When I tell someone I can find them affordable life insurance for multiple sclerosis, skepticism is always the first reaction. Rightly so when it can be difficult to find affordable health insurance and nearly impossible to find disability insurance. Yet multiple sclerosis life insurance is different. Some companies make it hard on you, but with over 850 life insurance companies offering products in the United States, some companies will give you a break.
Life expectancy for people with MS has increased over time because of new methods of treatment. On average, the life expectancy of multiple sclerosis patients is 7 years less than the general population.
However, research has also shown that many of these medical complications which can reduce a person’s life expectancy are treatable.
There are 3 classifications of the disease: mild, moderate, and severe. These classifications are key to finding reasonable life insurance.
Saving Money When Buying Life Insurance with Multiple Sclerosis
Many life insurance companies take a very conservative approach when accessing applicants with MS and some will even decline you outright.
This approach does apply to every insurer since some life insurers are more lenient when it comes to MS applicants.
Before you apply, there are several vital things to remember. These will determine whether you have reasonable or unreasonable rates. The life insurance company needs to know that you are doing the following:
- Visiting your physician regularly
- Following your medication regimen
- Any other medical complications and whether or not they are under control
One crucial tip is that before you apply for a life insurance policy you should ensure that all your medical records are completely up to date!
The less medical information the life insurer has to properly evaluate your condition will negatively impact how you rated.
Take the time to prepare before you apply and always feel free to contact the experts at Abrams Insurance Solutions at 858-703-6178. We will be happy to answer any questions without any obligations from you. We specialize in helping people with pre-existing conditions so we know which life insurers are the most liberal when it comes to helping you in how to find affordable life insurance with multiple sclerosis.
Choose Term Life Insurance to Save as Much as Possible
If you have multiple sclerosis and need life insurance, term insurance is the best way to save money. That being said, it might not be right for your family.
Term is often a fraction of the cost of permanent life insurance because it’s simple. It only had a death benefit for a certain number of years. So if you outlive your term policy, that’s the end of it. The insurance company might not have to pay you so they can afford to offer lower prices.
Permanent insurance is better for families who want a policy beyond 30 years. It is also great if you want to make sure that your burial expenses, as well as any debts, are covered no matter what age you pass.
Both are good options and there is no right or wrong answer. Although if you are trying to save as much money as possible, term life insurance will do that for you.
With Multiple Sclerosis, Always Ask an Independent Agent
Never apply directly to a life insurance company, a call center life insurance agency or a company or captive life insurance agent. Always use an independent life insurance agent when buying life insurance with M.S.
As we noted above, many life insurance companies are very rigid and will access you more strictly. These companies will charge very high premiums regardless of the progression or state of your disease.
There are over 850 life insurance companies in the U.S. and they all rate multiple sclerosis differently. Independent agents, such as the ones here at Abrams Insurance Solutions can save you time and money because we know which life insurers will rate you more leniently.
If you want no-obligation quotes from the best-rated companies right now, use the Instant Quotes tool on your right. (Top if you’re on mobile.) Compare dozens of companies. Experiment with different term lengths and benefit amounts. The tool is there for your information. There is never any obligation to buy.
How Does Multiple Sclerosis Affect Life Insurance Rates?
The exact cause of MS is still unclear. It is uncertain whether the disease occurs because of a virus, genetics or environmental factors.
The disease can occur at any age but it most commonly diagnosed between ages 20 – 40. MS affects each individual differently. As of 2011, 400,000 Americans have been diagnosed with Multiple Sclerosis.
The disease causes damage to the myelin sheath or the protective covering of the nerve cells. It impacts the nerve signals which either slow or stop. The disease can impact any aspect of the nervous system. This includes the brain, optic nerve or spinal cord.
There are 4 classifications of multiple sclerosis that determine your life insurance rates. These 4 classifications include:
This type of MS exhibits clearly defined attacks of worsening neurologic function. The attacks are also referred to as relapses or flare-ups. They are followed by partial or complete remissions where no further disease progression occurs. Most people with MS initially receive this diagnosis.
Primary-Progressive MS (PPMS)
This category of the disease is defined by a gradual worsening of the neurologic function at the outset. There are generally indistinct relapses or remissions involved. The progression of the disease can vary over time and accompanied by occasional and temporary minor improvements.
Secondary-Progressive MS (SPMS)
This category generally follows an initial period of relapsing-remitting MS. This category comes into effect as the disease worsens more steadily. SPMS may or may not have occasional flare-ups or minor remissions.
Progressive-Relapsing MS (PRMS)
This classification is the rarest form of the diagnosis and occurs in 5% of those diagnosed with MS. Attacks are steadily worsening from the outset, and the disease often progresses without periods of recovery or remission.
Underwriting Factors for Multiple Sclerosis Life Insurance
Your risk classification will depend on a variety of questions that will be asked when you apply for a policy. You will be required to take a medical exam. A bit of preparation beforehand can most definitely help in finding a better rating which means lower premiums.
You will be asked to provide information on the following:
- Your age when you received your diagnosis of MS
- The number of episodes and the date when the last episode occurred
- A list of all the medications prescribed
- All treatments have you undergone, and how you have responded to those treatments
- Your current neurological status and/or current symptoms
- Provide all MRI scans (normally obtained from your physician)
- Any cigarette smoking within 12 months
- Other underlying health conditions such as heart disease, depression, etc.
Most MS patients will be rated in either the “Standard” rating or “Table” rating category if your condition is deemed as mild or moderate. Using an independent life insurance agent is the best way to learn how to find affordable life insurance with multiple sclerosis.
Traditional life insurance companies may decline MS patients with a more severe condition altogether.
However, those with a more severe classification of the disease can still qualify for a “Guaranteed Issue” form of life insurance coverage. Premiums are more expensive and coverage amounts are much lower, but you can still find coverage to help protect your family.
Declined for Life Insurance with Multiple Sclerosis?
As mentioned above, we have several guaranteed issue life insurance options for our clients. Guaranteed Issue means there are no health questions and anyone can get approved for coverage. Here is one guaranteed issue option that you can be approved for right now.
If you have been declined for life insurance with MS already; don’t give up! We have helped many clients who were previously declined for coverage. The key is to apply with the right life insurance company that will offer approval for your unique circumstances. Contact us and we will help you get approved for life insurance.
How Abrams Insurance Can Help You Find Affordable Multiple Sclerosis Life Insurance
Underwriting guidelines for multiple sclerosis are changing all the time. Here, at Abrams Insurance Solutions, we make it our job to keep track of these changes.
It’s because we know how life insurers evolve that we are able to save our clients time and money when it comes to showing you how to find affordable life insurance with multiple sclerosis.
Our independent agents at Abrams Insurance Solutions can access over 70 of the best-rated life and most progressive insurers in the industry. We work closely with these underwriters which gives us an edge over our competitors to find you the best health classification for your MS condition.
We won’t stop shopping the market for you until we find you the best policy and the lowest rates.
Do you have any questions about life insurance with Multiple Sclerosis that we didn’t answer? Give us a call at 858-703-6178 and we will find you the information right away. Alternatively, leave a comment below and we’ll get back to you. You can find more information about life insurance with pre-existing conditions here. Or, if you are looking for quotes, use the Instant Quote tool on the right. There is no obligation to buy. Ever.