Your guide to securing life insurance if you have MS

It’s not the happiest of topics, but life insurance is essential for many people who have a partner and/or children to take care of.

It’s certainly worth thinking about life insurance if your loved ones would be worse off financially should they lose you unexpectedly.

But for someone who has multiple sclerosis, you may wonder if this type of protection is available to you and whether it can even be affordable. Especially as there’s still the lingering worry of the COVID-19 pandemic and how it’s affected the application process.

Truthfully, back in 2020, it was much harder for applicants with serious medical conditions to get life insurance due to the additional health risks of the virus. Most insurers imposed stricter underwriting processes and were turning away applicants who would typically be able to secure cover.

If you had applied for life insurance during that time, with a diagnosis of MS, then it’s likely that you would’ve been declined. However, now that we have come through the worst of the pandemic, most insurers have removed their underwriting restrictions and are again able to provide cover to people with pre-existing health problems.

In this guide, we answer 7 common questions regarding life insurance and multiple sclerosis, hopefully putting your mind at ease that it’s possible to get affordable life insurance protection.

1. Can I get life insurance when I have MS?

Yes, you can get life insurance when you have MS, but it’s not always easy and there may be some obstacles.

Factors such as your age, smoking status and weight will affect your eligibility, along with the type and severity of your condition.

Most people with MS can find the right financial cover by shopping around, comparing different policies and prices from various insurers.

In some cases, if standard insurers are unable to accept your application, it might be necessary to take out a policy with a specialist insurer, such as The Exeter.

This is because specialist insurers can offer better terms (such as pay out amount, length of cover etc) to applicants with pre-existing medical conditions.

If all other options are unavailable or too expensive, and you’re aged over 50, then you may consider an over 50s plan.

This type of policy is ideal for people who have health problems because no medical questions are asked on the application form and acceptance is guaranteed.

At the end of the day, you can get life insurance when you have MS, but it’s even more important that you shop around and compare quotes get the cover you need.

2. What information will I need to provide during the application process? 

When applying or life insurance you’ll always need to provide information about your age, health and lifestyle.

If you’re living with MS, then an insurer will want to know more about your condition and how it affects your day-to-day life.

They may ask questions such as:

• Which type of MS do you have?
• What age were you diagnosed?
• When was your last relapse?
• What are your symptoms and how severe are they?
• Are you receiving any treatment?

When answering these questions, it’s important to be 100% honest. This allows the insurer to assess your application properly and they can calculate your premiums accordingly.

Having your medical details to hand during the application may help you provide them with the most accurate information.

In some cases, an insurer may need a better picture of your health before they can come to a decision.

In this situation they may request to see a medical report from your GP (with your consent) or that you undergo a full medical exam (at a cost to the insurer).

This will postpone you application but doesn’t mean you’ll be declined. Typically, a medical exam isn’t needed.

3. Will I be charged a higher monthly premium?

Yes, it’s very likely that you’ll be charged a higher a monthly premium due to having MS.

Life insurance premiums are calculated based on the likelihood of a claim.

While a person with MS can live a long and healthy life, the condition can lead to other health complications and a reduced life expectancy.

For this reason, an insurer is likely to increase the cost of your monthly premium as the risk of a claim during the policy is higher.

The exact amount your premium is increased by will depend on the type of MS you have and the severity of your symptoms.

Although don’t be alarmed if you’re given a quote which is too expensive – it’s still possible to get an affordable price by comparing quotes.

4. Will my condition impact a future pay out?

No, your condition won’t impact a future pay out.

If you disclosed that you have MS during the application and you were honest about all the details, then your policy will pay out when you pass away.

The only exception to this is when a policy has an exclusion in place. An exclusion is when a certain medical condition (and possibly related conditions) is not covered under the policy.

For example, an insurer may decide to exclude MS as well as other diseases of the central nervous system from your cover.

This means your family could make a claim for other causes of death, but not if the death was as a result of your MS. This would be written into your policy terms and conditions.

Also, it’s important to note, that if you’re diagnosed with MS after your cover has started then you’re not obliged to tell the insurer about this.

5. What if I’ve been declined life insurance due to my condition?

It’s possible to be declined life insurance when you have MS, but this doesn’t mean every insurer will refuse your application.

Quite simply, some insurers are better for providing cover to people with MS than others.

This is because each insurer has their own application criteria and assessment of risks.

Don’t be put off if you’ve not been successful in the past, as it’s likely that you can find cover elsewhere.

Possible reasons you may have been declined life insurance:

• Your MS symptoms are too severe
• You applied with the wrong insurer
• Your MS diagnosis was too recent
• You smoke and/or are overweight
• Your age (combined with other factors)
• You have other medical conditions.

6. Has Covid-19 affected the application process?

Yes, the Covid-19 pandemic has affected the application process. Insurers have adapted their application forms to include specific questions relating to the virus.

These questions are usually along the lines of:

• Have you tested positive for coronavirus (in the last 30 days)?
• Are you currently self-isolating?
• Have you had any symptoms of coronavirus?
• Do you have any long-erm health conditions as a result of contracting the virus?

If you answer yes to any of these questions, then your application may be postponed until you’ve recovered from the virus.

As someone with MS, you may also be asked about the vaccination. If you’ve not received the vaccination, then you may be refused cover with some insurers.

7. How do I get affordable life insurance when I have MS?

Getting life insurance when you have MS doesn’t have to be complicated and it’s possible to find a solution which doesn’t cost a fortune.

Top tips for securing affordable premiums:

• Don’t wait to take out cover. Premiums get more expensive as you age
• Think about where you can make healthy lifestyle changes, for example quitting smoking and maintaining a healthy weight will deem you more insurable
• You could take out a lower level of cover over a shorter term to reduce your premium
• Consider types of life insurance which don’t require your medical details, such as an over 50s plan, as your MS won’t affect the cost of your premium
• Use a fee-free, FCA-regulated life insurance broker, such as Reassured.Co.Uk, to compare multiple policies and quotes. A broker has the expertise to help you find insurers most likely to accept your application on the best terms.  They can also support you through the application process, answer any questions you have and explain any confusing life insurance jargon.

This post was written by Ben Bendall, Marketing Manager of Reassured, an Award-winning & FCA-regulated life insurance broker in the UK. For more info on how to get life insurance for people with multiple sclerosis, please visit their website.