Wondering if you can get life insurance with multiple sclerosis, well you can. A lot of times people will lose hope because many carriers will flat out decline an application. To give yourself the best possible chance of getting traditional term life insurance you’ve got to select companies that are competitive with multiple sclerosis as an illness. The way to do that is to work with a high-risk insurance broker(like us). When it comes to multiple sclerosis we work with a handful of companies based on our prior experience.
Multiple Sclerosis Underwriting
If you submit an application to the life insurance company they will want to know a few particular things. First one being the date of onset, since having an illness for a longer period is better for underwriting purposes. They will also want to know the type of MS that you have and what treatment you are receiving. Your lifestyle will come into play as well. For example, if you are working full or part time, follow a healthy diet and exercise regimen, then you will have a higher chance of getting lower rates. Now if you are disabled with any other complications, it is possible to pay much more or not qualify at all. Life insurance companies want to see good control of the illness and that you are still able to function like any other healthy adult. Last they will want to know the date of the most recent attack, if it was within the last 12 months they might postpone your case. This means your application is placed on hold until further time passes or condition improves.
Life Insurance Health Classes
Once all the information is gathered the company will assign a rate class to you which will determine how much you pay. The rate classes range from Preferred, Standard and Substandard. Preferred is for very healthy people with no illnesses, clean background and no family history of illness. Standard is usually what most people qualify for with a controlled medical condition. Substandard is what we industry folk call a table rating and it goes from table 1 to table 10. More tables mean more dollars. This is for anyone with a chronic illness that is moderate or severe.
Based on that let’s break down the outcomes:
Great News
Mild multiple sclerosis applicants with minimal episodes, no other medical conditions, good control with treatment and no disability can expect best rates. If you fall in this category you can get approved at standard rates. Standard rate is actually really great offer since you have a medical condition and is something that is affordable.
Good News
If you are on disability, have more frequent attacks or complications due to multiple sclerosis your condition is moderate. In this case, you can expect substandard table rates from table 3 to table 8. Bear in mind that this is going to be a pretty costly life insurance policy so you may want to play with the amount or length of coverage.
Bad News
Let’s say you have frequent attacks, your disease is progressing or you require living assistance. Then you will most likely not qualify for traditional life insurance coverage. But there are still some other options out there.
Improve Odds of Getting Life Insurance with Multiple Sclerosis
Getting a policy secured with multiple sclerosis will be a bit harder than a person who is completely healthy. That is why we recommend that you use all the industry tips and tricks to your advantage. Sometimes you can be approved versus getting turned down by following the right steps.
First, you should have the agent you work with do a quick quote to see which companies will take you with multiple sclerosis and also at what rate. The quick quote is anonymous and should include as much detail about your overall health as possible. Once this is emailed to all major companies you’ll get a written letter stating what to expect, this can also be included with your application to get a better rate.
You also need to work with your doctor to make sure that all your medical records are up to date and don’t have any discreptancies. It is also important to let your doctor know that the company will request records pertaining to your multiple sclerosis because doctors records are one of the main reasons companies take a long time to approve you.
In addition, be sure to ask your agent to draft a cover letter to be included with your application. A good cover letter provides details about why you’re getting life insurance, your occupation, hobbies and anything else that will make you look like an outstanding citizen. An experienced agency will do this for you since this can benefit your application greatly.
Lastly, make sure to work with an independent high-risk agency or brokerage. That way they’ll have previous experience with Multiple Sclerosis cases and will know where to put you for the best outcome. In addition to that, they will be able to use the same exam and medical records to reapply for all the other companies they represent.
Graded or Guaranteed Issue Life Insurance
Now if you have tried to apply to many life insurance companies with no luck there may still be some options left. Although this is not the best life insurance option in the world it is still better than nothing. We’re talking about a graded or guaranteed issue plans which are pretty much identical. Graded death benefit plan asks a few questions without a need for a medical exam or records. This plan is usually available up to $100,000 and increases in death benefit pay over years so you don’t start with a 100%. Guaranteed issue plan doesn’t even ask any questions at all but it does have a two-year waiting period
Call US!
If you get declined or have a severe type of multiple sclerosis than the second best thing would be to apply for a graded policy. These policies offer coverage up to $100,000 with no exam and you can get approved if you answer “no” to a few medical questions. Based on your answers your coverage will kick in immediately or go into full effect over a two-year period. When it comes to getting quotes with multiple sclerosis you will want to get a custom quote from a high-risk specialist. Please call us at 888-492-1967 and we will get you the best plan out there.
