Life Insurance with Multiple Sclerosis.
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 Multiple Sclerosis (MS).
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Multiple Sclerosis?
- Why do life insurance companies care if I have been diagnosed with Multiple Sclerosis?
- 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 Multiple Sclerosis?
Yes, individuals who have been diagnosed with Multiple Sclerosis can and often will be able to qualify for a traditional term or whole life insurance policy.
The problem is that simply knowing that someone has been diagnosed with Multiple Sclerosis really isn’t going to provide a life insurance underwriter with enough information to make his or her decision about an individual’s application.
This is mainly because…
Multiple Sclerosis is going to affect different people in different ways. Which is why, before being approved for a traditional life insurance policy, one should be prepared to first answer a series of questions about their MS.
Be prepared to submit your medical records for review so that an insurance underwriter can get a complete picture of how your MS is progressing.
This is also why…
You may want to consider avoiding applying for a no medical exam term life insurance policy as well, seeing how these policies tend to be more difficult to qualify for after someone has been diagnosed with a pre-existing medical condition like MS.
Why do life insurance companies care if I have been diagnosed with Multiple Sclerosis?
Probably the best way to understand why (most if not all) of the best life insurance companies (in our humble opinion) are going to “care” if you have been diagnosed with Multiple Sclerosis is to simply take a moment and describe what this disease is and highlight some of the most common symptoms and complications that care arise as a result of having it.
Not only will we have a better idea of why a life insurance company is probably going to want to learn more about your particular case, we’ll also gain a better understanding of what they are going to be looking for when making their decision about your life insurance application.
Multiple Sclerosis (MS) Defined:
Multiple Sclerosis (MS) is an autoimmune disease that causes one’s body to begin attacking the protective myelin sheath that covers the nerves and fibers within the central nervous system (brain and spinal cord). For some, MS can quickly affect one’s ability to walk independently or at all, while others may benefit from long periods of time between “episodes” or “attacks” without experiencing any new symptoms of their disease.
Early symptoms of MS may include:
- Tingling or numbness in one’s extremities,
- Muscle pains and/or spasm,
- Muscle weakness,
- Balance issues and/or dizziness,
- Bladder issues,
- Sexual dysfunction,
- Difficulty concentrating.
Serious complications of MS may include:
There currently isn’t a cure for Multiple Sclerosis; however, there are a variety of different treatment options that are available to those suffering from MS, which focus on trying to both speed up one’s recovery from an MS “episode”. At the same time, simultaneously low down the progression of the disease/minimize the number of future “attacks.”
Before anyone gets too upset or beings complaining about the simplicity of our definitions that we’re using here, it’s important to understand that we here at IBUSA aren’t medical experts of 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 the ones described above find and qualify for coverage.
Which means that…
Because we’re not going to be the one “diagnosing” your condition and we’re certainly not going to be involved in treating you MS, all we need to do is understand how a life insurance underwriter is going to consider you as a potential “risk.” The good news is that despite how simply our definitions of these diseases may be, this is something that we actually have down pat!
Which is why…
When we are approached by an individual who has been diagnosed with Multiple Sclerosis, we’re going to know right away what questions a life insurance underwriter is going to want to know the answers too before they will be willing to make any decisions about your application.
What kind of information will the insurance companies ask me or be interested in?
- When were you first diagnosed with Multiple Sclerosis?
- Who diagnosed your multiple Sclerosis? A general practitioner or a specialist?
- What symptoms led you to believe you may have Multiple Sclerosis?
- Have those symptoms worsened since first diagnosed, or have they remained stable?
- Have you been diagnosed with any other pre-existing medical conditions?
- Are you taking any prescription medications right now?
- In the past 12 months, have any of the medications that you’re taking to treat your MS changed in any way?
- In the past 12 months, have you suffered from any “episodes” or “attacks”? If so, how many?
- In the past two years, have you been hospitalized for any reason?
- 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 you can see, there are many factors that can come into play when trying to determine what kind of “rate” you might qualify for after being diagnosed with Multiple Sclerosis. For this reason, it’s almost impossible to know what kind of “rate” you might qualify for without first speaking with you for a few minutes.
That said, however…
There are a few “assumptions” that we can make that will generally hold true about individuals with MS when applying for a traditional life insurance policy. For example, if an individual has only suffered from one or two different MS “episodes”, and since their last attack, their MS has stabilized, it’s quite possible that someone might be able to qualify for a traditional life insurance policy.
Individuals like these…
Will still be considered a “high-risk” or “sub-standard” candidate, but at the end of the day, they may still be able to qualify for an affordable term or whole life insurance policy. Now for those who don’t meet these requirements or are applying for life insurance after their MS has already caused them to develop some serious complications, it’s likely that they won’t be ale to qualify for a traditional life insurance policy.
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. This 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!
Now, will we be able to help out everyone who has been previously diagnosed with MS?
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 if 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.
So, if you’re ready to see what options might be available to you, just give us a call!