Multiple sclerosis (MS) is a chronic illness that affects the central nervous system, resulting in a variety of symptoms that can have a negative influence on a person’s quality of life. If you have multiple sclerosis, you may be wondering if you qualify for MS life insurance and how your illness may affect your cover.
In this article, we’ll explore the following:
Can you still qualify for life insurance if you have MS?
Yes, you can still qualify for insurance if you have the disease. Yet, just like any other pre-existing medical condition, MS will have an impact on the underwriting process, and insurance carriers will want to examine the risks associated before granting you cover. Certain insurance companies specialise in covering people with pre-existing diseases like MS, so it’s vital to search around to discover the best insurance company for you.
What factors do companies consider when underwriting MS applicants?
MS life insurance companies will consider a number of factors when underwriting a person with MS:
MS Type –
There are different types of MS, and MS insurance companies will consider the type and severity of the condition when determining eligibility. Relapsing-remitting MS, which is described by symptom flare-ups followed by periods of remission, may be regarded less severe than primary-progressive MS, which is distinguished by a steady deterioration of symptoms over time.
Age at diagnosis –
Insurance companies will also take into account the age at which you were diagnosed with MS. Because you have probably lived with the illness for a longer period of time, the perceived risk may be larger if you were diagnosed when you were younger.
Symptoms and treatment –
Insurance providers will consider the severity of your symptoms as well as the sort of treatments you are getting. If your symptoms are well-managed with medication and you are following a treatment plan prescribed by your doctor, companies may look at this more favourably.
Overall health –
MS Life insurance companies will also assess your general health and any other medical disorders you may have in addition to MS. This covers characteristics such as smoking, alcohol usage, and body mass index (BMI).
It’s crucial to remember that each MS life insurance company has its unique underwriting requirements and criteria, so it’s critical to compare prices from multiple MS life insurance providers to discover the best cover for your needs.
Are there any specialised life insurance policies for people with MS?
Despite the fact that MS is a high-risk condition, it is still possible to get insurance cover. Therefore, it may be important to seek out policies made specifically for those living with MS. These plans are frequently offered by specialist health insurers and are designed to meet the particular needs of people with MS. You could also find a specialised broker, which would save you time and effort and make the entire process less stressful; you can learn more about this here.
Guaranteed Issue Life Insurance is yet another policy that is developed exclusively for those who may struggle to obtain life insurance due to health issues. This sort of insurance does not need medical underwriting, thus applicants with MS will not be refused cover because of their illness. Guaranteed Issue Life Insurance policies have smaller cover limits and may have higher premiums than regular policies. Check out more info and our top picks about guaranteed life insurance here.
It is vital to keep in mind that specialised life insurance policies may include restrictions or exclusions for MS-related claims. To understand the cover limitations and any exclusions, applicants should carefully read the insurance terms.
Tips for getting the best life insurance cover
Work with an experienced life insurance agent –
When searching for life insurance, it’s critical to deal with an experienced agent who knows the underwriting process and has worked with people with MS.
A skilled agent can guide you through the application process and teach you about the many types of life insurance plans available. They can also assist you in locating insurance companies that are more likely to provide cover to people with MS and may be able to negotiate lower rates on your behalf.
Be honest about your illness –
It’s critical to be honest about your MS diagnosis and offer accurate information about your condition. If you try to conceal your MS diagnosis or give incorrect information on your application, your cover may be cancelled or refused.
It’s critical to give the insurance company as much information about your MS diagnosis as possible, including the type of MS you have, when you were diagnosed, and what medications you’re taking. This information will be used by the insurance carrier to assess your eligibility for cover and the premium you will be charged.
Improving your general health –
While having MS may limit your eligibility for life insurance cover, there are actions you can do to enhance your overall health and perhaps raise your chances of qualifying.
You may improve your general health by doing the following things:
- Maintaining a balanced diet and workout routine
- Controlling stress levels
- Smoking and heavy alcohol usage should be avoided.
- Maintaining your MS treatment plan and collaborating with your healthcare experts to manage your symptoms
You may be able to show MS insurance providers that you are taking proactive actions to manage your diagnosis and lower your risk of problems by improving your general health.
How to Apply for Life Insurance with MS and What to Expect During the Underwriting Process.
The first step in obtaining life insurance with MS is to choose a trustworthy company that has expertise working with people who have chronic diseases. We have a step-by-step guide to finding this. You should find a company that is knowledgeable with MS and knows the special issues that individuals with the condition encounter.
Once you’ve found an insurance company, you’ll need to give them information about your medical history. This information will assist the insurance company’s underwriters in determining if you qualify for cover and what your rates will be. Prepare to tell them about your MS diagnosis, any symptoms you’ve had, and any prescriptions you’re presently using.
The insurance team will assess your medical records and may seek extra information from your healthcare provider throughout the underwriting process. They may also request a medical exam or a blood or urine sample from you.
It is crucial to remember that the underwriting procedure for individuals with MS may take longer than for people who do not have the condition. This is due to the insurance company’s desire to carefully assess your medical history and may require consultation with medical specialists before reaching a decision.
Frequently Asked Questions About MS and Insurance Eligibility
Would my MS premiums be higher?
If you have MS, it is likely that your rates may be higher. When determining rates, insurers consider a variety of characteristics, including your age, gender, overall health, and medical history. If your MS is well-managed and you have minimal symptoms, your rates may be less impacted than if your condition was more severe.
Is it possible to receive MS life insurance if I have progressive MS?
If you have progressive MS, a kind of condition that causes a progressive worsening of symptoms over time, it may be more difficult to obtain life insurance. But, if your symptoms are minor and you can demonstrate that you are taking efforts to control your disease, you may still be able to obtain cover.
Should I tell my life insurance company about my MS diagnosis?
Absolutely, you must mention your MS diagnosis. Not disclosing a pre-existing medical condition may result in the cancellation of your policy or denial of payments to your beneficiaries after your death. It is preferable to be open about your illness so that you may discover insurance that matches your requirements.
What details must I provide while applying?
While applying for MS life insurance, you will usually be asked to submit extensive information regarding your diagnosis, such as the type of MS you have, when you were diagnosed, and what symptoms you have. You may also be required to supply medical documents as well as information about any medications or treatments you are currently getting.
