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Get Life Insurance For Bipolar Disorder

The problems that can come from life insurance for bipolar people are pretty common, but they can be solved. It is common for people with bipolar disorder to feel a need to get life insurance. It also needs to be mentioned that rates are generally higher for people with bipolar disorder and that sometimes people with bipolar order declined life insurance by insurance companies. Bipolar disorder does create added risk for the issuing company.

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This is where life insurance brokers and underwriters can help. There are educated insurance brokers that can help you and have the knowledge and understanding to do so. Calling us at General Insurance is a great way to ask questions and get more information. Connecting with the right people and companies is a great way to move the process along.

When you get in contact with the right people to talk about life insurance for bipolar people, you will need to know the right questions to ask. In addition, you will want to know the questions that will be asked of you and what the actual criteria are to approve or deny life insurance coverage for bipolar people.

There are a number of different types of bipolar disorder and each one is treated a little differently when it comes to life insurance coverage. Variables that will be considered when you make an application are:

  • When the disorder was diagnosed
  • Medication and how well it is working
  • Therapy and how well it is working
  • The type of the disorder it is
  • The severity of the disorder

An accurate diagnosis and effective treatment can go a long way in treating bipolar disorder. It can also go a long way in getting life insurance when you have bipolar disorder. If you are able to demonstrate the ability to comply with a treatment plan that works, it is easier to convince the underwriters to approve your application.

Some Of The Criteria for Life Insurance When Bipolar

For people who have bipolar disorders that want life insurance, there are a number of criteria that need to be met. While insurance companies weight things differently there are some things that will help or should be expected across the board. Here are some things you should expect to accomplish in order to receive life insurance coverage:

  • Be ready to release all medical records to the life insurance company if they are requested.
  • Be taking medication and receiving treatment as needed and directed by your doctor or therapist. If you have been diagnosed more recently, you may need to wait. This is so you can demonstrate that you are receiving and complying with medication and treatment,
  • Having an insurance broker that will advocate for you with an underwriter goes a long way. It is a very good idea to have one.
  • Discussing personal details about your life, and talking about positive things such as a stable job and/or relationship.

You are not likely to be approved if one or more of the following conditions apply:

  • You have attempted suicide, or have a history of attempting suicide.
  • You have suicidal thoughts.
  • You have both bipolar disorder and certain other health problems as well.
  • If you have or have had substance abuse problems.
  • You are on disability for your disorder.
  • You have been in the hospital often due to your bipolar disorder.

One of the reasons that life insurance for bipolar people can be hard to find is the risk of suicide. In addition, you should note that many life insurance policies are void in the event of a suicide. The fact that it does not always make the life insurance policy void is a change from the past, there are more options where this doesn’t happen now.

If a suicide happens, and the person being insured commits suicide early in the policy, the people listed as beneficiaries may get a return of some premiums paid. They will not, however, receive the payout itself. Once the time period listed has passed, the full benefit would be paid. This applies if the policy does not explicitly exclude suicide. You may need to spend some time looking for a company that does not exclude suicide. If/when you find one, the added expense can be worth the insurance.

Final Note

It is possible to get life insurance when bipolar disorder impacts your life. Often it is difficult, but the time it takes to research and find a good match is something that many people do. It is a lot more likely for insurance companies to approve people that have bipolar disorder if the right conditions are met. This is because there has been great progress in the understanding of bipolar disorder and how it works. Some people have even said that as it has been studied it has been realized that is not always as serious as it was once thought.

People that have bipolar disorder may even be able to choose between term and whole life insurance coverage. At General Insurance, we are happy to speak with you about life insurance and answer any questions you have. While having additional health concerns in conjunction with bipolar disorder can lead to being denied life insurance coverage, this is not always the case. The only way to find out if you qualify is to talk with a knowledgeable agent. An insurance broker can also help.

We are looking forward to speaking with you further about your insurance needs! Choosing the right company that can give the best insurance policy that can fit your needs is a life decision that has an impact. If concern about getting life insurance because you suffer from bipolar disorder has been preventing you from reaching out to companies, please consider reaching out to us. There is no reason having bipolar disorder should exclude you from getting the insurance coverage you desire. In addition, we can talk with you about options that we have. Looking forward to serving your insurance coverage needs.

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