January 14, 2021

Arranging Life Insurance with Multiple Sclerosis

Do you have Multiple Sclerosis?  Read our case study to find out how we can help you

We were approached by Mr H, a 50-year-old non-smoker who needed personal insurance to offer financial security to his family should he pass away. We advised him that a life insurance policy with a sum assured of £450,000 until he reaches the age 70 years would be the most suitable policy to meet his needs, and quoted him at a monthly premium of £75.86.

Diagnosis of Multiple Sclerosis with no symptoms

Mr H told us that he was in good health and enjoys various sports.  However, he had undergone various medical examinations twenty years previously as he had suffered some visual disturbances and was eventually diagnosed with Multiple Sclerosis.  However, he has not suffered any symptoms since the initial diagnosis or indeed sought further medical assistance or medication.

What is Multiple Sclerosis?

Multiple sclerosis (MS) is a condition that can affect the brain and spinal cord. It causes a wide range of potential symptoms, including problems with vision, arm or leg movement, sensation or balance.

It’s a lifelong condition that can sometimes cause serious disability, although it can occasionally be mild.

In many cases, it’s possible to treat symptoms but average life expectancy is slightly reduced for people with MS.

It’s most commonly diagnosed in people in their 20s and 30s, although it can develop at any age, and is also about 2 to 3 times more common in women than men. Source NHS November 2020

Our process and advice

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.

Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition?

Might they decline the application? We want to avoid wasting time by making applications which may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK and are committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

The process

An application for cover was submitted to the Insurance provider who seemed most sympathetic to our clients condition.  Due to the large sum assured and his age, a medical examination was arranged and a questionnaire was sent to his GP.

The Outcome

Although Mr H would have liked Critical Illness Cover, this was unavailable to him because insurers do not offer this type of cover to Multiple Sclerosis sufferers.

Once his medical evidence had been assessed, the insurer was able to offer him the life insurance, but with a 50% loading on top of their standard quoted premium. This is an additional charge to reflect the increased risk the insurer believes they are taking on.

This meant that his final premium was £114.69, so an increase of £38.83 above the initial quoted premium of £38.83.  Although Mr H was disappointed that critical illness was unavailable to him, he is still relieved that he has the life insurance in place.

All our case studies are based on actual client scenarios, many of which pre-date 2020.  We are confident that the acceptance decision made by the insurers would still be offered. Although it is likely that the rates will have changed, your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example.  Which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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