We recently had a referral to a woman needing life insurance, and after some informal questioning, I discovered why she was recommended to us. She had been diagnosed with Myasthenia Gravis, in addition to some other medical concerns as well.
Life Insurance and Myasthenia Gravis, especially when paired with additional medical impairments, can be one of the more difficult combinations we can get someone approved for.
Fortunately, because she came to us quickly, we were able to find some excellent ratings! After all, we can even help those individuals who are looking for Cerebral Palsy life insurance.
If you have questions about Myasthenia Gravis and applying for coverage, read on.
Life Insurance And Myasthenia Gravis
Life insurance with Myasthenia Gravis is considered a high risk life insurance policy. While it’s not a very common condition, Myasthenia Gravis can have lasting effects, of which some can be harmful to one’s life expectancy. Myasthenia Gravis can also be closely related to other medical conditions. Some of the most common are:
When applying for life insurance, remember, each carrier is going to look at all factors, not just the Myasthenia Gravis. In the case we were referred, Hypothyroidism was also on her bill of health. If you pair them together, they become harder to insure due to the increased chances of future health issues related to either one.
The key issues when a life insurance company is considering approval of life insurance for someone with Myasthenia Gravis are the daily impacts of basic functions which the Myasthenia Gravis may have altered. Things such as breathing, swallowing and other muscle functioning which can affect your well being on a day-to-day basis are of greatest concern. Usually, these are not a concern in the earliest detected cases, but they can develop over time.
Companies Offering Life Insurance With Myasthenia Gravis
The following only pertains to our particular case, and may not provide insight to whether or not you could afford life insurance with Myasthenia Gravis. We had also asked a pertinent medical questionnaire in great detail for a prequalification.
Here are some, but definitely not all, of the companies we sought approval from who returned with an offer:
North American was willing to offer a minimum of a Table 2 rating, if all other factors were consistent with her questionnaire. Although this was not a bad rating at all for her case, the premium was not similar to the others, and was therefore not worth applying for.
American General was even less willing than North American, returning with a preliminary result of Table 6 in order to insure our client. This was obviously pushed aside quickly.
SBLI answered our inquiry with Table 2 at very best, and gave us no further detail. While the premium was comparable, they didn’t seem too aggressive to insure our client.
Genworth was willing to offer coverage, but had quite a few restraints. First, they would offer nothing better than a Table 6. Second, they required a face amount of at least $200,000 in coverage. We were only searching for $100,000, so this was not a viable option for us anyhow.
Prudential was one of our major players for this particular case. They offered as high as Preferred Best as long as our client could prove she was stable, had no signs of Myasthenic Crisis, and all other health factors were consistent with a healthy woman of her age. This quickly caught our eye as the premium was a significant drop when compared to the other companies willing to offer life insurance with Myasthenia Gravis.
Protective was another great option for us, as they showed some aggression to approve the case as well. With a Preferred rating offer, it did, however, come with some restraints attached. The Myasthenia Gravis had to be ocular only, and the Hypothyroidism had to be minimal and stable. The offer was also limited to a 60 day period, meaning our client would have to apply rather quickly to ensure she could qualify. The rates attached were very attractive.
How Myasthenia Gravis Affects Life Insurance
So why tell you all the different company’s offers as opposed to just telling you who we went with? I wanted to show you how important it is to work with the right company from the beginning. Just because a company is willing to offer coverage, does not mean you should use them! We actually had 14 companies who were willing to approve a case, but the variations were crazy.
Myasthenia Gravis and life insurance approval is completely dependent on your personal case, and every other factor involved with your current and past health. There are so many factors and so many different stages of Myasthenia Gravis which impact how an insurer will view your profile.
If you are looking for life insurance with Myasthenia Gravis, contact us to find out which company might suit your needs, and also your budget. We’d be happy to help.