Multiple Sclerosis Burial Insurance Reviewed
Condition Underwriting Highlights
If you are considering purchasing Burial Insurance with Multiple sclerosis, you have landed in a good place. This review will briefly address the policy’s financial ratings and offerings, underwriting niches, pricing, and alternatives.
Can I Obtain Life Insurance With Multiple Sclerosis?
Simply being diagnosed with multiple sclerosis does not mean that you’re not eligible for obtaining life insurance. One can obtain burial insurance even if you’ve got MS!
If you have been declined in the past, know that you have options available to you.
Some burial insurance companies will accept you for plans without any waiting periods. Coverage will start on day one for the full amount of coverage.
With burial insurance there are no invasive medical exams either, just a few basic health questions, and your application is complete!
Burial Insurance With Multiple Sclerosis Details
Many who suffer from this condition automatically think that they will be ineligible for life insurance. This is NOT true, but nonetheless, a common view.
The truth is qualifying for life insurance with MS will depend on how your body reacts to the disease. The reality is that some carriers don't care about MS but do care a great deal about some of it's knock on effects.
In addition to your health, carriers will be concerned with the amount of time that has passed since you were diagnosed. Recent diagnosis (12 months or less) will not be eligible for level day one coverage.
In lieu of level coverage, carriers will offer "graded" or "modified" Plans. These plans are more expensive and have a waiting period before the full coverage amount is available.
Do Insurance Firms Have A Problem With A Multiple Sclerosis Diagnosis?
Multiple sclerosis affects the spinal cord, the brain, and , in turn, other bodily functions. It’s a chronic autoimmune progressive condition which generally worsens with time. Many patients suffer from walking issues and muscle weakness, resulting in extreme physical disability.
With a greater prevalence in women than men, MS is believed to be suffered by 350000 Americans according to the National Institutes for Health. Ms shortens lifespans and is thus a concern for life insurance carriers.
The primary "tell" for insurers that an applicant's MS is serious and deteriorating is the need for physical assistance in the daily activities of living or ADL's.
Final expenses firms usually manage risks by charging higher premiums and requiring waiting periods that are based on risk levels assigned to each applicant. When done this way, those suffering from chronic illnesses with high chances of a reduced lifespan will need to pay higher premiums compared to healthy folks.
Currently, no cures exist for treating multiple sclerosis.
Questions You’ll Be Asked If You Suffer From Multiple Sclerosis
While applying for final expenses insurance coverage with MS, it’s vital to provide all available data to your agent. This will aid in better understanding your condition, helping us provide accurate quotes.
Here are a few questions you may be asked regarding your MS
- How long has it been since your MS diagnosis?
- Details of your last seizure or attack
- Treatments that have been undergone so far for your MS
- Medications you are currently using for this disease
- Whether you’re on disability or actively working
- Whether you need to use scooters, wheelchairs, braces, walkers or canes for your mobility issues
- Whether you require aid with daily activities like continence, transferring, toileting, dressing, bathing and eating
These questions will be asked of you for assessing your current medical state.
It’s vital you provide honest answers. The better the data you give us, the more likely that you’ll get matched with the best insurance company for your situation.
Underwriting Process for Burial Insurance With Multiple Sclerosis
Final expenses insurance firms generally use three sources for making an underwriting decision.
- Health questions are asked as part of the application
- Prescription history is checked
- The Medical Information Board (MIB) is checked for information and outcomes of previous insurance applications
What are these health questions?
Final expenses insurance firms may ask you questions related to MS in multiple ways. On a few occasions, multiple sclerosis might not even be mentioned on the application. Instead, they’ll ask you about neuromuscular diseases.
Here are a few MS-related questions sourced from actual questionnaires:
- Have you received treatment or received a diagnosis for neuromuscular diseases of any kind?
- During the past 2 years, have you received treatment or received a diagnosis for MS?
- Have you received an MS diagnosis anytime during your entire life so far?
Verification of Prescription History
Final expenses insurance firms will verify your medication history electronically for validating your health questionnaire answers. If these medications pop up during your verification, you’ll be tagged as an applicant with MS, although you may have answered in negative to their various health-related questions.
These are the most common medications used for treating multiple sclerosis.
Burial Insurance Choices For Those Suffering From Multiple Sclerosis
In case you received your diagnosis in the past 12 months
With most carriers, if you have received your diagnosis within the last 12 months, you will be declined.
However, if you are fortunate enough to live in a state where a carrier who does not ask about MS operates, and you do not have serious symptoms that would otherwise disqualify you, it's possible to get day 1 "level" coverage.
The above scenario is not all that common, but it does happen.
If your diagnosis was more than 12 months but less than 2 years
The rule apply if the carrier does not ask about MS, however if they do, you will be offered a modified or graded policy. This assumes that your symptoms do not disqualify you. For more on how graded and modified policies work click here .
If you need assistance with daily living activities
In case your MS has progressed to such a stage that you require aid for carrying out daily activities, it can seriously impact your underwriting terms. Life insurance firms usually define daily living activities to include continence, transferring, toileting, dressing, bathing, and eating.
If you require aid in ADL's you will be declined. In this situation, Guaranteed Issue policies are the remaining option. These ask no medical questions. The only information required is age, gender, and citizenship.
Home Based Healthcare
Requiring home-based healthcare is kind of like requiring aid with ADL. All final expenses and burial insurance companies question you regarding this on their questionnaire.
If you require permanent home-based healthcare, you’ll be issued guaranteed acceptance life insurance policies with a waiting period of 2 years.
Most MS patients will wind up needing scooters or wheelchairs for mobility.
Almost all burial insurance firms question you regarding wheelchair usage. In case you turn wheelchair-bound, your application will be rejected outright for most plans that have underwriting.
However, you’ll still be eligible for guaranteed acceptance life insurance.
Guaranteed Acceptance Life Insurance Policies
If you require assistance with ADL or home-based healthcare, your only options are to go for guaranteed acceptance life insurance policies.
If you are wheelchair-bound, mostly immobile or suffer from any such health issue which disqualifies you from obtaining level death benefits, guaranteed acceptance life insurance policies are your best shot.
These policies are slightly costlier compared to level death benefits. They also come with a waiting period of 2 years. That means you’ll need to survive for 2 years after policy activation for your beneficiaries to receive full death benefits if your death takes place due to natural causes.
However, if your death occurs during this waiting period, beneficiaries receive a complete refund of premiums paid so far along with a 10% interest component.
Your Next Step
Thank you for choosing NODLB.com to research policies about Burial Insurance with Multiple sclerosis. Should you have any questions, please do not hesitate to call or send over an email.