Can you buy life insurance if you have multiple sclerosis?
Yes, many people who have multiple sclerosis (MS) can buy life insurance. However, your coverage options and how much you pay for your policy will depend on the progression of your condition, your current age, the age you were when first diagnosed, and other factors.
Life insurance terms you should know
Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.
Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.
Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.
Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.
Insured: The person who is covered by the insurance policy.
Policy: The legal document that includes the terms and conditions of your life insurance contract.
Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.
Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.
Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.
Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.
Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.
Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.
How does having MS affect your life insurance options?
Multiple sclerosis is a condition of the central nervous system that disrupts the flow of information within the brain, and between the brain and the body. [1] Life insurance companies consider MS a pre-existing condition that increases your insurance risk.
Your type and stage of MS will largely determine whether you’ll be eligible for traditional coverage, such as term life or whole life insurance, and how much you’ll pay for your policy.
When you apply for coverage, insurers will assess your insurance risk based on a few factors, including your age, gender, lifestyle habits, and overall health profile, and assign you a health classification. Your health classification will, in turn, determine your premiums.
Health classifications, explained
Preferred Plus offers the most affordable premiums. It’s usually assigned to people who have no or one well-controlled or resolved minor health condition and no family history of conditions like heart disease or cancer.
Preferred offers the second-lowest premiums. It’s usually assigned to people with one or two well-controlled or resolved minor conditions and no family history of conditions like heart disease or cancer.
Standard Plus offers the third-lowest premiums. It’s usually assigned to people who may have well-controlled or resolved mild-to-moderate conditions and who may have one death from heart disease or cancer in their immediate family.
Standard offers the fourth-lowest premiums. It’s usually assigned to people with well-controlled or resolved moderate health conditions and who may have more than one immediate family member who died of heart disease or cancer.
Table Ratings are assigned to applicants with more serious health conditions and are divided into 10 sub ratings — table 1 has the lowest premiums and table 10 the highest.
Tobacco/Smoker ratings are assigned to people who currently use tobacco or nicotine products or have in the past 12 months. These ratings can also be applied to frequent marijuana users. There are usually three categories for people in this rating: Preferred, Standard, and Table Ratings.
You can be assigned a Standard or Table 2 health classification if any of the statements below describe your MS.
Your MS is mild.
You were diagnosed under age 45.
You were diagnosed more than 10 years ago.
Your MS has no impact on activities of daily living (ADLs) — eating, bathing, getting dressed, toileting, transferring, and continence.
Standard represents average rates, while Table 2 represents higher-than-average rates, usually assigned to people with at least one complex health condition.
You can expect to be assigned a Table 4 health classification — usually assigned to people with more complex health conditions — if:
You have moderate or relapsing-remitting MS (RRMS) — the most common type of multiple sclerosis. [2]
You were diagnosed between age 40 and 60.
You were diagnosed less than 10 years ago.
You may be declined for traditional coverage if:
You have primary-progressive MS (PPMS). [3] or aggressive MS [4]
You have a history of falls and gait instability.
You were diagnosed in the last two years.
What information about your MS will you have to disclose on your application?
When you apply for life insurance, you’ll need to share all diagnoses, treatments, surgeries, and medications that you’re currently taking. You’ll also have to provide specific information about your MS, including:
Age of onset
Initial symptoms
Current symptoms
Frequency of symptoms
Progression of the disease
Current treatment(s) and how you’re responding to treatment
Any medications you’re taking
Ability to perform the activities of daily living (ADLs)
Additionally, the insurer will request more information directly from your doctor(s) through an attending physician statement (APS), in order to confirm your health information.
If you have MS or any other disease, you must disclose it to the life insurance company during your application. If you lie on your life insurance application, you could be denied coverage and be prevented from applying again, even to a different company.
Each life insurance company considers a MS diagnosis, along with the rest of your health profile, differently, so the best way to find the right coverage for you at the most affordable price is to connect with an independent broker like Policygenius. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.
Which types of life insurance are available to people with MS?
If you’re eligible for traditional life insurance, your two most common coverage options will be term and whole life insurance. If you have MS, you may also want to consider supplementing your policy with living benefits.
Here’s what each of these options offers.
Term life insurance is one of the most affordable life insurance coverage options on the market, only lasts for a set term — usually 10 to 30 years — and doesn’t come with any complex tax restrictions or regulations. Term life is the best option for most people looking to protect their income and provide their family with a financial safety net to cover any debts — including a mortgage or any other type of personal loans.
Whole life insurance is a type of permanent life insurance that doesn’t expire and comes with a cash value that earns interest in addition to the death benefit payout. Because of that, it’s usually significantly more expensive than term life. Whole life can be a good option for high-net-worth individuals looking to use life insurance to diversify their investment portfolio or those with long-term financial obligations or coverage needs, like dependents who require lifelong care.
Living benefit riders are coverage supplements you can add to your life insurance policy to ensure some of your death benefit is accessible while you’re alive if you meet certain criteria. Most companies offer an accelerated death benefit rider for terminal illness, which allows you to access a portion of your death benefit while still alive if diagnosed with a qualifying terminal illness. Most insurers add this rider for free and allow you to use it when you’re diagnosed with a terminal illness and expected to have six to 24 months to live, depending on the company.
The types of add-ons available to you when you buy your policy will depend on your insurer. The agent you’re working with can help you understand your options.
Learn more about life insurance riders
What are the best life insurance companies for people with multiple sclerosis?
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall for people with multiple sclerosis: Transamerica
Transamerica
4.6
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Our analysis found that Transamerica has more flexible guidelines than other insurers for people with MS. Transamerica can consider you for coverage if you have moderate or relapse-remitting MS, as long as you were diagnosed over two years ago (other insurers tend to require a longer time frame following a diagnosis).
Runner-up: Lincoln Financial
2024 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Lincoln Financial is another viable option for people with an MS diagnosis. The insurer can consider you for up to Standard rates if you have mild MS, while other insurers may only consider table rated health classifications instead.
Runner-up: Prudential
2024 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
Generally speaking, Prudential has more flexible guidelines for a number of different health conditions, including MS. If you have mild, moderate, or relapsing-remitting MS, Prudential may be more likely to offer you coverage than other insurers.
Comparing the best life insurance companies for people with MS
Insurer | Policygenius rating | AM Best rating | |
4.8/5 ★ | A | ||
4.6/5 ★ | A | ||
4.1/5 ★ | A+ |
Learn more about the best life insurance companies of 2024
How much does life insurance cost if you have multiple sclerosis?
A 40-year-old non-smoking female with mild MS could pay less than $56 per month for a 20-year term life insurance policy with a $500,000 payout. A 40-year-old non-smoking male with the same health profile can expect to pay less than $72 per month for the same coverage.
A 50-year-old non-smoking female with relapsing-remitting MS (RRMS) can expect to pay less than $222 per month for a 20-year term life insurance policy with a $500,000 payout. A 50-year-old non-smoking male with the same health profile can expect to pay less than $300 per month for the same coverage.
How much you’ll end up paying for life insurance will depend on your overall health profile, age, gender, and other factors. Connect with a Policygenius agent to get an accurate quote for your specific situation.
20-year term life insurance rates for people with mild MS
Age | Gender | $500,000 coverage amount |
30 | Female | $38.57 |
Male | $45.93 | |
40 | Female | $54.55 |
Male | $71.33 | |
50 | Female | $167.63 |
Male | $225.98 | |
60 | Female | $425.51 |
Male | $677.18 |
Methodology: Rates are calculated for female and male non-smokers in a Standard and Substandard T2 health classification obtaining a $500,000, 20-year term life insurance policy. Rates for MS can vary widely based on health history and disease progression. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 06/01/2024.
20-year term life insurance rates for people with relapsing-remitting MS (RRMS)
Age | Gender | $500,000 coverage amount |
30 | Female | $61.54 |
Male | $78.04 | |
40 | Female | $98.70 |
Male | $128.03 | |
50 | Female | $221.61 |
Male | $299.20 | |
60 | Female | $565.35 |
Male | $900.48 |
Methodology: Rates are calculated for female and male non-smokers in a Substandard T4 health classification obtaining a $500,000, 20-year term life insurance policy. Rates for MS can vary widely based on health history and disease progression. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 06/01/2024.
Lear more about life insurance rates
What if you’re denied coverage due to your MS diagnosis?
Some people with MS won’t be able to purchase traditional life insurance — like term life or whole life — due to the progression of their condition. If that’s your case, you still have options.
Guaranteed issue life insurance is a type of final expense insurance aimed at covering end-of-life costs, such as a funeral or medical bills. It doesn’t expire and offers almost-certain approval as it doesn’t ask medical questions. Coverage amounts usually max out at $25,000 and premiums are higher than traditional life insurance, but most people age 45 and older can qualify.
Group life insurance is a policy that covers you through work or a trade organization for free or at a subsidized rate. These policies generally don’t have medical requirements, though coverage is usually maxed out at one or two times your salary, and in most cases, you won’t be able to keep your policy if you switch jobs.
Other health concerns that can affect your life insurance
Certain pre-existing conditions and other health-related concerns can affect your life insurance options or costs. A Policygenius expert can help you find the right policy for your needs.
Mental health issues including depression and anxiety
