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Advice for MS patient on Life Ins

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    Advice for MS patient on Life Ins

    My husband was recently diagnosed with RRMS. He has not yet started treatment. Since diagnosis, we've obtained a lawyer to help us in protecting our financial interests. While my husband is currently still able to work, we fear the unknowns of the future. Therefore, we were advised to look into getting a life insurance policy. So far, all of the companies that we've contacted have denied my husband a policy. We were told we have to wait until he's at least 6mo's to a year into treatment, and even then it's a big maybe. I feel this approach is a bit discriminatory towards my husband. Our lawyer advised us that we should be able to get a policy, since MS in not a death sentence. But have had no luck yet!

    Any info or advice out there, as to where we might find a company that does work with MS patients? I realize we aren't the first family to have traveled down this road.

    #2
    I DON`T KNOW THE INS AND OUTS OF THE INSURANCE INDUSTRY, BUT I CAN TELL YOU WHAT HAPPENED TO ME. I WAS NOT DENIEDLIFE INS., BUT THE FEES WERE ASTRONOMICAL! WHILE I WASN`T GIVEN A "DEATH SENTENCE" I WAS A "LIABILITY". THINGS MAY HAVE CHANGED, BUT THAT WAS HOW IT WAS 10 YEARS AGO.
    hunterd/HuntOP/Dave
    volunteer
    MS World
    hunterd@msworld.org
    PPMS DX 2001

    "ADAPT AND OVERCOME" - MY COUSIN

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      #3
      The insurance companies are not required to provide life insurance to anyone they feel may be at high risk, as Hunterd said you can get coverage but the cost makes it impracticle, I have a freind that sells life insurance and he said insuring me is like them insuring a driver with 5 DUIs and 30 points on thier license.
      Plan for the future, but not too hard; it’s not your decision anyway

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        #4
        MRIs alone, without a formal MS dx can have the same result.

        If there is Employer provided Term Life in force now, check if there is a conversion provision in the policy. Depending on the policy terms, a conversion provision allows the group policy to be converted to an individual policy.

        There may be additional medical underwriting to convert from group coverage to individual coverage. If so, it's difficult to say if ratings would be any more favorable than quotes you've gotten; might be worth looking into a lower coverage amount.

        Comment


          #5
          I have always gotten it through my employer's plan which are reasonably priced although since we don't have children I don't go too overboard with the amount.

          My thoughts are a future with MS is likely to be difficult so my advice would be for you as his wife to consider your employment future and career options immediately and make the adjustments necessary. If you have children getting life insurance on yourself will be equally important.

          If you don't have children my thought would be that the money would be better spent on long term care insurance for him if you can afford it because that is more likely to come first and cost way more than us actually dying.
          He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true to the last beat of his heart. You owe it to him to be worthy of such devotion.
          Anonymous

          Comment


            #6
            Originally posted by Jules A View Post
            I have always gotten it through my employer's plan which are reasonably priced although since we don't have children I don't go too overboard with the amount.

            My thoughts are a future with MS is likely to be difficult so my advice would be for you as his wife to consider your employment future and career options immediately and make the adjustments necessary. If you have children getting life insurance on yourself will be equally important.

            If you don't have children my thought would be that the money would be better spent on long term care insurance for him if you can afford it because that is more likely to come first and cost way more than us actually dying.
            This exactly. I have MS and no longer work so we need to look into Long Term Care Ins for me. My husband(the breadwinner) is the one with the Life Insurance.

            It's morbid to think about either, but totally necessary.
            Aitch - Writer, historian, wondermom. First symptoms in my teens, DX'd in my twenties, disabled in my thirties. Still the luckiest girl in the world.

            Comment


              #7
              Anyone seeking insurance coverage of any kind with a MS dx is for all practical purposes, uninsurable.

              There may be a company writting policies for MS'er, but the cost will be prohibitive for most with an MS dx seeking coverage.

              Un-dx'd insurance applicants with abnormal MRIs for non-specific lesions, will typically be denied coverage.

              I would not let this stop my search for coverage, there may be something new being offered or you may find the cost acceptable to your needs.

              Comment


                #8
                Originally posted by MSW1963 View Post
                Anyone seeking insurance coverage of any kind with a MS dx is for all practical purposes, uninsurable.

                There may be a company writting policies for MS'er, but the cost will be prohibitive for most with an MS dx seeking coverage.
                Please keep in mind that group insurance such as through an employer often offer reasonable rates on life insurance without a health exam.

                Both my husband and I are on my employer's plan no questions asked.
                He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true to the last beat of his heart. You owe it to him to be worthy of such devotion.
                Anonymous

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                  #9
                  I used to be an insurance agent before having to stop working because of PPMS suddenly this year. You can get life insurance. It is called a graded benefit policy. Whichs means the first two years it will only pay what you paid in premiums plus 10%. After the first 2 years it will pay in full. This is to stop someone from having a terminal illness applying and the company paying out the full policy. At my company a graded policy was capped at $25,000 because by definition anyone needing a graded benefit was a risk. It is more expensive than a fully underwritten policy (with medical checks for perfect health). But even a small policy is better than no policy plus leaving your family with the burden of paying for your funeral.

                  Some cautions to people out there - The younger you are when you apply the cheaper your premium is. Insurance is bought with age and health. So if you only have coverage through your employer, you are basically uninsured if your MS progresses to disability. You cannot get long term care insurance once you are diagnosed with MS. I was able to get my dad (who has PPMS) a short term care policy that wasn't underwritten but only asked health questions. It didn't ask specifically if the person had MS, just if they used a wheelchair. But that loophole was closed literally 2 months after my dad's policy was issued.

                  I am fortunate that I was able to get great life and long term care policies on myself and my husband before I got ill and was fairly young ( at the time I was 40). I didn't plan on getting sick, but who does? No one plans to die either but we all do.

                  I hope this helps.
                  I don't fall, the floor attacks me. The corner of the bed is in on it too.

                  Comment


                    #10
                    Originally posted by MSW1963 View Post

                    If there is Employer provided Term Life in force now, check if there is a conversion provision in the policy. Depending on the policy terms, a conversion provision allows the group policy to be converted to an individual policy.

                    There may be additional medical underwriting to convert from group coverage to individual coverage. If so, it's difficult to say if ratings would be any more favorable than quotes you've gotten; might be worth looking into a lower coverage amount.
                    Jules A, great point. If you and spouse are covered by Group Life or any other Group coverage, premiums are usually inexpensive and there may be a conversion provision in the group policy available. It is inexpensive because it is priced with many non-payment provisions that insurer relies on when developing Group premium rates; waiting period, eligibility periods and proof of insurability when converting from Group Coverage to Individual coverage.

                    Conferting from Group Coverage to Individual coverage, may reqire medical underwriting, aka proof of insurability; or the clock may start over for the claim eligibility period during which claims are honored; premium rates may increase.

                    Comment


                      #11
                      Originally posted by muse_7 View Post
                      I used to be an insurance agent before having to stop working because of PPMS suddenly this year. You can get life insurance. It is called a graded benefit policy. Whichs means the first two years it will only pay what you paid in premiums plus 10%. After the first 2 years it will pay in full. This is to stop someone from having a terminal illness applying and the company paying out the full policy. At my company a graded policy was capped at $25,000 because by definition anyone needing a graded benefit was a risk. It is more expensive than a fully underwritten policy (with medical checks for perfect health). But even a small policy is better than no policy plus leaving your family with the burden of paying for your funeral.

                      Some cautions to people out there - The younger you are when you apply the cheaper your premium is. Insurance is bought with age and health. So if you only have coverage through your employer, you are basically uninsured if your MS progresses to disability. You cannot get long term care insurance once you are diagnosed with MS. I was able to get my dad (who has PPMS) a short term care policy that wasn't underwritten but only asked health questions. It didn't ask specifically if the person had MS, just if they used a wheelchair. But that loophole was closed literally 2 months after my dad's policy was issued.

                      I am fortunate that I was able to get great life and long term care policies on myself and my husband before I got ill and was fairly young ( at the time I was 40). I didn't plan on getting sick, but who does? No one plans to die either but we all do.

                      I hope this helps.
                      muse 7, thank you for the information about graded benefit policies.

                      I worked in employee benefits unrelated to insurance within a large insurance company. Worked on a few special projects over the years involving product development for a couple of group Life and DI insurance products, a long time ago. My insurance experience was limited and is dated.

                      The insurance business is more dynamic than ever; looking to fill a need in the market place if profit margins are favorable.

                      My post overlaped with your's, don't want anyone missing the info you provided about graded benefit policies.

                      Thanks again and take care.

                      Comment


                        #12
                        There are few providers who do life insurance with no medical exam. Get quotes online and go with the one which suits you better.

                        Comment


                          #13
                          Advice for MS patient on Life Ins

                          There are few providers who do life insurance with no medical exam. Get quotes online and go with the one which suits you better.

                          Comment


                            #14
                            very informative. good

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