How To Get Life Insurance With Bipolar Disorder

by | Pre-existing Conditions

This article is especially for those who have been diagnosed with bipolar disorder and want to get life insurance. With bipolar disorder, you will have to ask the following three questions before you apply for life insurance:

  • Can I get life insurance if I have been diagnosed with bipolar disorder?
  • With a diagnosis of bipolar disorder, what will my health class rating be?
  • What are the necessary steps to take to obtain life insurance as someone with bipolar disorder?

How To Get Life Insurance With Bipolar Disorder?

First, what exactly is bipolar disorder?

Bipolar disease is a health condition that is also referred to as a bipolar affective disorder, manic depression, or manic depressive disorder. It is a mental illness often classified as a mood disorder by psychiatrists. People who have bipolar disorder do experience occurrences of a hyperactive mood called mania alternating with periods of depression. About 4% of people have this disorder and it is equally spread between men and women.

Bipolar disorder can be one of these two types: Bipolar I and Bipolar II. In the case of Bipolar, I the individual suffers a major manic attack while Bipolar II patients have a major depressive period.

Can I qualify for life insurance with bipolar disorder?

The simple answer to that question- Yes!

In the end, it is the severity of your condition that will determine whether your application for life insurance will be approved or not. How well you have been able to control your condition personally and with medical help will also play an important role.

The insurance underwriter will usually show interest in the following:

  • What is the effect of your current treatment in lessening or removing your symptoms?
  • How long have you put your symptoms under control?
  • Have you been following the orders of your doctor and using your medications accordingly?
  • If working, how is your work history like?

Basically, if you have succeeded in managing your symptoms over a specific period of time and have been living “normally” and actively, a number of life insurance companies will offer you a “normal” life insurance risk.

Here’s the problem. All insurance companies are not the same, hence the importance of disclosing your condition to your LifeInsuranceBlog agent prior to your application because some insurance companies will not approve your application if you have bipolar.

What rate class do people of my category qualify at?

This is a little difficult to answer. Life insurance companies usually have approximately 16 different rate classes. The rate class is also a factor of the cost applied.

If you are a well-controlled client, you will most likely come back at a standard rate class. If your bipolar is type 2 (i.e. bipolar 2), then the life insurance underwriter may be interesting in knowing if you have ever been hospitalized over the past few years as a result of the condition, that you have a history of employment and that your activities of daily living (ADLs) are not affected by the condition.

However, if a client has an excellent documentation detailing his/her compliance and control, without any hospitalization for a period of 10 years, taking his/her medication as prescribed, and whose daily activities are not affected by the condition, he/she could be offered a preferred rate class.

The most important thing is to know that your physician records will determine your rate class. If for any reason your medical file has your doctor’s note, indicating the possibility of committing suicide, then that will affect your approval. You will usually get a better result with your life insurance carrier if the physician statement they are reviewing is good enough. This is the reason you have to go through the underwriting process before a life insurance agency will be able to say what rate class you will qualify for.

At LifeInsuranceBlog, we offer our clients extended service. Go through our 4 Step Process for getting life insurance approval for clients with Pre-Existing conditions.

What steps do I need to take to obtain bipolar life insurance?

Applying for a comprehensive underwritten life insurance policy gives you the best chance at securing coverage. For this policy, you will have to undergo a medical examination. All that the examiner does is to come to your house to check your weight and height and also takes a small urine and blood sample. After that, your lab results will be processed. The carrier will demand physician statements while they will also check your medical records.

Another thing the carrier will do is to conduct a prescription database check to review current and past medications. At this stage, an underwriter will assess your “risk” level and provide a rate class assigned to your specific risk. From here, your assigned agent at LifeInsuranceBlog picks it up, follows up with you and notify you when approval is granted.

We will take the whole process so all you need to do is relax in wait for your file to be completed by the life insurance carrier. On the issue of life insurance carriers, when bipolar disorder is involved, then all life insurance companies look at you differently when underwriting your case.

Options Are Key to Securing the Best Rate On Life Insurance with Bipolar Disorder

Various carriers try to win market share by taking on “niches”. The knowledge of these niches will help you and it is better to choose an agency with the freedom to pick from multiple life insurance carriers. With this in place, you can go with the life insurance carrier offering the most liberal underwriting for bipolar disorder.

It is important that you choose an agency that is free and not bound to a particular carrier. It is always better when your agency shops your application to many companies available. This is the only way you can be sure that you are going for the best policy that favors your individual needs. We are familiar with bipolar issues and we can use our experience to choose the best and friendliest life insurance company for you.

The Simple Life Insurance Purchase

When you work with us, we will assign an agent to your application. The agent we will assign to you will be there to help you throughout the process; you will be provided with status updates during the underwriting. At the time of approval, he or she will also review your application to make sure that what you are getting is still the best deal available.

So that’s what you need to know to make right decision. Now, give us a call at 888-411-1329 to get free life insurance quotes and see what we can offer you!

Thanks for reading our post, How To Get Life Insurance With Bipolar Disorder.  Please leave a comment or question below.

Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

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