We have come a long way in the past few years in finding the right companies with the right underwriters to be able to truly reach out and help those with bipolar disorder get affordable life insurance. We will likely never get to the point of being able to help those whose lives are truly out of control due to the disease, but a large percentage of the bipolar community are stable, functioning pillars of our society and for them we can get the job done.
Although rare, we have on occasion been able to get preferred plus rates approved on bipolar cases. These are the best of the best when it comes to the criteria I’ve outlined so many times.
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?
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. Clients who are on just single medications and are not on anti psychotic meds get the best rates.
The following is an email from the wife of a client that we just successfully placed at the company’s best rate class, “Dear Ed, Thank you so much for the effort you put into securing my husband’s life
insurance policy. As a person diagnosed with bi-polar type II, he was
treated as nearly impossible to insure by our old insurance agent. Yet, he is fully functioning with this disease and has a flourishing career. You were able to hear our frustrations about the stigma attached to the bi-polar label–that all bi-polar patients are depressive or suicidal– and find an insurance company underwriter who knew the difference between a functioning bi-polar II adult and a person whose disease is far more of a liability to an insurance company. Thank you for the effort you put into securing my husband’s policy; with your help, we ended up with a policy that costs the same as a healthy, non-smoking, non-bi-polar adult. Moreover, your service as our agent was impeccable. You followed up every step of the way. We can’t
wait to tell others–with or without illness– about your service. With our sincerest thanks…
Bottom line. The word is out. While I specialize in many different impairments, about half of the new leads we get each week are from people with bipolar disorder or depression issues. Most of them have been declined or, as in the case above, told by an agent that there really isn’t much use in applying. We can’t slam dunk every case we handle, but we are winning the game for a truly misunderstood and under served group of people.