You know what really is great about being able to get good rates and place policies in force for those with bipolar disorder? The families are so grateful because of all they’ve been through with the demeaning treatment and declines they have received at the hands of other insurance companies.
It’s a good feeling knowing that any policy goes in force and another family is protected. It’s really quite another to call up a person who has been declined by three companies and let him know we got an approval. And not just an approval, but an approval at preferred best rates, the best rate class available for anyone.
Now, to be sure, I won’t claim I can get preferred best rates for anyone with bipolar. Standard is a far more likely outcome even with a very stable, controlled disorder, but there are those, and I think there are a lot of them, who are exceptionally stable, exceptionally compliant with treatment and exceptionally well controlled with their medication that can, when the underwriter is feeling good, get best class rates. Such was the case of a client approved today. He went into the process just hoping not to be declined again and came out of it able to budget $1,000,000 of 30 year term insurance instead of the $500,000 he was hoping to get approved and settle for.
His was an interesting case because the underwriter at one point was seriously suggesting a much higher rate. The issue was that in the trial the underwriter had said the best rate was possible unless the client was on anti-psychotic medication. He is and has been on Trileptal for some time. It took some time to get the underwriter to see that Trileptal was really just Tegretol, an anti seizure medication, that had been altered slightly for use with bipolar. In the end reason prevailed and the underwriter conceded that he was definitely not on anti psychotic medication.
Just a reminder about what it takes to get to approvals and good rates with bipolar:
1. Someone who has not been hospitalized for bipolar disorder other than for diagnosis?
2. Someone who has not attempted suicide or had bouts with suicidal ideations?
3. Someone who is compliant with their treatment, both medications and regular followups?
4. Someone who is leading a stable family life or social life?
5. Someone who is exhibiting a stable work life?
6. Someone who is not on disability for bipolar and does not have issues with drinking or drugs? If there’s a problem here, then the answers to 3, 4 and 5 are no.
7. Better rates are available for those that aren’t on anti psychotic medication or multiple medications.
Bottom line. This isn’t to say that if you don’t fit the above list perfectly you won’t be able to get an approval, but from a lot of experience I can tell you that straying very far from the list goes down hill fast. Having said that, it should be noted that most are in agreement that the majority of those with bipolar disorder, anxiety disorder or depression would meet the criteria.