The simple answer is yes, you should be able to get life insurance if you suffer from multiple sclerosis, however, you will need to answer a few additional questions relating to your condition so that the underwriters can assess your application properly. If you have multiple sclerosis then you should read this article carefully before applying for life insurance as it is likely to save you both time and money.
In this article, we go through everything you will need to know about life insurance and multiple sclerosis, including the questions you are likely to be asked, which life insurance companies are the best based on your condition and also the easiest and cheapest way to apply for life insurance.
If you have multiple sclerosis and simply want to know the cheapest way to buy life cover, jump to 'Which is the best life insurance company if I have multiple sclerosis'.
What questions will a life insurance company ask about my multiple sclerosis?
A life insurance company is likely to ask additional questions relating to your multiple sclerosis so that they can assess the risk that you pose. Questions may include:
- Date of diagnosis
- The type of MS you suffer from
- Do you take any medication
- Date of your last relapse
- The impact on your daily living (whether you are able to walk without the use of walking aids)
Multiple sclerosis - Additional factors that may cause an increase in your life insurance premiums
Below, we have listed some of the factors relating to multiple sclerosis that will impact your life insurance application and likely cause an increase in your monthly premiums. Most insurance companies are likely to increase life insurance premiums for those who suffer from multiple sclerosis, however, the skill is choosing the company that will treat you most favourably and we explain how to do this later in this article:
- If you suffer from primary or secondary progressive multiple sclerosis
- If you suffer from relapsing/remitting multiple sclerosis with little or no gaps between relapses
- If the condition is impacting your daily living
- If you have had to give up work due to the condition
- If the condition impacts your mobility
How does multiple sclerosis impact life insurance premiums?
Life insurance premiums are set by a team of actuaries whose job is to understand the risk that you pose. The price that you see on online comparison sites is the standard premium based purely on the amount of cover you have requested, your age and your smoker status. In order to truly understand how much you are likely to pay for life insurance, you will need to inform the insurance company about your condition and give them as much information as possible. The final premium you pay will depend on the severity of your condition and what impact (if any) it has on your daily life.
Will a life insurance company ask to speak to my doctor about my multiple sclerosis?
Not necessarily. It really depends on how much information you are able to provide the insurance company. Some insurance companies, such as Legal & General and Aegon are often able to offer a decision based on the information you can provide, so long as it is detailed enough. This can dramatically speed up the application process. That said, you shouldn't select a life insurance company solely based on the speed of the application process. Most insurance companies will provide free accidental death benefit while your application is being underwritten and so it may be worth waiting an extra week or two, especially if the premiums end up being significantly cheaper. An independent life insurance specialist can help you through the application process, including helping to choose an insurance company that best suits your condition. We explain more later in this article.
Can I get life insurance if I have primary or secondary progressive multiple sclerosis?
Yes, but you should be prepared to have to answer a few more questions and for the underwriters to write to your GP in order to understand your condition fully. You should also expect to pay a higher premium than the one you were originally quoted, but remember, you don't have to accept the final premium you are offered. Whilst not recommended, you are free to apply to as many insurance companies as you wish. Often, a better solution is to speak to an independent life insurance specialist; simply provide them with as much relevant medical information as you can and they will find you the best and cheapest life insurance company for your needs. Additionally, they can help guide you through the application process, provide advice on how to ensure the proceeds are paid out tax-free and they will even pay up to £100 cashback.
Can I get life insurance if I have been declined for multiple sclerosis in the past?
Yes, absolutely. Life insurance is a competitive business and being declined by one life insurance company should have no impact on the decision of any other life insurance provider. That said, applying to another life insurance provider isn't a guarantee that you will be offered cover. You should always speak to an independent life insurance specialist as they will be able to put you in touch with the insurance company that is likely to offer you the best and cheapest life cover. We explain the best way to do this below, including how you can get up to £100 cashback.
Which is the best life insurance company if I suffer from multiple sclerosis?
This will depend on a number of factors and the best and cheapest life insurance company is likely to be different for each applicant. The best life insurance company for someone who is 30 and suffers from secondary progressive multiple sclerosis is likely to be different from someone who is 50 and suffers from relapsing/remitting multiple sclerosis. The best way to ensure that you get the best and cheapest life cover is by speaking to an expert, independent life insurance specialist, such as LifeSearch. You'll speak to an expert adviser who will get to know your condition inside out, asking all of the relevant questions so that they can then speak to the insurance company's underwriters directly on your behalf, ensuring that you save time and money by applying to the life insurance company that will offer the best and cheapest premiums. It is a personally tailored service that cannot be replicated by online comparison sites or calculators. All you need to do is complete this short form and request a callback at a time that suits you. There is no obligation on your part to take things further than the initial conversation, however, if you are happy and decide to take out a policy you will qualify for up to £100 cashback.
Looking for a financial adviser near you?
Do you need financial advice? An independent financial adviser can show you how to make the most
of your money. Find your nearest qualified and regulated adviser using this VouchedFor search tool.
Alternatively, Hargreaves Lansdown, one of the UK’s largest firms providing restricted financial advice, is offering a £200 John Lewis voucher* to new clients.