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Before you read anything in this article please cast aside all your preconceived notions about burial insurance with MS.
Here’s the thing
Whoever you spoke with, whatever websites you’ve been on, they aren’t Choice Mutual.
Let’s get down to it
We can absolutely get you a low priced final expense life insurance when you have multiple sclerosis.
And that’s not all
We have multiple burial insurance companies that will approve you for a plan that has no waiting period whatsoever. You can be fully protected on day one.
This is a health condition we have dealt with many times. We are going to thoroughly explain how to buy burial insurance with multiple sclerosis.
In this piece you will learn how insurance companies underwrite this condition, what policy options you will have, and how to secure the best policy.
An Honest Breakdown Of Burial Insurance With Multiple Sclerosis
This is one of those health conditions where there is great variety in regards to how insurers react to it.
When you have MS, you can unequivocally secure a very low priced level death benefit with multiple carriers. You would pay the lowest cost possible offered by the insurer, and your policy will pay the full death benefit on day one of your plan. Outside of the companies that welcome MS applicants, you will encounter declines, plans that cost more and pay a portion of your death benefit, or ones that cost a lot more and have two year waiting periods.
We sincerely hope you have no other health issues that prevent you from qualifying with a burial insurance company that offers a level death benefit to MS patients.
Here’s something else really cool
Since burial insurance plans are simplified issue, here’s how the application works:
- We ask you health questions
- We gather your information
- We submit it to the insurer
- They give you a decision (in most cases a decision is reached within 15 minutes)
- You decide when your payments begin
That’s it. There’s no physicals, exams or paperwork. No strangers in your home, and no money due at the time of the application.
How They Underwrite Multiple Sclerosis
Underwriting is merely the process of risk evaluation by the insurance company. When it comes to burial insurance, they have two main tactics to gather the needed information to be able to determine if you are eligible for a plan.
- Health questions
- A prescription history check
Multiple Sclerosis In The Health Questions
All burial insurance companies will ask about MS in their own way. Some of them won’t even use the words “multiple sclerosis”.
In general, they will not tie the question to a specific period of time. That’s because MS is an incurable condition that will be with you forever.
Here are some of the most common ways they will ask about it:
- Have you ever been diagnosed with or been treated for multiple sclerosis?
- Within the last 24 months, have you had or been treated for multiple sclerosis?
- Have you ever been diagnosed as having or been treated for any neuromuscular disease?
Whether you are being treated for your MS or not, you must answer yes to any of those health questions if you have been formally diagnosed with it.
Final expense life insurance companies review everyone’s medication history. They do so to validate your answers to the health questions. Make no mistake, they absolutely know which medications treat which conditions.
Below is a list of the most common multiple sclerosis medications according to the National MS Society. If you are taking or have taken any of these, expect to be viewed as an MS applicant. Even if you proclaimed to not having MS, the presence of these drugs will override your no answers
Your Burial Insurance Options When You Have MS
In total final expense life insurance companies will react in one of five ways. Regardless of which burial insurance company you apply with, here are all the possible outcomes you should expect.
1) They Accept You Without Hesitation Or Reservation
Like we said at the start, there are insurance companies that treat you just as they would treat a person in perfect health. They won’t charge you any additional premium and your coverage will begin in full immediately. These companies simply don’t care about MS.
Foresters Financial is a company that treats MS applicants this way. There is a really good chance that your best burial insurance plan will be through them.
2) They Charge You A Bit More Money
Companies like this will still offer you a death benefit that pays out in full right away. The caveat is they charge you a higher monthly premium compared to someone without multiple sclerosis.
3) They Charge You More And They Limit Your Death Benefit
This is probably the most common response among burial insurance companies. Carriers that do this will typically label this sort of policy a “graded” plan.
Basically, they will pay out 30-40% of your death benefit if you pass during the first year. Furthermore, they will pay 70-80% during year two. This graded payout is in addition to a higher monthly premium.
If your health prevents you from qualifying for a better plan such as with Foresters Financial, look at a graded plan with a company like RNA. There are many companies that offer a graded plan to MS applicants.
4) They Charge You A Lot More And They Won’t Pay Any Death Benefit In The Beginning
This is seldom the response from most carriers, but it does happen. First, they charge you about double the premium. Second, they will simply refund your money plus interest if you die within the first 2-3 years.
You should never accept one of these plans. If you have other health issues that prevent you from qualifying for a level or graded plan, your best bet is to go with a guaranteed issue policy.
These plans accept everyone no matter what. They ask no health questions, and they don’t check your medical history.
They have the same two year waiting period as a modified plan, but they are substantially cheaper. Take a look at Gerber life for a guarantee issue plan. They along with Mutual of Omaha are the two cheapest providers of guaranteed acceptance life policies.
5) They Decline You
Some companies will turn you away because of MS. However, it’s a non issue because you have so many other options!
Home Health Care
If you are temporarily receiving home health care, your best bet would be to wait until it’s over. Foresters Financial will not accept any applicants who are currently receiving home health care. After your home health care is done with, apply with them.
If your home health care is permanent, your best option would be to go with a graded plan with Royal Neighbors of America.
They are the only burial insurance company that accepts home health care applicants. They will offer you their graded plan because of your MS. If you are in this situation, this would be your only path to a plan that offers some immediate coverage. Everywhere else will be a flat decline.
Lots of multiple sclerosis applicants become wheelchair bound. If this is your reality, your only path to a new burial insurance policy is a guaranteed issue policy. Wheelchair use due to a chronic illness or disease (which MS is) is a flat decline for any underwritten plan.
Assistance With Daily Activities Of Living
This scenario is identical to home health care. Just to be clear, insurance companies define assistance with daily activities of living (ADL’s) as any of the following: bathing, dressing, eating, toileting, or taking medication.
Your options in this scenario are identical to that of being on home health. If your assistance with ADL’s is temporary, wait until it’s over and then apply with Foresters Financial.
If it’s permanent, go with a graded plan with royal neighbors.
How To Find The Best Burial Insurance With Multiple Sclerosis
As you can see by the sheer length of this article, there are many factors to consider. That’s why it’s so critical to work with a qualified agency to help you with this. Follow this rule, and you will get the best deal on your final expense life insurance.
To find the best burial insurance with multiple sclerosis, you must work with an independent agency that represents lots of different insurance companies. An agency like this will evaluate your entire heath profile to determine which insurance companies would be most accepting of your health issues. Then it’s just a matter of choosing whichever insurer comes back with the best quote.
Want know something cool?
You’ve already found an agency just like that. Choice Mutual is an independent agency and we represent over 10 different burial insurance companies.
Final expense life insurance is all we do. If u just want some no pressure expert assistance, give us a call or fill out the quote form and include your phone number.
If you prefer to work with someone else, just make sure they have access to lots of insurance companies. Also make sure they specialize in this market. It takes many years to thoroughly learn all the underwriting for each burial insurance company.
That knowledge is what allows us to ensure we serve our clients with the carrier that matches them best.