Life Insurance With Bipolar Disorder

Written by Jason Fisher

Life insurance is one of the most important purchases that you can make for your loved ones. It’s one of the only ways that you can ensure that your family is going to be taken care of after you pass away. While it’s one of the most important things that you can buy, it can also be incredibly difficult to buy the perfect plan. It can be a confusing and frustrating process, but if you have a preexisting condition like bipolar disorder, it can be even more complicated.

Bipolar Life InsuranceIf you have bipolar disorder, you may need to consult a life insurance specialist to obtain affordable coverage, depending on the severity. Life insurance for bipolar people is not always a simple purchase, because it can be considered an impaired risk when applying. It is also difficult for those seeking life insurance with suicide attempts or thoughts on their medical history to obtain coverage.

The key to applying for life insurance with bipolar disorder is using an agent who knows how to get you matched with not only the right company, but also find you the best rate for your specific situation.

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Bipolar disorder and life insurance can be as easy, or it can be very daunting and time consuming if you aren’t prepared. As with any illness or high risk classification it is best to work with an agent that can help you find the best company and policy for your needs, whether that be a traditional policy, a no medical exam policy or a guaranteed issue life insurance policy, we can help you find the coverage you deserve!  We have even helped individuals looking for life insurance with COPD or million dollar life insurance.

Life Insurance With Bipolar Disorder

Someone who suffers from bipolar disorder can be considered a higher risk than normal to a life insurance company. If the severity is great enough, it impacts daily life and can have long term risks associated with mental health.

Risks Associated With Bipolar Disorder

Mild cases of bipolar disorder are not major concerns, as the symptoms are not related to potential dangers as with the most severe cases. Wherever you fall on the scale, these are the things underwriters are looking for:

  • Anxiety
  • Impulsive Behavior
  • Depression
  • Aggression
  • Insomnia
  • Psychosis
  • Delusions
  • Apathy

While these are not grounds for immediate disqualification by themselves, it’s the resulting actions a person takes where the greatest risks lie. For example, a person with impulsive behavior may suddenly want to try something they otherwise wouldn’t which could physically harm them or someone else. Someone with extreme insomnia can incur significant health issues with the inability to sleep. Someone who becomes irritable or aggressive can find themselves involved in violence or crime.

Another piece of information required of underwriters is the treatment for any of these, or other, symptoms. What kind of treatment was sought, how long treatment has been administered for, and a list of prescribed medications are all things you’ll need to be prepared to supply. Having a list of any doctors or specialists and their contact information would also be valuable.

Bipolar Life Insurance Is About Control

Even if you do have a list of treatments you’ve under gone or a list of medications you’re taking for your bipolar and it’s symptoms, it doesn’t mean you’ll get a bad rating or decline. If your lifestyle is normal and you have maintained everything under a reasonable control over a sustained period of time, you may find yourself with a favorable rating.

Your level of control over the bipolar and its symptoms will reflect most in your daily activity. If you have several occurrences of symptoms in a short period of time, it will be much more challenging than if you had one instance several years ago. The degree of occurrence is also noted: did you simply feel anxious and irritable or were you admitted to a hospital for overnight treatment?

Some questions which may be asked of you are as follows:

  1. What triggered the episode(s)?
  2. How many episodes have you had?
  3. What was the severity of the episode?
  4. What type of treatment were you advised?
  5. Was the treatment successful?
  6. What is the likelihood another episode could occur?

The more detail you could provide for these types of questions, the better. Having an accurate account will give the underwriter what they’re looking for so they can supply a rating best suited to your particular case.

Applying For Coverage With Bipolar

The first and best tip I can offer is to work with an independent agent. This means finding an agent who is not tied to just one carrier. For example, if you decide to apply with us, we seek out the best rating and the best premiums for you and your situation from a vast array of carriers.

Working with one of our independent agents has several different advantages that you can benefit from. Our agents can save you both time and money on your insurance policy. You could spend dozens of hours trying to find an affordable plan to fit your needs, or you can let us do all of the work. Our independent agents can bring all of the lowest rates directly to you.

You can feel confident you are getting the best of what’s available throughout the whole industry, and you won’t have to worry about the difficulties of seeking advice from a multitude of agents who are not specialized for this type of special underwriting.

The next best tip we can give you is to be patient. The normal process for life insurance can be lengthy at times, and having to circumvent any additional medical concerns won’t make it any shorter. Fortunately for you, we know where to go the first time so you won’t need to go through the process multiple times.

Things you’ll need to have ready:

  • Dates of episodes
  • Dates of treatments
  • Doctors or Specialists Names
  • Prescription Name and Dosage

We can use this data to make sure we find you what you’re looking for, and we do it right from the beginning. The more information we know up front, the better job we can do for you.

Life insurance is the best investment that you’ll ever make for your family. You can’t predict the future, you have no idea what’s going to happen tomorrow. Don’t wait any longer to get the insurance protection that you need. If you don’t have a quality insurance plan, your loved ones could be left with massive amounts of debt and no way to pay for it.

If you have any questions about life insurance with bipolar disorder, or about the different kinds of policies that you can choose, please contact one of our agents today and we would be happy to answer any of those questions for you. Our agents are dedicated to ensuring that you get the best possible insurance policy to protect your family.

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