Relapsing-Remitting MS life insurance

Securing a life insurance policy when you have a medical condition may feel daunting, but acting sooner and considering your options can make the process easier.

There isn't a specific life insurance policy designed exclusively for individuals with Relapsing-Remitting Multiple Sclerosis (RRMS). The phrase 'Relapsing-Remitting MS life insurance' simply indicates that a person with this condition has secured a life insurance policy.

Relapsing-Remitting MS is the most common type of MS, with approximately 85% of people being originally diagnosed with this type[1].

But can you secure an affordable policy that is right for you?

In this 2024 guide, we explore life insurance with Relapsing-Remitting MS and the options that could be available to you. Read on to find out more…

Why not read Reassured’s article on MS life insurance, providing additional information for those living with MS.

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Relapsing-Remitting MS and life insurance key points:

  • RRMS a type of MS defined by Healthline as ‘periods of acute relapses and periods of remission’
  • Having RRMS can affect your life insurance premium costs as all insurers will ask about your medical history (unless applying for an over 50s policy)
  • You may still be able to secure a standard policy if you have a family history of RRMS
  • If you develop RRMS after securing a policy, then you don’t need to inform your insurer of your diagnosis
  • Reassured offer a specialist impaired risk service that can help those who’ve been previously declined life insurance

Can I get life insurance with Relapsing-Remitting MS?

Yes, you may be able to secure some form of life cover if you have been diagnosed with RRMS.

Although you may face increased premium costs or potentially being declined. Insurers will assess your medical history when you apply for a policy and look into the severity of your MS as the condition can be seen as a health risk.

If your symptoms are well managed and your condition is stable, there may be no difference between you and a standard applicant, however the risk associated with your condition may vary between insurers.

Reassured is the UK's largest life insurance broker * that could offer quotes from leading UK insurers, including smaller specialist insurers through our advised team.

What policies options are available?

There are many types of life cover, the best option for you is down to your personal circumstances.

Listed are the most popular options for those with medical conditions:

  • Over 50s life insurance: A type of policy that is available to UK residents aged 50 - 85. Acceptance is guaranteed, as well as the policy lasting for the rest of your life. A great choice for those living with a medical condition as no medical questions are asked during the application.
  • Level term life insurance: Provides cover for a set period of time (the term) and will pay out a fixed lump sum if you pass away in the term. The policy term could last up to 40 years, which is a suitable option for those with an interest-only mortgage. Medical information is required during the application.
  • Decreasing life insurance: Provides cover for a set period of time, paying out a decreasing lump sum if you pass away during the term. the policy term could extend up to 40 years. Suitable for those with a repayment mortgage. Medical information is required during the application.
  • Whole of life insurance: Can be a more expensive option, however it does provide life insurance for the rest of your life with a guaranteed pay out. Your RRMS condition and medical history may affect your premium costs and eligibility.

Reassured can compare the listed policy options to ensure you find the right option for your needs, as well as whole of life quotes through our advised team.

How much is life insurance with Relapsing-Remitting MS?

The cost of your life insurance policy will be down to a variety of factors, including the severity of your multiple sclerosis.

When applying for life insurance insurers will typically ask about:

  • Age
  • BMI
  • Smoking status
  • Health & wellbeing
  • Lifestyle and occupation
  • Type of policy
  • Policy term
  • Sum assured

When informing the insurer about your RRMS, they may ask further questions surrounding your condition to accurately calculate your premiums by risk.

Different insurers may have different underwriting processes, emphasising the importance of shopping the market before securing cover.

What will I be asked about my Relapsing-Remitting MS in the application?

When applying for cover with RRMS, the insurer may ask further questions regarding your MS to gain a greater understanding of your condition and its severity.

Some questions you may get asked are:

  • When were you first diagnosed with MS?
  • What type of MS are you diagnosed with: Relapsing-Remitting MS (RRMS), Secondary-Progressive MS (SPMS) or Primary-Progressive MS (PPMS)?
  • What symptoms do you have/have your symptoms improved or worsened throughout time?
  • How often do you have relapses and how long do they last?
  • Are you having treatment? If so, is it working effectively?
  • Does MS affect your daily life?
  • Has your condition progressed over time or are you in remission?

In some cases you may also be asked to complete a medical exam. Or insurers may ask to see your medical records (with your permission).

Please note, it’s essential to be completely open and honest with your insurer when applying for cover as you can put loved ones at risk of not receiving a pay out due to non-disclosure.

How much relapsing remitting MS life insurance do I need?

Work out how much life insurance you may need based on your current financial commitments and what you want your policy to cover. Simply fill in the fields which apply to you for an instant calculation.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Will I be declined life insurance with Relapsing-Remitting MS?

Whether you’re declined life insurance with relapsing remitting MS may depend on the severity of your condition and other factors that are considered when securing life insurance.

If you’ve previously been declined this doesn’t necessarily mean you’re unable to secure a form of cover.

Reassured have an impaired risk team who specialise in finding suitable cover for all non-standard applicants.

Will I need to do a medical exam?

Insurers may ask you to undergo a medical exam to gain a greater understanding of your MS. It will be arranged and paid for by the insurer.

Alternatively, insurers may ask to see a medical report from your GP. Please note, insurers can’t access any information from your GP without your permission.

Although, it’s important to know that, without the required information insurers are unable to finish your application and therefore won’t be able to offer you cover.

Why do I need life insurance with Relapsing-Remitting MS?

Having life insurance can financially protect your loved ones if the worst were ever to happen to you.

Having life cover can help cover:

  • Mortgage / rent payments
  • Family living costs
  • Household bills
  • Any unpaid debts
  • Childcare & education costs
  • Funeral costs

Being diagnosed with a medical condition can emphasise the need to financially safeguard the future and to secure a policy sooner rather than later.

Securing life insurance with Relapsing-Remitting MS through Reassured

Securing life insurance with Relapsing-Remitting MS could be possible; by exploring options through Reassured you have a quick and simple experience whilst also having all your questions answered.

Our friendly professionals are able to help you throughout the entire application process and source quotes from a variety of insurers to make sure you secure our best price.

Don’t let your condition get in the way of safeguarding your loved one’s future. Explore your options today through Reassured.

RRMS Life Insurance Quotes »

Sources:

[1] https://www.nationalmssociety.org/understanding-ms/what-is-ms/types-of-ms/relapse-remitting-ms

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