Getting life insurance for multiple sclerosis patients is difficult, but not impossible depending on the level of risk associated with the coverage plan. It is important to ask oneself a series of questions prior to moving forward and engaging with the insurance company. Is the life insurance a mandatory requirements (i.e. is someone dependent on you?) and will it be needed right now? This question has to be asked before doing anything else. If yes, it is important to understand the insurance company’s point of view.
Insurance Company’s View
The insurance company will assess the case based on the patient’s medical history. Multiple Scierosis is immediately categorized as a massive risk for the insurance company due to the mortality rate associated with the condition. However, agencies are trying to make sure insurance companies understand the condition as a whole and recognize the type of risk they are getting into is not as severe. The insurance company will have a medical test done on the patient to assess how healthy they are. A range of requirements have to be fulfilled in order to get the best possible life insurance coverage plan from the company. The insurance company will look at the degree of disability and try to assess how the condition will be down the road for the patient.
Limit on Funds
What type of life insurance can one apply for with this condition? The general rule for any form of life insurance is 10 to around 15 times of one’s current income. This is then paid over a 10-15 year term depending on the company and the case at hand. The limit is usually restricted to these amounts regardless of who the client is. The life insurance company will aim to go through the physician to understand the case better prior to making a final judgment.
Getting the Best Rates on Life Insurance when you have MS
No matter what your condition getting the best rates will depend on using an agent that understand MS. The best way to get good rates on life insurance with multiple sclerosis is to use an agent that knows the best companies and is willing to shop around for a bunch of different quotes. This will allow you to comparison shop and get the best rates for your needs.