significantly from one patient to the next. This is why, a true diagnosis can only be made after a doctor has had the opportunity to analyze all of one’s symptoms and use a combination of different tests in combination to one another to ultimately determine whether or not someone truly has MS and not some other type of pre-existing medical condition.
Now at this point we…
Like to remind people that we’re not medical professionals. All we are is a bunch of life insurance agents. So, if you have any specific medical questions, our advice is to stop reading now and call your doctor!
If all you’re looking for is advice on how to qualify for a great life insurance policy, well then keep on reading!
Applying for Life Insurance with Multiple Sclerosis.
When you decide to apply for life insurance with multiple sclerosis, you should be prepared to answer a series of questions about your multiple sclerosis. Questions such as:
- When you were first diagnosed with multiple sclerosis?
- How long have you been treating your multiple sclerosis?
- What treatment methods are you currently using?
- How has your condition been progressing?
- When did you suffer from your last “episode”?
- How many “episode” have you suffered from?
- What symptoms are you currently suffering from?
- Are you currently working now?
- In the past 12 months have you applied for or received any form of disability benefits?
All of these things will impact your life insurance eligibility as well as the rate you will qualify for.
Now the good news is that…
If you have been stable for the last year, then chances are, you should be “theoretically” be eligible for a traditional term or whole life insurance policy assuming that you would otherwise qualify for coverage had you not been previously diagnosed with multiple sclerosis.
That being said however…
The severity of your multiple sclerosis and the number of “episodes” that you’ve suffered from prior to stabilizing your condition will certainly be factored in when determining what “rate” you’ll be able to qualify for when applying for coverage.
If you do qualify for life insurance with multiple sclerosis, chances are you’re not going to be able to qualify for a Preferred or Preferred Plus rate. After all, the vast majority of the population isn’t going to be able to qualify for those rates either!
We should point out though…
It’s probably safe to assume that you’re probably not going to be able to qualify for a Standard or normal rate either. After all, even in cases where one isn’t experiencing any “severe” complications from their MS, it’s important to remember that MS is a chronic medical condition which doesn’t currently have a cure and isn’t well understood. For this reason, most (if not all) life insurance companies are pretty much always going to consider an applicant with MS as a “higher risk” applicant.
This is why…
If you are approved for coverage, it will most likely be at a “higher risk” rate which is typically referred to as a Table rate.
Table Rate Defined:
Table rates can vary anywhere on the table scale – Table A-H. The healthier you’ve been and the healthier you are now, the better your table rating. Which means that if you’re MS seems to be well under control and you haven’t recently suffered from any “episodes” and aren’t suffering form any “serious” complications, there is a chance that you may be able to qualify for a Table A rate.
If you’re MS is considered more severe or you’ve recently suffered form an “episode” or you have a variety of other pre-existing medical conditions to consider, chances are you’re not going to be able to qualify for a Table A rate. In cases like these, what you’re likely to find is that if you are able to qualify for coverage it will most likely be at a Table D or lower rate.
It’s probably safe to say that if your MS is not considered “currently” stable and you have had an “episode” within the past calendar year, chances are, you will not be eligible for a traditional term or whole life insurance policy.
This is because…
Life insurance companies are interested in minimizing risk, and because you’re recently suffered an “episode” most life insurance companies (if not all) are going to want and wait until your condition has stabilized prior to considering you potentially eligible for coverage.
Which means that…
These individuals will need to consider an “alternative” life insurance product such as a guaranteed issue life insurance policy or final expense life insurance policy if they still want to pursue purchasing a life insurance policy that will cover them for “natural” causes of death.
Now if this is the case…
It’s important to understand that Guaranteed Issue life insurance policies will have a few drawbacks which might make you want to re-consider purchasing one.
Potential disadvantages to guaranteed issue life insurance policies:
- Dollar per dollar, guaranteed issue life insurance policies tend to be more expensive than term or whole life insurance (even that with Table H premiums!)
- Guaranteed issue life insurance policy face amount max out at around $25,000 in coverage.
- And guaranteed issue life insurance policies contain a graded death benefit which will place limitations on when your guaranteed issue life insurance policy will begin covering “natural” causes of death.
Graded death benefits are probably THE most important disadvantage to purchasing a guaranteed issue life insurance policy. For this reason, we can’t stress enough how important it is for anyone considering purchasing a guaranteed issue life insurance policy fully understand the graded death benefit clause associated with the policy they are considering.
For more information regarding guaranteed issue life insurance policies and graded death benefits, we highly recommend that you give us a call directly.
Are all life insurance companies going to rate you the same?
No! In fact, one life insurance company may offer you a Table H and another a Table B. So, the trick to finding a great life insurance company is having expert advice. InsuranceBrokersUSA is committed to helping life insurance seekers with complications such as multiple sclerosis, to find the right life insurance.
If you are denied a policy and need guaranteed issue life insurance, we can help you with that as well! Remember, not all guaranteed issue life insurance policies are right for everyone.
So, what are you waiting for? Give us a call today and see what we can do for you!