If you have multiple sclerosis, then your life is filled with challenges. We can make one of them a lot easier: the hunt for the right life insurance policy. So, before you apply for life insurance with multiple sclerosis, please be sure to read this entire article for a complete breakdown of everything you need to know before you send in your application.
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 make the decisions they do. So, without further ado let’s get too it!
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 life insurance companies are going to have a “general” interest in how “your” multiple sclerosis is affecting you.
Multiple sclerosis can cause a number of problems including but definitely not limited to:
- Impaired Motor skills
- Stiffness of muscles
- Vision problems
- Tingling sensation
What Causes Multiple Sclerosis?
Adding to the difficulty of helping individuals with multiple sclerosis find insurance that they can qualify for is the fact that neither doctors nor scientists have been able to determine exactly what causes multiple sclerosis.
Diagnosing Multiple Sclerosis itself can be quite difficult since the disease manifests differently in different people. There isn’t a test to help with the diagnosis; instead, doctors have to analyze all symptoms and use a combination of tests that could help determine that the problem is in fact multiple sclerosis.
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. Generally, life insurance companies will want to know a number of things about your multiple sclerosis, including:
- 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” 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 suffered from prior to stabilizing your condition will certainly be factored in when determining what “rate” you’ll qualify for when applying for coverage.
Qualifying for Life Insurance: What Rate?
If you do qualify for life insurance with multiple sclerosis, chances are you will not qualify for a preferred or standard rate.
Instead, you will most likely be given a “Table Rate”
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. If you are overweight, have had bad episodes in the past, or have any bad habits like smoking, then you will fall down a letter, two or more.
Have not been stable and have had an episode in the last one 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 till your condition has stabilized prior to assume you as a risk.
Which means that…
These individuals will need to consider an “alternative” life insurance product such as a guaranteed issue 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!