Many applicants assume it is impossible to obtain affordable life insurance when diagnosed with multiple sclerosis, but in many cases you can still get life insurance coverage. Just like with any other condition or disease, it is important to shop around with multiple companies, since certain companies have different underwriting requirements for those with a diagnosis of multiple sclerosis.
Do not get discouraged if you have been declined in the past because of multiple sclerosis, it may just be you applied with the wrong company, or your condition was not portrayed correctly on the application.
There are some important things to consider when applying for life insurance with multiple sclerosis, many of which can be addressed when working with an experienced independent life insurance agent.
According to the Public Health Department, there are $2.5 million people in the world with Multiple Sclerosis, and $400,000 of them are living in the United States. Many of these people have spouses, families, and businesses and have a need for life insurance. If you, or a loved one, has been diagnosed with multiple sclerosis you may be wondering if life insurance is still an option with MS.
The average age of clinical onset, according to the Public Health Department, is between the ages of 30 and 33. This coincides to when many people are having life changing events such as marriage, birth of children, and purchase of a home. This is actually the age range when most people begin to explore life insurance options. With the average age people get MS, and the many life changes in this age range, you can truly see why many people diagnosed with Multiple Sclerosis see life insurance as a mandatory part of their financial plan.
With Multiple Sclerosis affecting such a young demographic it becomes quite apparent many of those affected have never purchased privately owned life insurance. Many of these people had life insurance on them through work, but due to the MS diagnosis are no longer able to work. This happens to many people who are affected by any type of disease or condition.
A lot of people have some type of life insurance coverage through their job, and many others also have life insurance attached to a health care plan. The issue arises when they leave work due to a disability and have to drop their life insurance. This will leave someone in a tough situation, which is why it is important to purchase a life insurance policy outside of work which will still be in force whether you work or not. The average cost of purchasing a term life insurance policy for someone in their 20’s and 30’s is an affordable and smart financial decision.
When looking to insure individuals with a specific condition, one of the most important factors which life insurance companies consider is a history of controlling the diseases. If you can illustrate years of history in controlling multiple sclerosis your chances of being accepted for coverage increases.
Unfortunately, many individuals with multiple sclerosis worsen quickly and do not have a chance to control their condition. If you are fortunate enough to control your multiple sclerosis then life insurance may be an option for you. Some companies may give someone with multiple sclerosis a time period of living with the diagnosis before they will accept them for life insurance coverage.
If you have only been recently diagnosed with multiple sclerosis it may be advantageous to look into a guaranteed issue policy to cover them before they can apply for a medically underwritten life insurance policy. It is important to be open and honest regarding your multiple sclerosis symptoms and disclose all information on the life insurance application.
Generally, the insurance companies will want to know the specific date and age when diagnosed with multiple sclerosis. It is very important for the life insurance company to know how many multiple sclerosis attacks you have suffered, the exact dates, and how each attack was handled. Just like with every life insurance application, you will be asked the medications you are taking (for multiple sclerosis, as well as non-related medications).
If you have been diagnosed with Multiple Sclerosis in the last two years, your best option may be a guaranteed life insurance policy without medical underwriting. This will provide essential life insurance coverage until you are able to apply for a fully underwritten policy. One of the main factors which the life insurance company will want to see if a history of control with your multiple sclerosis, so the longer you can show the history, the better rating you can get from the insurance company. Other specific details will include the dates of major multiple sclerosis attacks and how you were able to handle each attack.
This is why one of the single most important steps in applying for coverage is to work with an independent life insurance agent who is experienced in working with individuals who have been diagnosed with multiple sclerosis. By doing so, you will be able to show the life insurance company the best portrayal of you. If a traditional policy will not work for you, then we will be able to explore other opportunities for life insurance coverage.