Bipolar Disorder Not A Lost Cause For Life Insurance!

Just like that pink rabbit, I just keep going and going and going. I know I’ve beat this drum seemingly to death, but it seems each time I beat it we reach one of two more people that we can help.

Bipolar disorder is one of the most misunderstood underwriting topics in the life insurance business. Out of the nearly 2000 companies licensed to sell life insurance in our country, there are probably only 10-20 that won’t instantly close a file and decline an application just at the mention of a diagnosis of bipolar disorder. They don’t care if it’s bipolar 1 or 2. They don’t care if you’re the CEO of a company versus someone who is completely disabled from the disorder. They don’t care if you’re on Depakote or Lithium. If they see they word bipolar they want out, and I mean now.

I’ve talked with some of these underwriters and they say not to blame them, that they are just following the company underwriting guidelines. And there is some truth to that. It’s one of those things that if you want to keep your job you better not question those things written on stone tablets. But you know what I think? I think if you’re an underwriter and your opinion and knowledge differs from the company you work for you should get the company to change or go find another company.

When I published the approval criteria for bipolar disorder on line several months ago I had a lot of inquiries from people saying that they met the criteria but they had been declined when they applied for life insurance. Think about it. If you just go out and apply your chances are about 1% of finding a company that will even give you a hearing at all. If you didn’t use one of those 20 companies, you found the wrong agent who used the wrong company and you lost. The criteria are:

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.

Bottom line. Given these criteria and the right agent, you can find an affordable approval for life insurance.

If this post answers or raises questions for you, I am a licensed agent who can not only help you with answers but obtaining a policy. Licensed in all 50 states you can call me directly at 866-539-7914 or email ed@hinermangroup.com.