There are pre-existing conditions that a life insurance company will take into consideration. They can be quite extensive. Among the many conditions that get listed, one of the conditions is Multiple Sclerosis (MS). There are several potential complications that can come with this.
Why Are Insurance Companies Concerned About Multiple Sclerosis?
Insurance companies have many different ways that they use to set premiums for life insurance. Many people think that insurance companies have a set formula. One that they use for every life insurance shopper. They have guidelines that they follow. But the information every individual gives is different. The insurance companies use this information for rate setting.
Insurance Companies Use Statistics
They do not just use guidelines. They also use statistics. When it comes to many of the pre-conditions, they will rely on metrics to help them determine their risks. The unfortunate part with multiple sclerosis is the statistics are sparse and out dated.
Assumptions about MS
With many of the pre-medical conditions, there has been a great advancement in medicines. Also, with breakthroughs. There has been some as well with MS, but they are not documented as clearly. Many insurance companies still assume that those diagnosed with MS only have a life expectancy of 35 years. That is following diagnosis. Also, the information they use may show that all types of MS conditions are progressive 85% of the time. When they look at these two factors, this greatly increases their risks in their opinion.
Can I Be Denied Life Insurance if I Have MS?
There is a chance that you can get denied life insurance if you have multiple sclerosis. The denial is going to get based on several factors. They are going to want details about your specific condition.
- What age were you at when you developed MS?
- What was the time span between the first episode of MS and the second?
- What systems of your anatomy are /were affected or involved in your episode/s.
- What is your gender?
- What were the first symptoms you experienced with MS?
MS is a very individualized disease. It affects each person differently. There is a wide range of symptoms, and they can fluctuate in their intensity. Some individuals have an MS episode, and once it passes, there are no lingering effects. Others can have an episode, and it can do permanent damage to the body’s system that it attacked. There are also different forms of MS.
All of these factors are going to get taken into consideration. Depending on the information provided. It could mean the Insurance Company will consider you to be too much of a risk. As such they will deny you insurance.
Is it Possible to Get Life Insurance with MS?
Some insurance companies will look at MS in a more positive manner. They will take into account that there are different forms of MS. Also, that there are different degrees of it. They will ask a lot of questions. Many of the answers may be positive. Then they may consider accepting a life insurance application even with this condition.
How will Multiple Sclerosis Affect My Life Insurance?
There are a lot of insurance companies in Canada. Many of them offer life insurance. With there being so many to choose from it puts them in a competitive nature. Which is good for those who have pre-existing conditions. Even those with MS.
The insurance company may not give you the opportunity to choose. From any of their insurance packages. This will depend on what they are offering.
Most often those with MS that can get life insurance approval are going to be restricted. They will be restricted to the type of life insurance they can buy. There may be a chance they will qualify for whole insurance. At the same time, they may be eligible for term life. This too will likely come with some restrictions. In regards to how much insurance can get bought and the term. Then in addition to this, the cost of the premiums may be higher than for those who buy the same insurance. But, do not have this condition.
Is There a Way to Get Cheap Life Insurance with MS?
There may be a possibility of getting cheap life insurance with MS. But, it will mean being pro-active in the shopping tasks. The ones that come with insurance shopping. Which everyone should do anyway. Even if they don’t have any pre-existing conditions.
Another option for life insurance is to go with insurance companies that have some special options. Life insurance that can get bought with no medical exam and no medical questions asked. This may work perfectly for those with MS that is of a certain type or is at a certain stage. It may fit in with the restrictions that can come with this type of insurance. For example, there may be a two-year payout restriction. Meaning if the insured dies within the first two years of the policy the value of it may not get paid out.
Pro Active Life Insurance Shopping with MS
First, it must begin with getting prepared to answer all the questions that are going to come up related to the MS. Ones that the insurance company is bound to ask. This means being knowledgeable. About the details of the condition as they pertain to the individual.
Next, it means doing some insurance research to see what kinds of life insurance options there are. Then deciding on one of these. Next will be to see if one can qualify. At the same time, they should have some backup options. If they cannot get the insurance for the type they want, then what are some alternatives.
The best way to do this type of shopping is by getting quotes. Then comparing these quotes about costs. But, also what is equally important is the value of the life insurance policy. It is not good enough to just have life insurance. It has to be enough coverage to meet what the perceived needs are going to be. Most often when an individual is taking out life insurance, it is for the benefit of the beneficiary. The insurance shopper has to know what needs the beneficiary is going to have. It may be the beneficiary will be expected to pay for funeral costs and other expenses. These have to get taken into account. The insurance policy has to have enough value to meet the expectations.