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 various 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 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 suffers from MS. Even with his condition, he has joined our friends and family on countless camping trips over the years. He is a true woodsman and an avid fisherman. 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 life insurance for MS patients.
Is It Possible to Get Life Insurance If You Have Multiple Sclerosis?
Multiple Sclerosis can’t stop from getting life insurance. If an insurance company has denied you because of MS, ask your independent agent to look around for other options.
We can help you find the high-risk life insurance for MS patients that will cover you from day one with minimum premium rates and no waiting period. Most of the burial or final expense policies don’t even need a medical exam to qualify. They just ask you some health questions to offer a policy.
The Truth about Burial 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.
Multiple Sclerosis is challenging, basically because every patient’s body reacts differently to it. Hence, the type of MS life insurance will depend on your current health conditions and time-lapse since the last attack. The carrier will also check when you were diagnosed with this disease. If it was diagnosed in the previous year, you would not get level death benefits, and the premiums will be higher. The ratings improve with the duration of disease because it gives a better idea of your impairments and health.
However, some companies might not even ask about multiple Sclerosis and approve your application promptly. Level death benefits are available if you have infrequent attacks without any major incidents. If you have frequent attacks and receive the government’s disability benefits, you can apply for a guaranteed issue policy.
Those dependent on a caregiver or residing in a nursing home can qualify for Guaranteed Issue life insurance with graded benefits.
Because we work with multiple carriers, we know the best of the best when it comes to securing you an excellent plan.
Why Do Insurance Companies Ask about Multiple Sclerosis?
Multiple Sclerosis (MS) can be a disabling disease affecting the brain and spinal cord. Approximately 400,000 people live 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 travel from the brain to the rest of the body brain and spinal cord.
With time, the condition can deteriorate or permanently damage the nerves. The symptoms may 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.
The National Multiple Sclerosis Society says that people with this disease may live about seven years less than the general population due to short life expectancy.
The insurance companies manage their risks by applying waiting periods or higher premiums depending on the patient’s risk levels. Though there is no cure for MS, the symptoms can be managed with proper treatment. Hence, insurers may also underwrite the policy. You must ask for a multiple sclerosis quote before applying.
Questions We Will Ask for Your Application
Final Expense Life Insurance with MS is a simplified issue. The process of applying is really this easy. We will go over some health questions with you, and 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 determine when you would like your payments to start.
Here are the questions we may ask:
- The date of your diagnosis
- Your age when you were diagnosed with MS
- When was your most recent seizure or attack?
- What medications and treatments do you take?
- Do you smoke cigarettes?
- Are you on disability benefits or working somewhere?
- Do you need any assistance, wheelchair, cane, or walker for mobility and daily activities?
Underwriting Burial Insurance with 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 health questionnaire. The other is by performing an inquiry into a patient prescription history.
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, unlike 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
Even if you aren’t being treated for MS, you must answer ‘yes’ to any of health questions if you have been formally diagnosed with it. Remember, the multiple sclerosis quote will vary as per your answers.
Prescription History Check
Will You Get Approved?
Some MS life insurance carriers won’t ask about this disease and accept your application quickly.
What Are the Best Plans Available?
Look for plans with first-day coverage, best rates, and no waiting periods if you suffer from infrequent attacks without major incidents, and need no assistance for daily activities.
Are There Other Options?
If you have regular attacks and receive the government’s disability benefits, look for a guaranteed issue policy.
Types of plans will depend on health and time lapse since the last attack.
No Medical Exam
Even if you have multiple Sclerosis, you don’t need a medical exam to qualify for burial insurance.
Same Day Approvals
Most insurance companies approve the applications the same day. Some even approve of them on the phone.
Types of Burial Insurance with Multiple Sclerosis
Level Death Benefits
Some burial insurance companies may not care about multiple sclerosis and offer level death benefits. This life insurance for MS patients offers coverage from the first day and is cheaper. There is no waiting period with these plans.
Guaranteed Issue Life Insurance
If you need assistance or help with walking and other daily activities, you can apply for a guaranteed issue plan. It is a tad expensive than level benefit insurance. It also comes with a two-year waiting period, which implies that you should live for two years after the policy, so your beneficiary gets full death benefits.
If you pass away during this period, the beneficiary gets a full premium refund with 10% interest.
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.
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
1) You Are Accepted with Open Arms
Some final expense insurance companies treat people with MS just as they would someone with a perfect health bill. This means you don’t pay an additional premium, and your coverage will begin in full on day one. We love MS life insurance 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 a 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 life insurance MS, 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 Sclerosis!
Some situations that may accompany your MS should be considered as they may affect the best outcome for you:
Home Health Care
If you are temporarily receiving home health care, wait to let it be over before applying for burial insurance. That’s because some insurers may not accept applicants currently under home health care. If you are receiving permanent home health care, go for a graded benefits plan like the one offered by Royal Neighbors.
Many MS patients have to use a wheelchair for mobility. If you are one of them, you need a guaranteed issue policy because any chronic illness or disease, making you wheelchair-bound, will be flatly declined by underwritten plans.
Assistance with Daily Activities of Living
It is the same as home health care. Insurance companies define your condition as assistance with Daily Activities of living or ADLS if you need help bathing, eating, toileting, dressing, or taking medicines.
How Should You Choose the Best Burial Insurance with Multiple Sclerosis?
An independent final insurance company like Insurance for Final Expense is imperative. We are an independent agency, which means that we represent multiple carriers offering life insurance with MS. Unlike captive agencies, who only represent one company, we shop from an amazing pool of insurance carriers who have incredibly fair plans for Multiple Sclerosis patients.
If you need help with a 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, fill out the quote form on this page, and a licensed agent will be in touch with you promptly.