Life Insurance with Bipolar Disorder

Securing affordable life insurance with Bipolar Disorder was come a long way in the last just a decade.

Life insurance underwriting has made big leaps in how they understand Bipolar Disorder and underwriters can now differentiate between individuals diagnosed with Bipolar Disorder and have it under control and those who don’t have it under control. As well as those with a more severe medical illness.

By definition, Bipolar Disorder is a mental illness that causes significant changes in mood, activity levels and the ability to carry on daily activities. Until recently though, it was viewed as a much more serious medical issue than it really is.

Now, it is perfectly possible to receive whole or term coverage from many different companies, even with Bipolar Disorder. While there is still risk for the insurance companies, they now have a much better understanding of what that risk actually is, compared to what they believed it may have been not so long ago.

In fact, when we work with clients who have Bipolar Disorder, we can be confident the offers they receive will be favorable, provided they don’t have any other glaring medical issues.

We can help you find an insurance company that best fits your individual needs. We have reviews on some companies such as our AARP Life Insurance Review. Reading these will help you determine what company to choose. Let us help you in your decision.  We can also answer questions if you are needing life insurance for obese individuals or life insurance for high risk individuals. We are happy to help.

Life Insurance and Bipolar Disorder

When assessing the level of risk, there are many things that come into play. The first thing most underwriters will do, is assess what level of Bipolar Disorder you have. The different levels are:

Mild Bipolar Disorder – People with Mild Bipolar Disorder will have had no lost time from work, no suicide attempts or hospitalizations, are well controlled using medication and have a solid support network in place.  You can expect “Standard” life insurance rates.

Moderate Bipolar Disorder – Those with Moderate Bipolar Disorder will have lost no more than one month of time at work, no hospitalizations in the last 2 years and no suicide attempts in the past 2 years. They may have some mood change history due to medications and a good support network.  You’re looking at a Table 2-Table 8 rating depending on your unique case.  If you’re not sure what these table ratings mean, please give us a call for an accurate quote.

Severe Bipolar Disorder – Those with Severe Bipolar Disorder will have lots of lost time from work, have a history of dangerous behavior during manic periods, suicide attempts and hospitalizations, are on major medications and have a lack of a support network.  You’ll only qualify for a “graded” death benefit policy which is more expensive than traditional coverage and has a 2 year waiting period before you receive full benefits.  Please call us for quotes on these if you’re interested.

Applicants will also be classified as Type 1 or Type 2, with Type 1 specifying patients who have had at least one manic episode and may or may not have had depressive episodes. Type 2 means having had at least one hypomanic episode, which are similar to manic episodes but are shorter in duration.

You will also be underwritten on your treatment and the medications you are taking. Some of the usual medications include:

Chlorpromazine (Thorazine)
Haloperidol (Haldol)
Perphenazine
Fluphenazine
Risperidone (Risperdal)
Olanzapine (Zyprexa)
Quetiapine (Seroquel)
Ziprasidone (Geodon)
Aripiprazole (Abilify)
Paliperidone (Invega)
Lurasidone (Latuda)

Some patients in the past may have been misdiagnosed as having depression, and been prescribed the wrong medications to treat depression rather than Bipolar Disorder. If that is the case, make sure to explain this to your underwriter. They have experience with this very problem and can accommodate for you accordingly.

One of the biggest questions we receive from clients, is what kind of quotes they can receive for coverage with Bipolar Disorder. While it is definitely possible to get approval on your application, your rate will be dependent on the severity of your Bipolar Disorder.
While we have secured preferred rate classes for those with mild Bipolar Disorder, it’s not the norm and you should contact us to see what seems possible for you.

Our agents work with clients with Bipolar regularly, so we are more than experienced helping people with Bipolar Disorder with finding affordable rates. If you’ve been worried about your ability to get life insurance because of your Bipolar Disorder, please don’t hesitate to contact us for more help with our guaranteed acceptance life insurance options. There’s no reason having Bipolar Disorder should exclude you from obtaining life insurance.

No matter the amount of insurance coverage you are needing, even a million dollar policy, we can help.