Secondary progressive MS life insurance

Whilst arranging life insurance with secondary progressive MS (SPMS) may require some extra steps, such as additional medical questioning, it could still be possible to secure a policy to help protect your loved ones.

Secondary progressive multiple sclerosis is a form of MS where symptoms gradually worsen throughout time, this is typically diagnosed after the initial period of relapsing remitting MS.

This can come with some challenges, such as managing lifestyle changes and financial planning.

There isn’t a specific product called ‘secondary progressive MS life insurance’, this term simply refers to people living with SPMS who secure a life insurance policy.

Here at Reassured, we offer an award-winning broker service that could help you explore available options for your circumstances and needs and compare quotes to find our best deal.

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Secondary progressive MS and life insurance key points:

  • Secondary progressive MS (SPMS) is a form of MS that usually comes after relapsing remitting MS (RRMS)
  • Having SPMS may not mean you can't secure some form of cover
  • When applying for life insurance, unless applying for an over 50s plan, you’ll be asked extra medical questions and potentially need to partake in a medical exam
  • There are specialist insurers that can often offer cover to those with pre-existing medical conditions (Reassured can compare specialist insurer quotes through our advised team)
  • It may be wise to secure life insurance sooner rather than later

Can I get life insurance with secondary progressive MS?

Yes, you may be able to secure life insurance if you have secondary progressive MS. Your eligibility will depend on a variety of factors, not just your medical history.

Although, the severity of your condition and progression will be considered by insurers. If your condition is well managed and you experience mild symptoms then some insurers may accept your application.

It’s essential to explore the market and compare quotes when searching for a suitable policy as insurers have different underwriting processes and criteria for measuring risk.

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

Life insurance policies with secondary progressive MS

There are a wide variety of life insurance policies, catering to different needs and circumstances. The right policy for you is dependent on your individual situation.

We’ve listed life insurance options that could be available for those living secondary progressive MS/ a medical condition:

Over 50s life insurance

A type of cover available to UK residents aged 50 - 85 that offers guaranteed acceptance and no medical questions are asked. This means having SPMS will not affect your policy.

A guaranteed pay out is also provided when you pass away after the initial 12 or 24 month waiting period.

Decreasing life insurance

A policy that provides cover for a set amount of time (the term) but the sum assured decreases throughout.

This type of policy will pay out only if you pass away during the set term (typically up to 40 years) and can help cover finances such as a repayment mortgage, as well as being a cheaper option.

Medical questions are required in this application.

Level term life insurance

A policy that provides cover for a set amount of time and the sum assured remains the same throughout.

This type of policy will pay out only if you pass away during the set term (typically up to 40 years) and can help with covering interest-only mortgages.

Medical questions are required in this application.

Whole of life insurance

This policy provides cover for the rest of your life, however this can be more expensive if you have a medical condition.

Your loved ones will be provided with a pay out when you pass away.

Medical questions are required in this application.

Reassured can compare quotes for the life insurance policies listed and whole of life quotes through our advised team, as well as a range of other options.

Why not get in touch today to see what’s the best option for you?

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How much is secondary progressive MS life insurance?

The cost of life insurance can be down to a variety of factors. Having secondary progressive MS can affect premium costs due to the increased risk of a claim.

Insurers will determine the cost of your monthly premium by looking at your:

  • Age
  • BMI
  • Medical history
  • Smoking status
  • Health & wellbeing
  • Occupation & lifestyle
  • Sum assured
  • Policy term
  • Type of policy

You’ll need to provide this information during the application process so insurers can accurately calculate your eligibility and the cost of your monthly premium.

Why not see how much life insurance you need to help you find the right policy for you with our life insurance calculator below.

How much secondary progressive 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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What will I be asked about my secondary progressive MS in the application?

When applying for life insurance you’ll be asked about a variety of factors, including your medical history, unless you’re applying for an over 50s policy.

When you disclose your medical condition to insurers, they may ask further questions regarding your SPMS to gain a greater understanding of your health and to assess risk.

You may be asked:

  • When were you diagnosed with multiple sclerosis and when did it progress to SPMS?
  • What symptoms do you experience?
  • How manageable is your condition/ do you experience relapses or worsening?
  • What level of mobility do you have?
  • Are there any complications related to your MS?

Depending on the severity of your condition and your symptoms, insurers may ask for access to your medical records or that you attend a medical exam.

Insurers won’t be able to access your medical records or contact your GP without your permission, although if you fail to provide all necessary information the insurer won’t be able to complete the underwriting process, resulting in you not being able to secure a policy.

Please note, you must make sure you answer all questions correctly and disclose all required information. Failure to do so could invalidate your policy and a pay out may be refused in the future due to non-disclosure.

Will I be declined life insurance due to secondary progressive MS?

You could be declined for life insurance depending on the severity of your secondary progressive MS, as well as other factors (as outlined above).

Your ability to obtain life insurance, in some cases, can also be affected if you’ve been declined in the past.

However, there could still be a chance for you to get coverage whether that’s with a different insurer, through a specialist provider or with an over 50s plan.

Reassured have a specialist impaired risk team dedicated to assisting individuals who have previously been declined to find suitable life insurance options.

Why do I need life insurance with secondary progressive MS?

Life insurance is an important type of financial protection to have in place. Not only can it safeguard your finances and loved ones, but it can also offer you peace of mind.

Having a policy in place can help cover expenses such as:

  • Mortgage / rent payments
  • Childcare costs
  • Funeral costs
  • Any remaining debts
  • An inheritance
  • Family living costs

When being diagnosed with a medical condition, such as SPMS, this can emphasise the importance of protecting your assets and family.

Why not secure cover sooner rather than later and get in touch today?

Secure secondary progressive MS life insurance quotes through Reassured

It could be possible to secure some form of cover with secondary progressive MS. By exploring your options and different insurers, you could find the right policy suited to your circumstances and needs.

Reassured can compare life insurance quotes from a variety of UK leading providers, as well as smaller specialists (through our advised team). Why not get in touch today to see what our friendly professionals can offer.

Find the right policy for you, at our best prices with Reassured.

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