With all the great things happening on so many fronts I thought it prudent to bring things up to date on mood disorder life insurance and specifically the continued success we are having placing well controlled bipolar disorder. Even with major breakthroughs in life insurance underwriting for prostate cancer (especially watchful waiting) and HIV, there is never a lack of excitement for me when we get a great life insurance approval for someone with bipolar.
It’s been some years now but I remember the first time I helped a client with bipolar disorder. There were CEO’s, doctors and attorneys to follow, but the first bipolar life insurance case was a stay at home mom who ran a small business from home. She and her husband had come to the realization that her income combined with everything she did surrounding the home and 4 children was definitely an insurable interest. Once over that hurdle they went to their auto and homeowners agent and applied for $500,000 of life insurance, assuming the cost might be too high to afford more being bipolar. That led to her first decline. They then went to what they thought were maybe companies with a broader sense of fairness in life insurance underwriting, Nationwide and Allstate, who then became her second and third declines.
It was then that they came to grips with the possibility that maybe life insurance and bipolar disorder might not be in the slam dunk application category. So, like all of us when we hit a brick wall they threw their lifeline out to Google and found where I had been having some pretty extraordinary success with other mood disorder life insurance like anxiety, depression, and ADHD. We got all of the pertinent information, especially the fact that other companies were ignoring or didn’t care about. This woman had never been hospitalized for bipolar. She had never had any suicidal thoughts. She was a model patient and went to all of her followups and took her medication as prescribed. And she managed to raise 4 children while starting and growing a profitable business. What they were missing is there was nothing unstable about my client or her life in spite of the diagnosis.
Bottom line. I shopped the case and got 9 tentative offers and was able to get her approved at a rate class good enough that she was able to increase her policy to $1 million, something she hadn’t figured was even in the cards. And it just keeps going and going. I have a large block of clients across the spectrum of mood disorders, some who had been declined as many as six times. If you have any questions or would like to see if we can turn around your bad life insurance experience, call or email me directly. My name is Ed Hinerman. Let’s talk.