Life Insurance Multiple Sclerosis: Background
Can You Get Life Insurance if You Have Multiple Sclerosis?
Does Life Insurance Cover Multiple Sclerosis?
Does Multiple Sclerosis Increase Life Insurance Costs?
Life Insurance Rates for Different Multiple Sclerosis Types
What Life Insurance Types Can You Get with Multiple Sclerosis?
What are the Best Life Insurance Companies for People with Multiple Sclerosis in Canada?
Currently, more than 2.8 million people worldwide suffer from multiple sclerosis (MS). Sadly, the number of cases has been on rise around the world since 2013, with Canada having one of the highest rates across the globe.
Currently in Canada:
Multiple sclerosis is an inflammatory disease of the central nervous system. MS can cause numbness, weakness, vision problems and difficulty with bowel and bladder function. This disease is progressive and can lead to paralysis. All of this poses a significant risk to life insurers who issue life insurance policies for people with multiple sclerosis.
This article provides a look at the key topics related to multiple sclerosis and life insurance.
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The answer is yes. Getting life insurance with multiple sclerosis possible. However, it will depend on the severity of your condition and time elapsed since diagnosis. Policies that are issued in these situations are usually more expensive than the ones with standard premiums. Most cases will require an Attending Physician’s Statement (APS). Life insurance underwriters will consider a number of factors such as:
Even if you can’t be approved for a traditional life insurance policy, you always have an alternative option. No medical life insurance policies are an option for many with MS. There are two options for you to consider: guaranteed issue insurance policies and simplified issue insurance policies. Neither of them requires a medical exam. Note, however, that a guaranteed issue policy is quite expensive, comes with a low coverage cap and does not pay out for any death other than an accident during the first two policy years. | Expert tip from Sean Borland “Depending on how long you have had multiple sclerosis for and how stable your symptoms are, you can be considered for life insurance. The life insurance company will probably order an APS (Attending Physician Statement) from your doctor to look at your medical background and the severity of your condition e.g. has your condition been stable, when did you have your last attack, is it progressive etc. Once they have received all your medical information, the underwriters can make a decision and you may be “rated” which means you will pay a higher premium than normal or, if your condition is progressive, they may decline you. If this happens, there are alternatives and companies that can help get you coverage.” |
Yes. You can be denied life insurance if you have high blood pressure, but it is rare to be denied solely on a blood pressure reading. Typically, there will be other risk factors present in addition to high blood pressure if you are denied.
The answer is yes. Getting life insurance with multiple sclerosis possible. However, it will depend on the severity of your condition and time elapsed since diagnosis. Policies that are issued in these situations are usually more expensive than the ones with standard premiums.
Most cases will require an Attending Physician’s Statement (APS). Life insurance underwriters will consider a number of factors such as:
Even if you can’t be approved for a traditional life insurance policy, you always have an alternative option. No medical life insurance policies are an option for many with MS.
There are two options for you to consider: guaranteed issue insurance policies and simplified issue insurance policies. Neither of them requires a medical exam. Note, however, that a guaranteed issue policy is quite expensive, comes with a low coverage cap and does not pay out for any death other than an accident during the first two policy years.
“Depending on how long you have had multiple sclerosis for and how stable your symptoms are, you can be considered for life insurance.
The life insurance company will probably order an APS (Attending Physician Statement) from your doctor to look at your medical background and the severity of your condition e.g. has your condition been stable, when did you have your last attack, is it progressive etc.
Once they have received all your medical information, the underwriters can make a decision and you may be “rated” which means you will pay a higher premium than normal or, if your condition is progressive, they may decline you.
If this happens, there are alternatives and companies that can help get you coverage.”
If you already have a traditional life insurance policy and you are worried that you are at risk of developing multiple sclerosis in future, it will not affect the cost or coverage of your policy in any way! Your policy will cover your condition. Insurance company have no right to cancel your policy once you are diagnosed, as long as you already have a policy in place.
This is the reason to think about a getting life insurance policy as soon as possible. It is always more affordable and accessible to get a policy while you are young and healthy. So, lock in a good long-term or permanent rate now!
Because multiple sclerosis is an important indicator of your potential future health problems, your insurance premiums will depend on how long you have had this diagnosis. The further back multiple sclerosis was diagnosed, the higher your risk for serious health problems or even death. In this case, there is a substantial life insurance risk, resulting in increased life insurance rates.
Here are a few examples of multiple sclerosis life insurance underwriting as seen with several Canadian insurance companies.
| DETAILS | MILD/MODERATE | SEVERE | |
| Insurer A | Pricing and policy type depend on severity and date of onset. | Rating >150% (i.e. 150% of standard rates) | Decline |
| Insurer B | Pricing and policy type depend on a number of factors, including: active stage of the disease, degree of impairment and duration of remission. | Standard or rated | Decline |
| Insurer C | Pricing and policy type depend on the severity and time elapsed since diagnosis. As severe, considered: > 10 years since diagnosis. | Standard to +150% | +250% to Decline |
| Insurer D | Cases that are accepted will usually be rated. | Possible high rating | Decline |
The table below gives a brief overview of the types of life insurance policies you can get with a diagnosis of multiple sclerosis.
| Insurance Type | Medical Exam | Detailed Medical Questionnaire | Short Questionnaire | Coverage Limits | Important to Know |
| 1. Traditional, Medically Underwritten Life Insurance with PREFERRED RATES | Yes | Yes | No | $5,000,000+ | Cannot apply |
| 2. Traditional, Medically Underwritten Life Insurance with STANDARD RATES | Yes | Yes | No | $5,000,000+ | Possible with mild cases |
| 3. Traditional, Medically Underwritten Life Insurance WITHOUT A MEDICAL EXAM | No | Yes | No | $5,000,000+ | Cannot apply |
| 4. Traditional, Medically Underwritten RATED Life Insurance | Yes | Yes | No | $5,000,000+ | Yes, the most likely scenario for people with mild cases with potential rating of 150% to 250%. |
| 5. Simplified Issue Life Insurance | No | No | Yes | $1,000,000 | Yes, can typically qualify for this insurance. Questionnaires will vary across providers. |
| 6. Guaranteed Issue Life Insurance | No | No | No | $25,000 | Yes, you can always qualify for this one. |
Working with a broker will help you find the best plan for multiple sclerosis and life insurance. A broker not only helps with the preliminary insurance inquiry, they can also email the underwriter to check on the possibility of a rating or decline before the application process gets underway. Brokers match applicants with the policies they will most likely qualify for, within their budget. When you choose a broker, they do the research and inquiries for you. Brokers are free to use; clients only pay for the cost of the policy. The insurance company selected compensates the broker.
Start by considering your avenues for purchasing insurance. You can buy directly from an insurer, work with an agent or broker or use your work or association’s group benefit plan.
All Canadian insurers will have options, including: Manulife, SSQ Life Insurance, Empire Life, Canada Life, Assumption Life and more.
We recommend working with an experienced life insurance broker who has access to all the best life insurance policies on the market and will compare application criteria across a wide variety of insurance companies to get you the best rate and coverage.
Our experienced life insurance brokers are happy to help. To get started, complete the quote request on the right side of your screen.
