As recently as 2013 it just wasn’t a stretch for Bipolar 2 life insurance to have a shot at getting the best rate class with some companies if you had well controlled bipolar II. The companies took into account all of the factors that should be relevant in considering risk, lack of episodes that lead to ER visits or hospitalization, no suicide attempts, compliance with treatment and leading a stable and productive home and work life.
What I was finding in working on life insurance for those with well controlled bipolar II was that there were large numbers of very successful and stable clients, from business executives to homemakers. They were doing what they needed to about their bipolar II diagnosis and life was smooth sailing. They were rewarded with great bipolar 2 life insurance approvals, not unlike the rates available to someone without any mood disorder or health issues. In late 2014 into 2015 the underwriting guidelines changed with all of the best life insurance companies. It was such a complete turn around that clients who had been approved at the best rate class a few years prior, even though their “risk factors” remained stable or even improved, were now offered a higher rate class when asking for additional life insurance.
My queries to the companies that had done an about face on bipolar II underwriting uncovered no more than “after further review of actuarial data we found that the best rate class was not appropriate”. This didn’t change the rate of policies that were already in force, but it meant higher rates than in the past for those applying now. Companies also became stricter on the life insurance underwriting of depression. If I had to guess, in light of a serious uptick in suicides over the past decade, with suicide now the 10th leading cause of death, life insurance companies decided to tighten up on mood disorder underwriting. On a case by case basis that move may not be fair and that’s the bad news.
Stable bipolar life insurance clients get better approvals
The good news is that well controlled bipolar with clients who demonstrate great stability are getting better life insurance approvals than they would have 15 or 20 years ago, a lot better. That five or so year period when the best rate class was available, I believe, was not well thought out by the companies that offered it. The adjustment to moderately higher rate class approvals for bipolar 2 life insurance is still good news for those being treated for bipolar or depression seeking family or business life insurance protection.
So, take the above criteria into account, “lack of episodes that lead to ER visits or hospitalization, no suicide attempts, compliance with treatment and leading a stable and productive home and work life” and other factors such as what medication you are on and how many. There are still great rates available and we are very experienced in finding them. If you have questions or would like to get quotes, call or email me directly. My name is Ed Hinerman. Let’s talk.