Life Insurance and Bi-Polar Disorder- The Truth to Know
Life insurance with bipolar disorder can be scary, to say the least. What’s going to happen? Am I considered high risk?
Will they approve my application? How deep will the life insurance companies dig into my medical background?
Well, the easy answer is, yes it can be approved but they will dig into your medical background. It all depends where the bi-polar disorder falls on the mood disorder spectrum when it comes to life insurance and life insurance rates with bipolar disorder.
It’s just how it is. If you’re here because you know you need life insurance and have bipolar disorder, this shouldn’t change your mindset.
Whatever caused you to look for life insurance in the first place still exist, and the problem still needs to be fixed. Simply meaning, we need to cover options and what you can do to ultimately win the battle against life insurance with bi-polar disorder and get your family protected.
If you’re not bi-polar and maybe have a different mood disorder, you should start by reading our guide that breaks down life insurance and mood disorders for a more precise answer and solution to your problem.
We got your back! We cover many varieties of mood disorders and mental illness and understand the struggle you are going through.
Let us help, but more importantly, let us break down life insurance and Bi-Polar disorder to have you on a clear path to life insurance at an affordable price.
Here we go.
Understanding your Bi-Polar disorder
Bipolar disorder is also referred to as manic-depressive illness. Typically, you will experience symptoms like.
- Unusual Mood Swings
- Change in Activity Levels
- Ability to Function day to day
What are The Classifications for Bi-Polar Disorder?
Here’s the breakdown of three possibilities of the kind of bipolar disorder you may be suffering from.
Bipolar 1 disorder
The bipolar one disorder is defined by frequent manic episodes that can last up to one week. Sometimes the symptoms can be so severe that you require a hospital stay or need medical attention almost immediately. These symptoms may be accompanied by depression that can last several weeks as well.
Bipolar disorder 2
Bi-Polar 2 disorder is less severe than bipolar 1. The episodes are still present but frequently don’t last nearly as long or hit the severity levels of bipolar 1. This is going to be a better outcome when shopping for life insurance.
The form of bipolar is the smallest scale regarding severity. It’s going to present with depressive symptoms lasting for at least 2 years. Sometimes less duration occurs in children. This does not meet the definition of having manic or hypomanic episodes.
Keep in mind that if you here and not bipolar but possibly suffer from depression, to check out our guide that full breaks down life insurance and depression.
What symptoms May You be experiencing with Bi-Polar disorder?
Let’s cover some of the symptoms of bipolar disorder. Yes, we are aware that you probably know them, but just in case we have some readers who don’t know we wanted to be sure to include them here.
You can break it down into 2 lists of what to expect.
The first list you would have would be the symptoms of a manic episode.
- Trouble sleeping
- Increased activity levels
- Wired or extreme energy levels
- Very up or high episodes
- Fast Paced thoughts
- Risky behavior
We all know the old saying about gravity that was goes up, must come down. Bi-Polar acts the exact same way. Following the highs that we just discussed, an individual will be hit by the lows eventually which in include
- Virtually No Energy
- Decreased Activity Levels
- Trouble Sleeping
- No Enjoyment in life
- Lack of Concentration
- Over or Under Eating
- Suicidal thoughts
Sometimes you even get hit with a combination of both versions of manic episodes at the same time.
How is Bi-Polar Diagnosed?
Bi-Polar disorder is typically diagnosed by having a licensed medical professional perform a mental health evaluation. From this point, the patient is often referred to a psychiatrist to diagnose the mental illness fully.
Is Bi-Polar the only condition you are diagnosed with?
Often bi-polar disorder is diagnosed in conjunction with other mental illnesses or mood disorders such as ADHD or Substance abuse can often be present as well, which we will cover later in the blog.
What Causes Bi-polar disorder or what are the risk factors involved?
No direct link has been shown for bipolar disorder. Only one risk factor that held some accurate tested stats is family history. In most cases with an individual with bipolar disorder, another member of the immediate family has also battled through bipolar disorder as well.
How do the Life Insurance Companies look at Bipolar disorder?
Well, let’s look. First, we are going to need to peg if you fall into category 1,2 or 3 for bipolar disorder with the life insurance company. We can do this by classifying your bipolar as listed below.
- Moderate or
- Severe Bi-Polar
So how do we do that?
We have the answer to that as well for you.
Minimal or Mild Bipolar disorder will be any bipolar disorder that’s considered stable. You may also be permitted to take a psychiatric medication, but you can’t be making an antipsychotic or MAO inhibitor. You also can have zero suicide attempts in the past 3 years.
Moderate Psychiatric medication dosages increased in the past 12 months is permitted, but you can’t have any suicide ideation in the past 6 months.
Severe Bi-polar- This would require the use of an MAO inhibitor and frequent changes to medication dosages.
So, what’s my point here and what rates can you expect?
- Moderate- Standard Rates (3rd Best Class You Can Achieve)
- Moderate- Table 2 (5th Best Class You Can Get)
- Severe- Table 4 (7th Best Class you can get)
I’m basing this off a 12-health class scale. Meaning, having bipolar disorder even if it’s somewhat severe can still get you approved for coverage and again possibly in the top 50% of rates. If it’s severe, you would be in the top 65% of health rates you can achieve for life insurance.
Can I get approved for life insurance with Bi-Polar disorder?
The above clearly shows that you can be approved easily, and you be accepted at much cheaper rates than you probably think. Now, keep in mind that this is assuming that your health history outside of the bipolar disorder is in good shape and doesn’t have many issues.
If you have other health concerns outside of the bipolar disorder, the possible ratings we demonstrated earlier, don’t necessarily hold true if you have several other health conditions lingering.
Since you can get approved. How will that process look or what will be needed to be accepted?
Well, first the life insurance agent will ask you a series of questions. As always, it’s imperative that you answer 100% honestly so that we can effectively help you. If we don’t know all the relevant information, there isn’t much we can really do for you.
Here’s the questions the life insurance company will have you regarding the bipolar disorder
- Have you had any hospitalizations in the last 12 months for the conditions?
- How often do you experience episodes or how frequently do the manic episodes occur?
- Has the bipolar disorder impacted other areas of your life and or lifestyle such as criminal histories, bankruptcies, loss of employment or divorce?
- Are you still working or on disability? (Note, disability doesn’t mean you can’t get coverage)
- How’s the rest of your overall health doing? Any other pre-existing medical conditions or any other circumstances that would be deemed high-risk in the eyes of the life insurance company?
- What treatment plan are you currently undergoing? How it the treatment going and when did the treatment begin?
- Do you follow the treatment plan diligently and follow doctors order concerning your bipolar disorder?
- What medications are you taking for bipolar disorder and what other medications are you taking in addition to the bipolar disorder?
- When was the bipolar disorder diagnosed initially?
- Do you have prior suicide attempts outside of the 12 months that we covered in question 1?
- Any family history of cancer, heart problems or diabetes resulting in death before age 60?
Special Side Note- Don’t miss the chance to learn more about life insurance with lifestyle impairments or dangerous occupations if you have further questions about this topic.
This would represent most of the questions that will be asked up front during the application process. Once you have applied the life insurance company that you have chosen will then take anywhere from 3 weeks to several months to make an ultimate decision on your life insurance.
It just depends on how many sets of medical records they choose or need to order to underwrite your case effectively.
If they don’t have many attending physicians forms they need to gather and complete, you may experience a faster answer.
You can also consider no exam life insurance with a company like Phoenix life insurance company for coverage amounts up to 400,000.00. They are a robust reputable company for no exam life insurance, and you may be able to get approved with less hassle.
It is, however, going to cost you a pretty penny to go this route for the life insurance.
Overall with the complexity of what’s needed to get life insurance with bipolar disorder, it can be in your best interest to go the traditional route and complete the medical exam. The choice is ultimately yours.
How can I get Cheaper Rates with Bi-Polar Disorder?
Once you are approved for your life insurance, there are a few steps you can take to attempt to land cheaper life insurance rates. The first thing you need to do is make sure your working with an independent agency and independent agency only.
Doing so, allows us to shop your approval with over 60 life insurance companies before ultimately having you the client formalize and lock in the policy.
Let’s say that one more time just to make sure it’s sinking in. If we get you approved with a company, we can then use the same information and underwriting to see if we can obtain you a lower price with other life insurance companies.
No, they are not a hole in wall companies. It’s all the big brands you already trust such as Prudential, Lincoln Financial Group, Protective Life, just to name a few.
What other factors impact life insurance with bipolar disorder?
A few outside lingering elements can also affect your life insurance rates with bipolar disorder that aren’t necessarily related to the condition itself. Things such as how stable your life currently is now, being one good example.
Showing a history of unstable situations such as divorce, losing employment or bankruptcy can indicate to the life insurance company that the condition has a pretty good stronghold on you and you’re having a tough time managing it. This ultimately can negatively impact your rates.
Don’t ignore the guaranteed issue life policy!
Guaranteed issue life insurance always works as an option for those of you ages 50-85. You can virtually get right into a policy up to a maximum of 25,000.00 in coverage with no health questions asked.
Hints the name guaranteed issue. In exchange for no medical questions being asked, the life insurance company will place a 2 year waiting period on your life insurance coverage meaning if something was to happen to you say in month 12, you would only get your 12 months of premiums back plus 10% interested earned with companies such as AIG or Gerber.
If protecting your family is a priority, you shouldn’t be ignoring these policies as good options
Accidental death coverage
If worse comes to worst and you can’t seem to locate traditional life insurance, and the guaranteed issue doesn’t appeal to you, you also have accidental life insurance coverage.
It’s obviously only going to pay the death claim in the event of an accident-based death, but if anything can happen these days, it often does so it’s definitely still one way to protect your family.
Do you feel you understand the many different options you have for obtaining life insurance with bipolar disorder?
Bi-polar disorder can be challenging. Not just when shopping for life insurance but just in general.
Everyday living can be tough with bipolar disorder, and our goal is to relieve a little bit of the stress for you at least and help you along the way with your life insurance purchase.
We aren’t here to hassle you. Only to help.
Have we left out anything related to obtaining life insurance with bipolar disorder or if you have any experience to share, please make sure to leave it in the comments below.
We would love to hear from you.
Thanks for Reading and may the best price win.