Life Insurance with Myasthenia Gravis

life insurance and Myasthenia gravis

If you are looking to obtain life insurance and have been diagnosed with Myasthenia Gravis, you have come to the right place.  We understand the fear and emotions that are tied to purchasing life insurance. We see it often.  We are frequently asked if you can buy life insurance with various high-risk medical conditions and what the best way to do so would be. Recently, the same applied with an individual who was seeking life insurance and was struggling with the impacts of Myasthenia Gravis.

In all honesty, applying and trying is the best option when trying to navigate these situations. Obtaining life insurance with Myasthenia Gravis is 100% possible, but it does take an independent life insurance agent going to work for you. It also takes some patience and understanding of the process.  It’s never necessarily a walk in the park trying to gain affordable life insurance in these situations.

We sure do try to make it as easy as possible though. Let’s dive into what you can expect during this process and how to obtain the best possible life insurance rates and gain approval while having myasthenia gravis.

Why Life Insurance Is Tricky with Myasthenia Gravis

First and foremost, many individuals wonder why it’s this problematic in the first place to gain coverage with these pre-existing medical conditions so let us explain briefly.  Anytime you have a pre-existing medical condition, things can get difficult during the process.

The life insurance company is concerned that the medical condition or disorder could be life-threatening, and they want lots of details regarding the stability of the disease in general. Items such as medications, doctors’ records, and current treatment plans are just the beginning of the process and some of the questions you can expect to pop during the process.

You see, life insurance companies are very concerned with the potential of death occurring with any of these pre-existing medical conditions. It makes sense. They are trying to always fulfill the obligations to all policyholders and premium payers if tragedy does strike. If they begin accepting high-risk cases without doing due diligence first, that’s when things can go off track for these companies.

So, With Myasthenia Gravis, What’s the Life Insurance Companies Primary Concern

The primary concern for the life insurance company is this example is the statistics and symptoms that Myasthenia Gravis can cause an individual. Myasthenia Gravis for starters is not very common. The signs and impacts can be long-lasting and usually other medical conditions accompany it. Conditions such as

The Importance of These Factors with The Life Insurance Company

Now, the factors mentioned previously is when the life insurance company will begin digging for additional information about the condition. In most circumstances, it most likely makes the most sense to complete the medical exam for the coverage.

Completing the medical exam with life insurance is always the lengthy approach but also the approach that can yield better approvals compared to opting for a no medical exam policy.

When completing the medical exam to obtain coverage the life insurance company will also want to know which treatment options you are currently undergoing.

Everyday Treatment Situations with Myasthenia Gravis

Here is a look at some of the standard treatment options that we see as an agency taking place. Your myasthenia gravis is typically treated in one of the following fashions.

  • Medication
  • Removing the Thymus Gland
  • Plasma Exchange
  • Intravenous Immune Globulin (IVIG)

Unfortunately, what typically happens with Myasthenia Gravis is that your condition worsens over time even with treatment. In rare situations, you may have your condition enter remission, but this isn’t the case very often. Keep in mind that we don’t have PH. D’s over here at Good Life Protection. We are merely informing you of what we see from the typical life insurance consumer.

Other Factors the Life Insurance Company Wants to Know About Your Medical Background

There are other considerations that the life insurance company is going to inquire about during the screening process. Here’s a look and breakdown of some of the other questions you can expect to arise during the process.

  • Are You Currently A Tobacco User (If so, tobacco rates will apply to your coverage)
  • Any family history of heart problems, cancer, diabetes or stroke?
  • What’s your Height and Weight?
  • Do you Perform Any Dangerous Activities or Work A Dangerous Profession?

These factors listed above are just part of the process for any applicant attempting to get life insurance coverage. These questions are not asked just because you have Myasthenia Gravis.  Once you have moved through this part of the process, it will be time to move onto selecting an option and trusting your life insurance agent to go to work for you.

What happens Next during the Process with Myasthenia Gravis?

Up next, your agent should have a right amount of information about your case, and any independent agent understands underwriting guidelines with all the various life insurance companies that could potentially offer coverage to you at this time.

During this process, your agent will work with you to ensure that we are finding the best fit to not only get you approved for coverage but get you approved for coverage at the cheapest possible life insurance rates.

Quick Quoting the Life Insurance Companies Before Moving Forward with Myasthenia Gravis

So, what is quick quoting anyways? Fast quoting is when your agent takes your case, all relevant health information, and your desired coverage amounts and pushes that information off to the dozens of life insurance companies they he or she represents. This is always going to be the best method for a few reasons.

First, it ensures that you are weighing all options and doing all due diligence before making a final decision. You would be surprised what some of these companies may offer you even with Myasthenia Gravis. It could come back much more favorably than you may think currently.

Secondly, it guarantees that you indeed are getting the best price possible for the coverage that you are seeking. You see, without quick quoting, we all only have of the information we need to make the best decision possible when it comes to price. With quick quoting we can see tentative offers from the underwriting departments with all of these companies. It doesn’t end here. We still have more to work to do.

Shopping Your Case After Approval

After you have chosen the company you want to use for your coverage and you are approved, you should still perform one more step to ensuring that you are making the best possible choice as far as price and terms of the policy. What do I mean by this?

Well, it’s important that we double check one last time if we have the best offer on price. How do we do this correctly? We shop the case. We take your approval, and we double check with the other life insurance companies if they potentially want to make a better offer or provide the coverage for a lower overall price per month.

It’s a win-win for the consumer in this situation. You don’t have to do any of the work during this part of the process, and you can sleep easy knowing that everything possible is being done to complete your case speedily and cheaply.  It’s a big positive in my book!

Approvals and What You Can Expect with Myasthenia Gravis and Life Insurance

With Myasthenia Gravis, it’s not always easy getting a life insurance approval on your application. Often your approval will be sub-standard which simply means you are going to pay a higher premium per month to get the same coverage an average healthy individual would have to pay.

Although it’s possible to do better with Myasthenia Gravis such as a preferred rate if the condition has moved into remission, the likely scenario is somewhere between a table 4 and table 6 approval rating.

In theory, this isn’t the end of the world. Again, it just means your prices will be higher than the average healthy individual.

What do you do if you have been declined for life insurance with myasthenia gravis?

If you been declined life insurance while having this condition, you need to consider other options to get protection in your place for your family.

You can consider life insurance in the form of guaranteed issue life insurance coverage or accidental life insurance coverage. Guaranteed issue will have no medical questions attached to the application and approval process in exchange for a 2-year waiting period being placed on full benefits.

During this period if something god forbid did happen to you, you would be afforded your money back plus 10% interest earned. A more natural way to explain this, you will have a high performing bank account for 2 years and then a full paying life insurance policy following that waiting period.

Accidental Death Life Insurance

If you choose to exercise the accidental life insurance policy, you will be covered for only accident-related deaths. I understand that this is unfortunate, and we would like something to include all forms of death but don’t forget that you can always reapply for coverage in the future and try again. In the meantime, it’s still important to cover your family if the unexpected does happen to strike.

Putting it all Together- Life Insurance with Myasthenia Gravis is 100% Possible.

So, what are you waiting for? We have illustrated how it’s 100% doable to get approved for life insurance with this medical condition, and you can most likely be accepted at rates better than you may be expecting. You can start by filling out the quote form on the right. It will allow you to compare rates from over 50 of the top rates companies that we all know and trust. May the best price win and thanks for reading.

FILED UNDER – HIGH RISK LIFE INSURANCE

Resources: Chop.edu