We have talked a lot about and frankly I am excited about the results we are getting for clients with bipolar disorder with their applications for life insurance. Where the need seems to be the greatest is among professionals and business people who need substantial amounts of life insurance and, until we were able to come through, weren’t able to find companies interested in participating in higher amounts.
Their (the company’s) problem was conservative, by the book, underwriting and a lack of interest in educating themselves concerning the disorder. You don’t have to dig too far to find that a large percentage of those with bipolar are leading very normal lives with very normal mortality experience. They just happen to take medication to keep it that way. The same could be said for people with well controlled high blood pressure or diabetes.
Many of the “great minds and talents” have been linked to bipolar. In an ABC article
they offer one potential explanation, that the manic traits channeled correctly are often displayed as high energy charisma and creativity.
Just like with artists and actors, some of the most successful people in business have well controlled bipolar disorder. They follow their treatment regimen and are able to lead relatively normal and yes, ultimately affordable, insurable lives.
Bottom line. If you’ve been turned down for life insurance due to bipolar, seek out an independent agent that knows the disorder, knows what to ask and most importantly knows what companies to go to and what companies to avoid.
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.
When I was an agent Northwestern Mutual, I helped my dad get life insurance at standard non-smoker rates. These are one up from preferred rates. I was shocked at the time that we were able to do this, but since he was well controlled on meds, standard rates were fine with NM. I bet other companies are similar and likely cheaper than NM, who is definitely not known as a low cost term company. The point is that it is definitely insurable unless you just slit your writs and are tied to a gurney.
You are correct about the slitting of wrists and being tied to a gurney. If those were the only disqualifying issues with bipolar, agents everywhere would be writing it with companies everywhere. It is a long ways from being that simple.
I suspect you were able to get your dad insurance with NM for a few reasons. First, I suspect he was, although bipolar, a very stable person. Second, NM is able to absorb some adverse underwriting in their rate structure simply because they charge too much. And third, in a closed company there used to be more chances to get exceptions for family members. Been there and done that.
The good news is that for your father NM came through and I’m glad he was able to get the coverage your family needed.