Gosh. It’s been a while since I’ve talked about bipolar disorder life insurance and the continued success we are having placing reasonably priced life insurance for bipolar and the whole gamut of mood disorders.
Since it has been a while let’s review the basic criteria for placing a bipolar case successfully and with affordable premiums.
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? (Ideations become less relevant with time)
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 approvals come if you are not on anti psychotic drugs.
These criteria still hold true. We’ve been able to add plenty of professionals such as doctors, attorneys and dentists to our client list. Most recently was a dentist purchasing a practice and was required by the lender to have life insurance. After several declines she came to us and not only got the life insurance approved at outstanding rates, but we were able to get her a disability policy through Lloyds of London that wasn’t available through any of the US disability income companies. A policy like that excludes mental illness as a disability, but hey, we’re talking about a successful dentist who is purchasing a larger practice. She honestly doesn’t care about the exclusion.
We have had a few cases approved lately where there have been suicide attempts in the past. Obviously the further in the past the better the offers, but these underwriters are recognizing the obvious. Someone with bipolar disorder or depression may very well go through a period where suicide seems logical. Then they get help and end up fitting into the list above.
The other thing we have had some slack on is #1. The truth is that it is often in the best interest of the patient to be someplace safe like a hospital for the first few days of a medication change.
We continue to slay dragons for people, and especially professionals needing life insurance who have been beat to death by illogical insurance companies for minor mood disorders such as anxiety, ADD and situational or mild depression. I think the underwriters are starting to get it. If they all take Prozac and consider themselves OK, what’s with rating people on the same prescription or a similar one?
Bottom line. We’re focused. We’re still succeeding and if you fit into or know someone that fits into one of the areas above, call or email me directly and lets talk.