WE have been blessed with great success in getting good, competitive life insurance rates for those with bipolar disorder and really had another success on the way, but the client derailed it. Fortunately this is a rare situation because, frankly, working as hard as we do to get good rates where good rates are not easily available really requires the full cooperation of the client. It is a team effort.
I won’t dwell on this particular case but I do want to point out one sure way to nuke your chances of getting the rates you want. In this case there were a few notes in the records that the underwriter wanted clarification on. Most underwriters don’t ask for clarification, but rather put a worst case connotation on the notes and make an offer based on that. This underwriter did make that offer, but said they would consider a better offer, the rate class originally quoted, if the client got a letter of clarification from the doctor. The client refused.
This action meant there was no chance for the better than standard rates originally quoted. And the client refused to accept the other offer which, by the way, was $1000 a year under the offer I was tasked with beating. Ok, no dwelling!!
This still doesn’t change the fact that we have been very successful in placing affordable life insurance for those with well controlled bipolar disorder. Just a quick review of the points that underwriters look for in order to qualify for those rates.
1. No suicide attempts
2. No hospitalization for bipolar in the last 10 years other than for the purpose of diagnosis.
3. Compliant with treatment. No taking meds when you feel bipolar and slacking when you don’t.
4. Stable work history. You can’t be on disability for bipolar. That is not a stable work history.
5. Stable family/social life.
6. No alcohol abuse.
7. Cooperate with the underwriter in clarifying any information they ask about.
Bottom line. The rates are there. The underwriters are willing to approve them, but keep in mind that they represent companies that are putting hundreds of thousands, if not millions of dollars of life insurance on you. They certainly have the right to ask whatever questions they want in order to make sure they are not subjecting the company to an adverse risk.