In a past article, we talked about how using an expert in
multiple sclerosis life insurance can save you lots of money and frustration in
obtaining life insurance coverage. What
is it that MS life insurance specialists look at to help you get the best
price? Here is some of what goes into underwriting for MS.
multiple sclerosis life insurance can save you lots of money and frustration in
obtaining life insurance coverage. What
is it that MS life insurance specialists look at to help you get the best
price? Here is some of what goes into underwriting for MS.
·
Type of multiple sclerosis. A
person with Relapsing/Remitting Multiple Sclerosis is most likely to get a
policy that will pay 100% of the death benefit from day one, and the lowest
rates. For any of the Progressive types of MS, there are policies available,
but they often No Exam policies that have a waiting period of 2-4 years before
they pay 100% of the death benefit. Of course, there are exceptions, as
sometimes people with Relapsing/Remitting MS have many serious complications,
while some people with one of the Progressive types of MS have been
misdiagnosed or have had no progression for years. An experienced MS life
insurance specialist will sort this out and find the best rate for any scenario.
Type of multiple sclerosis. A
person with Relapsing/Remitting Multiple Sclerosis is most likely to get a
policy that will pay 100% of the death benefit from day one, and the lowest
rates. For any of the Progressive types of MS, there are policies available,
but they often No Exam policies that have a waiting period of 2-4 years before
they pay 100% of the death benefit. Of course, there are exceptions, as
sometimes people with Relapsing/Remitting MS have many serious complications,
while some people with one of the Progressive types of MS have been
misdiagnosed or have had no progression for years. An experienced MS life
insurance specialist will sort this out and find the best rate for any scenario.
·
When diagnosed. Most life insurance
companies like to wait a year after an MS diagnosis so they can see stability before making an offer. However, there
are also policies that one can get shortly after being diagnosed with multiple
sclerosis. Policies are higher priced when obtained in the first year, but can
be replaced if/when able to obtain a more favorable rate down the road. After
that first year, the rate does not depend so much on how long someone has had
MS as it does the symptoms, whether there are new lesions, and frequency of
exacerbations.
When diagnosed. Most life insurance
companies like to wait a year after an MS diagnosis so they can see stability before making an offer. However, there
are also policies that one can get shortly after being diagnosed with multiple
sclerosis. Policies are higher priced when obtained in the first year, but can
be replaced if/when able to obtain a more favorable rate down the road. After
that first year, the rate does not depend so much on how long someone has had
MS as it does the symptoms, whether there are new lesions, and frequency of
exacerbations.
·
Symptoms. It seems that no two people with MS have exactly the same
symptoms, and therefore underwriting for MS life insurance can be complicated. Generally,
the fewer the symptoms, the better the rate will be. Symptoms considered are:
need of assistance for walking, depression, incontinence, nerve pain, memory
loss, frequency of exacerbations, and whether one needs home health or
institutionalized care. Whether or not you are capable of working fulltime is
also a consideration. There are policies to cover almost every symptom, so
never assume you are uninsurable due to MS.
Symptoms. It seems that no two people with MS have exactly the same
symptoms, and therefore underwriting for MS life insurance can be complicated. Generally,
the fewer the symptoms, the better the rate will be. Symptoms considered are:
need of assistance for walking, depression, incontinence, nerve pain, memory
loss, frequency of exacerbations, and whether one needs home health or
institutionalized care. Whether or not you are capable of working fulltime is
also a consideration. There are policies to cover almost every symptom, so
never assume you are uninsurable due to MS.
·
Treatment. People who have had good results with approved MS
treatments such as Copaxone, Rebif, and Avonex are likely to get better rates
than those who cannot tolerate treatment, or have used an unconventional
treatment such as stem cell transplant. The best multiple sclerosis life insurance companies do keep up with
research, so we expect that as approved treatments evolve, life insurance rates
will reflect the effectiveness of the treatment.
Treatment. People who have had good results with approved MS
treatments such as Copaxone, Rebif, and Avonex are likely to get better rates
than those who cannot tolerate treatment, or have used an unconventional
treatment such as stem cell transplant. The best multiple sclerosis life insurance companies do keep up with
research, so we expect that as approved treatments evolve, life insurance rates
will reflect the effectiveness of the treatment.
When choosing life
insurance, people with MS may find some types of coverage more available, or
more suitable, for their situation than others. That is a whole blog to itself.
Just know that there are professionals out there who know what they are talking
about when it comes to MS Life Insurance. You
are not alone, you are not unique, and you can get responsible and money saving
advice.
insurance, people with MS may find some types of coverage more available, or
more suitable, for their situation than others. That is a whole blog to itself.
Just know that there are professionals out there who know what they are talking
about when it comes to MS Life Insurance. You
are not alone, you are not unique, and you can get responsible and money saving
advice.
For more information,
contact Peggy Mace, COO of Outlook Life, at peg@outlooklife.com
The above message has been provided for informational purpose
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