Fibromyalgia is not as common as other illnesses but it is common enough to affect over 5 million americans. I wrote this article not due to high demand or request but to the fact that the internet doesn’t provide a good source of how Fibromyalgia affects life insurance eligibility. Most people with Fibromyalgia are really concerned if they can get life insurance but depending on certain factors getting covered should not be an issue.
When shopping for life insurance with this condition make sure you or your agent are doing their homework on which companies will provide favorable outcomes.To give you an idea we only use 5 companies out of the 60 we represent when working with fibromyalgia clients. Each company will look at you different but here are some factors that they use for consideration.
1. Severity of the condition
The companies will look at whether your condition is mild, moderate or severe based on the information they gather from you and your medical records.
2. Treatment
When applying for life insurance with any illness its always better if you can show steady maintenance of an illness with ongoing check ups and a routine treatment. Also the carrier will look at what type of medication you are prescribed like whether it is a steroid or not, the dosage and regimen.
3. Other conditions
Fibromyalgia by itself is typically not going to cause higher rates or a decline from the carrier but when combined with other conditions it can. Whether you have a major depression accompanying your fibromyalgia or any other illness, this can result in a substandard rating or sometimes a decline. Often times people with fibromyalgia as a result can develop anxiety or depression.
4. Lifestyle
A healthy diet and regular exercise can a lot of times help people with fibromyalgia, so a lot of times carriers will look at this as additional source for their decision. That is why we usually like to attach a cover letter along with the application in order to get favorable rates.
5. Employment status
It also helps if you are working a regular job as anybody else which shows the carrier your condition is not disabling you. If this is the case you can easily get standard rates but if you are on disability getting covered it is still possible with a higher rating. This basically means you will pay more than an average applicant.
Just to summarize everything if you have fibromyalgia which is well controlled and you are still working while maintaining a healthy lifestyle your life insurance payments will be like anyone else’s. However lets say your fibromyalgia is moderate with major depression which caused you to be disabled, two things can happen. One is you might end up paying a higher rate since it is more of a risk to the carrier or you can potentially get declined.
What if I get declined?
If you get declined don’t worry there is still another option. You can go with a guaranteed issue life insurance plan which will provide up to $50,000 of life insurance with no questions asked. These type of policies are usually fully in effect after two years. So in other words if you were to pass during the first two years your beneficiaries would receive only the premiums you paid in plus interest. After the two years it will be a full benefit payout. We like to keep these policies as a last resort so we try to exhaust all the options with the traditional plans.
How to Apply
So you have a pretty clear picture of where you stand and you want to get life insurance. What’s next? Since it does require a little expertise you should work with an agency who has experience with this and represents multiple companies. Also make sure to be honest about your situation. Once the best life insurance carrier is found we usually fill out an application and set up a medical exam at your convenience. Once this is complete the company will take 4-6 weeks to come back with a decision. Feel free to call us for any questions or drop a comment below.
