Since studying and becoming more active in the life insurance needs of people with mood disorders, it has become apparent that many life insurance agents and companies have a knee jerk reaction to anyone with bipolar disorder. And those knees aren’t jerking in favor of the clients.
I would not be blowing things out of proportion to say that 99% of insurance companies will not even consider life insurance on someone with bipolar. More than 99% of agents don’t even have any idea what bipolar is or what questions to ask. When the agent doesn’t know how to present an impairment to underwriters it will almost always end in a decline.
At the very basic level, those companies that don’t go screaming into the dark at the mention of bipolar want to know that the person is compliant with treatment and is leading a stable life. There is an underwriting difference between bipolar 1 and 2. Bipolar 2 is less debilitating and rarely causes major disruptions in a person’s life. The still have the highs and lows, just not as frequentlty and not to the extreme of type 1.
That is not to say that type 1 is out of control. Type 1 and 2 can both be controlled, in most cases, quite well with medication allowing the patient to lead a reasonably normal life, probably to the point where they and their immediate famiy are the only people who are aware that there is a mood disorder.
Bottom line. Just like any impairment, from a life insurance standpoint, bipolar is viewed through the compliance and control microscope. If a person is taking care of themselves and leading a stable life, there is no reason that very fair rates cannot be attained. If you find an independent agent that continues to ask questions after you mention bipolar, you are probably on the right track.