Obtaining life insurance coverage is an essential part of most financial plans. This is because having this protection can help to ensure that assets and income remain in place in case of the unexpected.
In many cases, life insurance can be secured easily by those who are in good health. If, however, you have certain types of health conditions, obtaining coverage can become more difficult. Keep in mind though, that there are life insurance policies available for obese individuals, smokers life insurance, or policies for those with diabetes. This could be the case for those who have been diagnosed with secondary-progressive multiple sclerosis. Knowing where to shop for coverage, however, can make the process of securing the protection that you need much easier.
What is Secondary-Progressive Multiple Sclerosis and How Can It Affect Life Insurance
Those who have secondary-progressive multiple sclerosis, or SPMS, may have had multiple sclerosis already for some time. They may be feeling some shift in their disease. This is because those with SPMS start out with another type of multiple sclerosis – Relapsing-remitting MS.
When SPMS starts to move in, an individual’s relapses will not seem to fully go away – and will over time begin to get worse. In addition, there are other symptoms that may also show once SPMS occurs, including tight or stiff muscles in the legs, more difficulty with coordination, problems with the bladder and bowel, and even issues with thinking and depression.
What Life Insurance Companies Want To Know If You Have SPMS
Because secondary-progressive multiple sclerosis is a more severe type of MS, the life insurance underwriters will need to obtain more in-depth information regarding an applicant’s overall health condition. Therefore, there will typically be questions asked that go beyond those that are on the basic life insurance application for coverage. This is because even though an individual’s symptoms may subside with SPMS, this will typically occur less frequently than with someone who has RRMS types of multiple sclerosis.
With that in mind, an individual with SPMS may be asked some or all of the following questions by the life insurance company:
- When were you initially diagnosed with secondary-progressive multiple sclerosis?
- What, if any, types of symptoms have you experienced since your diagnosis of this condition?
- Has your SPMS condition become more severe over time since your diagnosis?
- What, if any, prescription medication(s) have you been prescribed for your SPMS condition?
- If you take any prescription medication, what is the dosage(s)?
- What other actions have you taken in order to manage and / or to control your SPMS (i.e., diet and / or exercise)?
- Have you had any type of relevant testing performed within the past six months that pertains to your secondary-progressive multiple sclerosis?
- How often do you visit your medical professional regarding your SPMS condition?
In addition to answering these questions, it is likely that the life insurance underwriters will want to review your medical records. Therefore, they will typically request this information from your primary care medical provider and / or from any specialist that you visit for your SPMS condition. This will allow the underwriters to obtain a clearer picture of your overall health.
You may also be required to undergo a paramedical exam. This takes about 30 minutes, and it entails meeting with a paramed professional who will take a heart rate and a blood pressure reading, as well as a blood and a urine sample from you.
Once all of the exams have been completed, and all of the information regarding your health has been obtained by the insurance company, the underwriters may review everything in order to make a more informed decision about the coverage that you’re applying for, as well as a premium cost.
How Much Will Life Insurance Cost for Those with SPMS
Because of the major advancements in medical technology today, those who have secondary-progressive MS have been better able to control their health condition – and, because of this, the prospects for getting life insurance have become more positive. SPMS is, however, still considered to be a serious health issue. Due to that, the potential for obtaining a life insurance policy at a Standard rate may be possible. Yet, it is more likely that coverage would be accepted at a substandard policy class. This means that your coverage will be priced at above that of someone who is considered to be an average policyholder.
If an individual with SPMS is not able to qualify for a medically underwritten life insurance policy due to their health condition, there are still other options for obtaining the protection that you need. For example, one potential route could be to go with a guaranteed issue policy.
With this type of coverage, an individual will not need to undergo a medical exam for underwriting purposes – which essentially helps those who have various health related conditions to secure coverage. In many instances, all that is required is for the applicant to answer just a few questions, and provided that the premiums remain paid, the insurance will stay in force.
While the amount of premium charged for high risk life coverage is usually higher – sometimes two or three times more than for a traditionally underwritten policy – it may be the only option for some individuals to obtain the life insurance protection that is needed for their survivors and loved ones.
How to Get Rates on Life Insurance for People with Secondary-Progressive Multiple Sclerosis
When seeking life insurance with MS, it is typically best to work with an agency or a company that has access to more than just one insurance carrier. That way, you can apply with those that are more apt to accept individuals who have been diagnosed with SPMS. Knowing which carriers to work with right from the beginning can essentially save you countless hours of time and frustration throughout the application process – and can get you closer to the coverage that you need much faster.
If you’re in the market for life insurance, and you have SPMS, we can help. We work with many of the top life insurers in the industry, and we can get you the information that you need. In order to get started, just fill out the form on this page.
Should you have any additional questions, please feel free to contact us directly. We can be reached by phone, toll-free, by calling 888-229-7522. We understand that applying for life insurance may seem somewhat daunting if you have SPMS – especially if you’ve been turned down in the past. But now you have an ally on your side. So, contact us today – we’re here to help.