Are you frustrated in your search for life insurance? Have you applied and been denied or even been told not to apply? Is the rate you were offered out of your budget? Our team at MS Life Insurance has compiled a few options they encounter weekly that may provide the best solution for life insurance with multiple sclerosis.
Why You may be Struggling with your Life Insurance Search
Obtaining a large policy with multiple sclerosis may be difficult in some cases, and this may be due to your particular experience with multiple sclerosis. Many life insurance carriers deny coverage or raise rates to MS patients regardless of the way the condition has manifested itself with that individual.
Other companies are more willing to make offers, but almost all life insurance companies conduct a review of medical records to determine how severe the condition has progressed. Because MS manifests itself uniquely in each individual, all medically underwritten applications for life insurance with multiple sclerosis are evaluated on an individual basis.
While you should always consult with a professional before ruling out the possibility of a fully underwritten insurance policy, your MS may have limited your options for life insurance. Insurance companies have determined nuances that they view as an increased risk and are not always able to offer coverage. Examples of these increased risks to an insurance company are assistance with walking and other daily activities as well as the presence of other health conditions.
Even if you have been declined for life insurance or told it is not a fit by an insurance professional, a smaller whole life policy is almost always an option. One way around the obstacles of life insurance with multiple sclerosis is to purchase a whole life insurance policy designed for final expenses.
What is Final Expense Insurance?
Final expense life insurance, also known as burial or funeral life insurance, is a form of whole life insurance where clients are offered guaranteed coverage for a lifetime. These policies allow the applicant to bypass medical tests and numerous health questions which would be required of a fully underwritten application.
Most life insurance applications require medical records, a personal health interview, and a paramedical exam performed by a doctor. The physician who conducts the exam measures the applicant’s height and weight, takes blood and urine samples, and may conduct the personal health interview. Final expense whole life insurance never requires such an exam and asks fewer health questions if any.
All of the final expense whole life insurance companies MS Life chooses to partner with feature:
- Fixed coverage amounts which do not decrease over time
- No medical exams whatsoever!
- Level premiums that never increase
- Guaranteed coverage for life
Can I qualify for Whole Life Insurance?
Final expense whole life insurance is typically available to people with MS because it is a fixed life insurance option based on age. While many whole life insurance options do not ask more than one question on an application, you may be eligible to answer a few questions in return for a lower rate or a shorter waiting period.
Some whole life insurance companies ask a few short questions to determine if the applicant is eligible for their life insurance but do not require a medical exam or records. They may ask such questions as how long the applicant has stayed in a hospital or what other conditions the applicant suffers from. Based on those answers a person may be eligible for a lower rate. MS applicants who are concerned with the expenses their families may face when they die can have many burdens on their family eased by obtaining one of these policies.
Reasons to Get Whole Life Insurance with Multiple Sclerosis
There are 3 main reasons why people choose to purchase final expense whole life insurance with multiple sclerosis:
- Protects a known future cost
- Easier to obtain than most life insurance
- Available to applicants who have been deemed with a “more severe case” by an insurance company
Families often overlook the costs associated with burying a family member. Whether a person is healthy or not, preparations for after a loved one is gone are a necessity. Costs can stack up last minute when an unexpected occurrence takes a family member away. Because your family may be straddled with the burden of providing a proper send off, looking at whole life insurance for multiple sclerosis is a worthwhile cause.
Whole life insurance for final expenses is typically easier to secure than typical insurance. Carriers who provide this form of whole life do not require a medical exam, which saves clients with MS time in securing their coverage. In addition, many of the questions asked by carriers can be avoided by applying for a final expense policy. Often the only requirement for such policies is surviving a short waiting period during which the carrier will promise to pay back all premiums if the period is not outlived. One reason to apply for life insurance today is to begin the waiting period immediately.
Another reason to secure whole life insurance with multiple sclerosis is that it may be the best option available in severe cases. Check what an agent needs to know here and have an agent determine whether you have other options when looking at life insurance. If your case of MS has progressed beyond what life insurance carriers allow for their policy holders, you can most likely still qualify for whole life burial insurance. This allows your family to have a lump sum of cash available where it would normally be impossible.
How Much Whole Life Coverage Do I Need?
Depending on the state and personal preferences, the correct amount of coverage may vary. In most states, it is recommended to obtain a final expense whole life policy for at least $10,000.
Companies that Offer Whole Life Insurance for Multiple Sclerosis
Several companies provide whole life final expense coverage, and the options available vary by state. While you may have heard of several industry leaders from AIG to Gerber Life, many other companies offer final expense whole life policies with the same guarantees.
Comparing rates with an experienced broker can prove to be a very rewarding experience, especially if a lesser known competitor can provide the same value at a lower rate. While many options are available in each state, it is important to find the right fit.
Another important factor to consider is the guarantees on the type of policy being applied for. Many companies offer burial policies which are not true whole life policies, meaning coverage could end while the insured still needs it! Other companies offer whole life policies with increasing rates by age. Both of these options may look more economical in the short term but end up costing the policy holder much more than a fixed, level plan.
The Whole Life Insurance Process
The process for obtaining whole life insurance for final expenses is fairly simple. Since rates for final expense whole life insurance vary by age, it is important to begin searching today. Find out if the insurance company you are considering uses your real birthday or nearest birthday to determine your age.
In order obtain a burial whole life policy, a person is typically required to speak to a licensed agent and complete an application. Insurance companies vary with their processing times, but most whole life companies are able to approve policy holder in 2 days to 2 weeks.