According to the National MS Society, more than 2.3 million people are affected by Multiple Sclerosis (MS) worldwide. In the United States, a recently completed prevalence study, funded by the National MS Society, has estimated that nearly 1 million people over the age of 18 live with a diagnosis of MS.
Are you or someone you love affected by multiple sclerosis? Quotacy is here to dig through the different life insurance companies to help you find life insurance coverage.
Buying Life Insurance with Multiple Sclerosis
If you have multiple sclerosis, your best chances of getting affordable life insurance is to apply through a broker, like Quotacy. Brokers are not tied to one life insurance company and are able to shop the market.
We want you to get approved and will work hard to help you get coverage. While we can’t guarantee we will be able to find a life insurance company willing to offer you affordable life insurance, we will try our best. Start the process by getting a free term life insurance quote or keep reading for more in-depth information about life insurance and multiple sclerosis.
See what you’d pay for life insurance
Underwriting Multiple Sclerosis
Underwriters decide how much coverage and at what cost to offer the applicant, unless they decide to decline or post-pone the application. Offerings range from the best rate of Preferred Plus down to Standard. If you’re a tobacco user, then offerings include Preferred Tobacco and Standard Tobacco.
It’s possible that applicants with multiple sclerosis may be “table rated”. The table rating system typically means that your pricing for life insurance will be the Standard price plus 25% for every step down the table you are. Tables descend A-P or 1-16 depending on which format the insurance company uses.
|Table Rating (alphabetical)||Table Rating (numerical)||Pricing|
|A||1||Standard + 25%|
|B||2||Standard + 50%|
|C||3||Standard + 75%|
|D||4||Standard + 100%|
|E||5||Standard + 125%|
|F||6||Standard + 150%|
|G||7||Standard + 175%|
|H||8||Standard + 200%|
|I||9||Standard + 225%|
|J||10||Standard + 250%|
The underwriter considers a number of factors when evaluating applicants with multiple sclerosis, some of which include the subtype, number of attacks per year, stability of neurologic function, symptoms, complications, treatments prescribed, and evidence of disability. It is helpful if complete neurology records are provided. If recent information indicates little in the way of functional impairment and stable MRI findings, a more favorable consideration may be possible.
John Doe is a 50-year-old who had relapsing remitting multiple sclerosis diagnosed twelve years ago, had not had an episode in the past ten years, has no symptoms, a normal neurologic examination, and had a favorable follow up with the neurologist two months ago.
This would be considered as “benign” MS and he could qualify for Standard Plus. If John applied for $250,000 in coverage with a term length of 20 years, we can estimate his monthly premiums to be approximately $53.
Jane Doe is a 35-year-old who had relapsing remitting multiple sclerosis diagnosed five years ago, has had one episode per year, has been in remission for the past ten months, has a normal neurologic examination, and has no disability and no symptoms.
She would likely be offered Table 2. If Jane applied for $250,000 in coverage with a term length of 20 years, we can estimate her monthly premiums to be approximately $35. (This Table 2 premium amount is calculated by taking her estimated Standard costs ($23) and adding on 50%.)
John Smith is a 30-year-old who had progressive relapsing multiple sclerosis diagnosed two years ago, is wheelchair bound, taking natalizumab, and who was recently hospitalized with an exacerbation and received intravenous corticosteroids.
John Smith would likely be declined. Some carriers may be willing to offer a high-risk table rating, such as Table H or higher.
The previous examples are for illustrative purposes only. Each life insurance company has a different set of guidelines they follow when underwriting an applicant. Because of these different guidelines, when one company may decline an applicant, another company may decide that applicant can qualify for Standard rates.
A benefit to working with Quotacy is that we work with multiple A-rated life insurance companies. Your best chances of getting life insurance coverage is to shop your application around to more than one insurance company, which we take care of behind the scenes.
Quotacy’s team has years of experience getting clients life insurance coverage, including those with complicated medical histories. Our in-house underwriter has worked in many carrier home offices, knows how to navigate each individual’s health history, and knows which life insurance company would be the best option for your individual case. If you are ready to buy life insurance coverage, get a term life insurance quote now and let’s start the process.
If you are looking to get an idea on the cost of life insurance if you have MS, it costs nothing to run a quote and apply online. You will have a dedicated Quotacy agent shop your case with our top-rated life insurance companies to ensure you receive the best possible price.
About the writer
Natasha Cornelius, CLU
Senior Editor and Licensed Life Insurance Expert
Natasha Cornelius, CLU, is a writer, editor, and life insurance researcher for Quotacy.com where her goal is to make life insurance more transparent and easier to understand. She has been in the life insurance industry since 2010 and has been writing about life insurance since 2014. Natasha earned her Chartered Life Underwriter designation in 2022. She is also co-host of Quotacy’s YouTube series. Connect with her on LinkedIn.