Is affordable life insurance with multiple sclerosis available?
Affordable life insurance with multiple sclerosis is available. But, you must know the secret to finding the companies that will underwrite your coverage the best.
All insurance carriers use the same published rates. But, not all insurance carriers look at your medical history and lifestyle the same.
Some insurance companies will simply go by the published book rates. But, a very select few of life insurance companies specialize in offering better rates for individuals with pre-exisiting medical conditions or high risk occupations, etc.
The secret to finding these specialized companies is working with an agent that has the knowledge and experience in this marketplace.
How do insurance companies rate life insurance with multiple sclerosis?
Life insurance companies define multiple sclerosis as a chronic or recurrent progressive disease of the central nervous system. The typical onset is between the ages of 20 and 50 years.
The cause of MS is unknown. But, it may result from a combination of genetic, environmental, and immunologic factors. It is estimated that MS affects over 400,000 individuals in the U.S.
First degree relatives of someone with MS face a small risk of developing MS themselves.
MS is more frequent in areas that are distant from the equator.
It has been speculated that a viral infection initiates the MS process. This is followed by an autoimmune response in a genetically predisposed host, but this is not clear. The typical attack is relatively sudden in onset, persists for 3 to 12 weeks then clears.
In underwriting life insurance with multiple sclerosis, underwriters are concerned with the type of involvement and symptoms reported by the insured.
Types of involvement can include:
- MOTOR
- SENSORY
- VISUAL
- VESTIBULAR
- GENITOURINARY
Corresponding symptoms can include:
- WEAKNESS
- NUMBNESS
- BLURRING, DOUBLE VISION
- LIGHT-HEADINESS
- INCONTINENCE
Psychiatric and cognitive disturbances are common in MS. Up to 20% of patients experience a major depression. This typically responds to traditional drug therapy. Memory and attention deficits also occur.
The following clinical presentations are very suggestive of MS:
- Optic Neuritis- (inflammation of the optic nerve) frequently the first manifestation of MS, which can be diagnosed years later.
- Internuclear Opthalamoplegia– weakness of the eye muscles.
- Lhermitte’s sign– an electric or shock like sensation going down the arms, back or lower trunk when the neck is flexed.
For a company that specializes in life insurance with multiple sclerosis here are some of the common underwriting guidelines:
- While under treatment for an acute exacerbation or while under treatment with immune suppression- application postponed
- Suspected MS but with no test results to support the diagnosis and no current evidence of disease and no treatment recommended rating would be: 75% extra premium within 2 years of attack. 50% extra premium if within 3-4 years of the attack. No rating or extra premium if after 4 years.
- Definite MS- at least two clinical events and or with test results to support the diagnosis, or anyone for which treatment has been recommended and minimal impairment, is ambulatory, independent and stable:
- 175% extra premium if within 2 years of last attack
- 125% extra premium if within 3 to 5 years of last attack
- 75% extra premium if within 6- 10 years of last attack
- No rating or extra premium if after 10 years since last attack
- If the degree of severity is more than minimal- the rating will increase, and declination is likely on most severe cases. Progressive neurological decline in less than 10 years would be a declination.
Important Reminder- It is important to remember that there are many companies that will underwrite life insurance with multiple sclerosis better than others. Where one company may rate an individual with a 125% extra premium charge. Another carrier may only rate with a 75% extra premium charge. Your agent must have the skill to negotiate with these carriers to get the lowest offer. This can be the difference over several thousands dollars over the life of your policy.
Some of the companies specializing in life insurance with multiple sclerosis
Here are some of the companies in our industry that do a good job underwriting multiple sclerosis. Some you probably have heard of and some perhaps not:
- Prudential Life
- John Hancock Life
- American General Life
- United of Omaha
- Protective Life
- Banner Life
- Lincoln National Life
- Relia-Star Life
- Transamerica Life
Questions to answer before submitting a formal application to a company
When shopping for life insurance with multiple sclerosis it is best to get a preliminary offer from the insurance company before submitting a formal application.
An experienced agent will ask several questions that can help the companies understand where you are in the progression of your multiple sclerosis.
You do not want to submit applications to multiple insurance companies at the same time. This can send information to your medical information bureau file. If you are declined for life insurance this will be reported to your MIB file.
This can make securing coverage much harder. Do not work with any agent who suggests applying to several companies to see which one is the best. This is a mistake that many agents make that do not understand this special risk marketplace.
Questions that you may be asking when looking for life insurance with multiple sclerosis are:
- Male or Female?
- Date of Birth?
- Date of first diagnosis?
- Number of episodes and date of last episodes?
- Any current medications?
- Current neurologic status? I.E. Normal, minimal residual impairment, moderate residual impairment, severe residual impairment
- Any MRI brain scan reports? Results?
- Used any tobacco products in last 5 years?
- Any other major health impairments? I.E. heart disease, diabetes, etc?
In addition to the medical questions above, it is also important to know:
- How much coverage do you need?
- What type of coverage do you want?
- How soon do you need the coverage to go in force?
- Are you okay with taking a medical exam?
Conclusion-
In today’s life insurance arena, it is possible to find affordable life insurance with multiple sclerosis. The key is finding an agent that specializes in this niche. We are experts at finding companies that will participate in underwriting life insurance with multiple sclerosis the best. We negotiate personally with the underwriters on your behalf.
Life insurance agents do work on commission. By law, someone gets paid a commission no matter how you purchase your policy. Many of the big name quoters and national companies cannot give you the personalized attention that we can. Who knows if you can even get the same person on the phone twice when you call the national companies?
We have been doing this for 30 years and you can contact us and talk to the owner of the company. Let us help you secure the lowest rate in the industry.
If you would like to discuss your particular situation, please contact us at 1-888-393-9003 or email Mike Raines at mike@specialriskterm.com
