Have you been turned down or given a higher rate by other insurance companies offering final expense insurance simply because you have Multiple Sclerosis? Well rest assured. You can count on Insurance for Final Expense to get you covered.
You see, we work with a variety of final expense insurance carriers who will work with folks who have been diagnosed with Multiple Sclerosis. And these carriers not only offer affordable premiums, but they can also provide you with same day coverage.
Now, it’s important to understand that if you have other health conditions outside of Multiple Sclerosis, this could affect your insurance options.
On a personal note, a dear family friend of mine (I will keep his name confident), suffers from MS. Even with his condition, over the years he has joined our friends and family on countless camping trips. He is a true woodsman and an avid fisher. He has never let Multiple Sclerosis hold him back from his passions.
Multiple Sclerosis is not a health condition we are unfamiliar with. In this article we will comprehensively go over getting final expense insurance for someone with Multiple Sclerosis.
A Straightforward Analysis Of Final Expense Insurance With Multiple Sclerosis
Multiple Sclerosis is a health condition that is treated differently by various final expense insurance companies.
You see, having Multiple Sclerosis doesn’t prohibit you from getting an affordable burial insurance policy when you work with a company like Insurance for Final Expense. Because we work with multiple carriers, we know the best of the best when it comes to securing you an excellent plan.
The Application Process is Simple!
Final Expense Insurance plans are simplified issue. The process of applying is really this easy: here’s how the application works:
- We will go over some health questions with you
- Then we will collect your general information
- After that, it’s time for us to send this information to the insurer
- The insurer then gives you a decision (typically within 15 minutes)
- After that, you simply determine when you would like your payments to start
It’s really that easy. You won’t have to endure any medical exams or cumbersome paperwork..
Insurance Underwriting and Multiple Sclerosis
Insurance companies utilize the process of underwriting as a measure to evaluate risk. In the case of Final Expense insurance, this is achieved in two ways. One is with a heath questionnaire. The other is by performing an inquiry into a patient prescription history.
So, You Might be Wondering… How Does MS Play Out in these Health Questions?
Insurance companies will ask you about Multiple Sclerosis in a variety of ways. Since, Multiple Sclerosis doesn’t yet have a cure, the questions are not related to a specific period of time, unlike for example someone who had a stroke 4 years ago.
But they will find a way of asking. And regardless of whether you are currently undergoing treatment, you will have to answer
Whether you are being treated for your MS or not, you must answer yes to any of those health questions if you have been formally diagnosed with it.
Understanding Multiple Sclerosis
Multiple sclerosis (MS) can be a disabling disease affecting the brain and spinal cord. Approximately 400,000 people are living with MS in the United States and roughly 2.1 million individuals have the condition worldwide.
MS is not entirely understood. However, many researchers believe that the condition is an autoimmune disease that attacks the myelin sheath – that is, the protective layer surrounding the nerves that help electrical signals to travel from the brain to the rest of the body – in the brain and spinal cord.
Over time, the disease can deteriorate or permanently damage the nerves. Symptoms tend to vary depending on the nerves affected and the damage caused. While some people may lose the ability to walk, others experience extended periods of remission.
Burial insurance companies review all applicant’s prescription history. This is basically a second check to ensure that you have answered the health questionnaire honestly and with no omissions (sometimes these are accidental). But the insurance company has to do its due diligence to make sure they have your health information right.
Some great news!
In 2017, the FDA approved a groundbreaking new drug to treat relapsing Multiple Sclerosis. The drug is called ocrelizumab. This new drug has been shown to significantly reduce relapses in MS for patients who experience. Read more about this medication and the hope for a cure fore MS.
Unfortunately, there isn’t a cure yet. When a final expense insurance company is reviewing your MIB prescription medication history, they will also be looking to see if you are taking (or have taken) medications used to treat MS. These drugs include:
- Injectable medications
- Avonex (interferon beta-1a)
- Betaseron (interferon beta-1b)
- Copaxone (glatiramer acetate)
- Extavia (interferon beta-1b)
- Glatiramer Acetate Injection (glatiramer acetate -generic equivalent of Copaxone 20 mg and 40 mg doses)
- Glatopa (glatiramer acetate – generic equivalent of Copaxone 20mg and 40mg doses)
- Plegridy (peginterferon beta-1a)
- Rebif (interferon beta-1a)
- Oral medications
- Infused medications
Final Expense Insurance Choices with Multiple Sclerosis
With burial insurance companies we find that there are a variety of ways in which they operate. Below are some of the reactions you might face with MS.
1) You Are Accepted with Open Arms
Some final expense insurance companies treat people with MS just as they would someone with a perfect bill of health. This means you don’t pay additional premium and your coverage will begin in full on day one. We love companies like this. Foresters Financial falls into this category. Having Multiple Sclerosis on its own doesn’t sway them. Awesome, right?
2) Higher Premiums
These insurance companies will still offer you a death benefit that pays out in full right away. But be forewarned, your monthly premium will charge you more per month for coverage.
3) Higher Monthly Premiums with a Graded Death Benefit
This is a reaction that the majority of final insurance companies will offer you. What does a graded policy mean?
Here is what will happen, essentially…, the insurance company will pay out 30%-40% of your final expense benefit if you pass away during the first year. After that, they pay 70%-80% during the second year. This graded payout also involved the higher monthly premium.
4) Extremely High Monthly Premiums (Usually Double) With No Death Benefit Payout to Your Loved Ones Early On
This is rare, but still does exist. Don’t Go for this option. It’s the worst. It’s like putting your final expense on layaway. Your loved ones only get back what you put in.
You are better off going with a guaranteed issue policy if a graded plan is your last option. Guaranteed issue plans accept everyone regardless of health status With this option, you will be asked no health questions, and there is no prescription history check. However, you will still be subject to a 2 year waiting period for death benefits.
5) What if You Get Straight-Out Declined?
That’s where we come in. We can get you covered for final expense insurance with Multiple Scelorisis!
Some situations that may accompany your MS should be considered as they may effect the best outcome for you:
- If you are temporarily receiving home health care, call us to discuss the best options for you.
- If you are receiving permanent home health care, again call us to discuss the best options for you.
- Wheelchair Use
- Assistance With Daily Activities Of Living
You Have Found The Best Resource for Final Expense Insurance With Multiple Sclerosis
An independent final insurance company like Insurance for Final Expense is imperative. We are and independent agency which means that we represent multiple carriers. Unlike captive agencies, who only represent one company, we shop from an amazing pool of insurance carriers who have incredibly fair plans for those with multiple sclerosis.
If you need help with guaranteed issue or final expense insurance, it would be our honor to assist you. Please call us at 1-800-400-8319. If you would rather that we call you, just fill out the quote form on this page and a licensed agent will be in touch with you promptly.