Bipolar Life Insurance

Bipolar Disorder Life InsuranceBipolar Disorder Life Insurance

About the Author: Ed Hinerman has more than 20 years experience helping people with pre-existing conditions obtain life insurance. He does this by partnering with many different insurance companies and building lasting relationships with the underwriting teams to ensure he can properly navigate the high level of complexity that comes with medical underwriting.’

Fact Checker: This article has been fact checked by Drew Gurley who is an active member of the Forbes Finance council and author on many topics within the life insurance industry.

Thank you for taking a moment to read about life insurance with bi-polar disorder. As you live with this condition, or have someone close to you living with this condition, you fully understand the wide range of symptoms and treatment options. In this article, I will explain to you our process of how we will maximize your chances of getting approved. Thanks for reading and I look forward to earning your trust as a customer.

  • Ed Hinerman, Founder

According to the National Institute of Mental Health, Bipolar disorder affects approximately 5.7 million adult Americans every year. In past years, there was a wide belief that those living with bipolar disorder could not get life insurance. However, with continued advancements in treatments and greater understanding of the complexity of the disorder, it is now much more common for someone with Bipolar to qualify for life insurance coverage.

In fact, life insurance companies have recently in the past couple of years updated their mortality tables which means their approval process and rates are now more accurately reflecting that people are indeed living longer, even those with pre-existing conditions.

To make a long story short, if you’re living with bipolar disorder, you do have options to consider when searching for a life insurance policy.

4 types of life insurance to Consider

Unlike other insurance agencies, we give priority to bipolar cases and other pre-existing medical conditions. In addition, we provide customized plans to ensure applicants with bipolar disorder have the opportunity to review the various life insurance options they may qualify for.

Traditional Life Insurance Policies

The good news is three of the four follow a very similar life insurance underwriting process which ultimately reviews medical history, mental health conditions, and other conditions considered high-risk. Insurance agents should provide you these options so you can get an understand of the best life insurance for you.

Requires Qualification

  1. Whole life insurance: Our first example of traditional life insurance is whole life, and it’s exactly what it sounds like, a policy that is inplace for your whole life with premiums that are guaranteed to never increase and a death benefit that is guaranteed to never decrease as long as you continue paying your premiums on time.
  2. Term life insurance: Our second example of traditional life insurance is term life insurance which designed to cover temporary risks during a defined period of time (term). Term is usually best suited when you are looking to get a lot of coverage for the lowest price to protect from a specific risk such as mortgage, children’s education, or even business succession planning.
  3. Universal Life: Our last example of traditional life insurance is universal life which is similar to whole life in the fact it is a type of permanent coverage, however, these policies are created to allow more flexibility in your premium payments. Like all policies, these only work for specific scenarios and are not a one size fits all.

Everyone Qualifies

  1. Guaranteed Acceptance: Our last example is outside of the first three as the process is completely simplified. A guaranteed issue life insurance policy is the easiest policy to get, but is really best designed for those with the most severe type of bipolar disorder. These policies do not require any health questions or medical exams and can offer coverage up to $100,000.

All policies require a beneficiary and based on the type of the policy, the death benefit will be available the first day the policy is in force with the exception of guaranteed issue. Guaranteed issue pays a graded percentage during the first 2-3 years of the policy (% of death benefit in year 1, % of death benefit in year 2, full death benefit in year 3)

Pro Tip: Work together with your agent to document as much detail as possible for the underwriters so your agent can submit a cover letter with your application. This can drastically improve the review timeline and expedite a decision. It helps to note right up front to underwriters that you are compliant with your treatment and that your stability shows in your marriage, your career, and in other accomplishments.

What are the questions and potential hurdles for someone with Bipolar disorder applying for life insurance?

The number one thing we tell everyone is we need to make your case make sense to the life insurance companies compliance and underwriting team as this a complex pre-existing condition. We must work together to collect the following information prior to submitting an application.

  1. Get an accurate assessment of hospitalizations, depressive episodes, manic depression, mood swings, attempted suicides / suicidal thoughts, or other mental health disorders.
  2. Medical history such as psychotherapy or treatment for attempted suicide.
  3. Details of manic episodes that required hospitalization.
  4. Discuss the common misunderstanding of life insurance rates. Many people estimate higher premiums by nearly 50%.
  5. Collect a list of current and past medications.
  6. Have you been unable to work due to bipolar disorder? Are you on disability for bipolar disorder?
  7. What medication(s) are you on? And, are you following any treatment plans put in place by your physician.
  8. Do you have a stable family life and a productive and stable work history?

This may sounds complicated, but it’s a process we have worked through with life insurance companies for a long time and can walk you through it step-by-step.

What is the application process for life Insurance with bipolar disorder?

The process for a traditional life insurance application is pretty straightforward across most insurance companies.

  1. Your agent will collect upfront information (Your Q&A session discussed above).
  2. Your agent will create a cover letter to submit with your application.
  3. Your agent will complete your application with you.
  4. Your agent will schedule a medical exam (only if it’s required) that works completely around your schedule, it’s very simple.
  5. Your agent will submit your application to the insurance company for review and keep you updated on the status.

Frequently Asked Questions

What are the effects of bipolar disorder on life insurance?

As with any type of life insurance it’s about managing risk. Bipolar disorder is a complex condition that presents in many different ways. Due to this, insurance agents should be well versed in asking the correct questions before ever advising someone should complete an application. The results of the questions do not always mean you cannot get life insurance, it may just mean the agent needs to use a different insurance company that assesses the risk differently.

Going through a questionnaire with an experienced agent will ensure you are entitled to have a choice of getting the best coverage and the most affordable price.

Lastly, if you apply for life insurance without first going through an initial assessment and are declined, it will make it much more difficult for an agent to get you approved with another company. Take the 15 minutes to speak with an agent to increase you chances of approval.

What should I do if I can’t get life insurance?

For those that cannot qualify or think they cannot get traditional life insurance due to bipolar disorder, we always suggest pursuing a guaranteed acceptance policy. Our agents are happy to explain exactly how those policies work and answer any questions you have.

Contact Us for Affordable Bipolar Life Insurance

Everyone deserves affordable life insurance. If you have bipolar disorder, contact our insurance experts to learn how we can help secure a policy that best fits your needs.

Hinerman Group has been a leader in finding affordable bipolar 1 and bipolar 2 life insurance for nearly 20 years. We would like to show you that we can get the job done, even where other agencies have failed. Call us. We can help.

 

SEE WHAT ED CAN DO FOR YOU

More Questions? Check Out Our Blog!

The Hinerman Group knows that every situation is unique and it can be difficult finding the best answers. Be sure to check out our blog where you will find a comprehensive bank of topics covered regarding Life Insurance. The background covered in The Hinerman Group blog will point you in the right direction and help you get your family the coverage you need.

Want to talk? Call Ed directly at (719) 539-7914 for a FREE CONSULTATION. *Ed released the fish and it went on to have a full life.

READ THE HINERMAN GROUP BLOG

My 20 years of experience give me the knowledge and leverage to find reasonably priced Life Insurance for people who have been declined or are paying more than they need to.

Let’s get together and get it done right for you and your family!

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More Questions? Check Out Our Blog!

The Hinerman Group knows that every situation is unique and it can be difficult finding the best answers. Be sure to check out our blog where you will find a comprehensive bank of topics covered regarding Life Insurance. The background covered in The Hinerman Group blog will point you in the right direction and help you get your family the coverage you need.

Want to talk? Call Ed directly at (719) 539-7914 for a FREE CONSULTATION. *Ed released the fish and it went on to have a full life.

 

My 20 years of experience give me the knowledge and leverage to find reasonably priced Life Insurance for people who have been declined or are paying more than they need to.

Let’s get together and get it done right for you and your family!