Qualifying for life insurance after you’ve been diagnosed with bipolar disorder can sometimes be a tricky proposition.
This is particularly true when applying for a traditional term or whole life insurance policy because in addition to asking about one’s health, these types of life insurance policies will also focus on “lifestyle” choices which can be an issue for someone who may have had an issue with controlling certain “impulses” in the past.
About Bipolar Disorder.
Bipolar disorder, also known as manic depressive disorder or manic depression is defined as a psychiatric disorder that causes individuals to experience extreme shifts in mood, energy, and activity levels which will make performing daily living activities more difficult to handle. Individuals suffering from bipolar disorder will generally find themselves experiencing one of two distinct moods:
- A manic phase, expressed by excessive excitement, energy and/or enthusiasm followed by…
Symptoms of bipolar disorder…
Can often times be severe and disabling and will often be associated with:
- Extreme mood swings.
- Difficult focusing.
- Easily irritated.
- Risky behaviors:
- Spending sprees.
- Impulsive sexual activity.
- Drug and alcohol abuse.
- Suicide attempts.
- Eating disorders.
- Fatigue, general malaise.
- Loss of interest in social activities.
- Extended periods of stress and anxiety.
Unfortunately, there are no known cures for bipolar disorder, however, many individuals will find that using either psychotherapy or medications, they are able to get their symptoms under control and go on to life in normal and productive life.
The only problem is…
That because bipolar disorder is a chronic medical condition that will usually “stay” with a person for life, insurance companies are generally going to consider someone with bipolar disorder as a “high risk” applicant.
This is why most life insurance companies will only “allow” bipolar applicants to qualify for a Standard or Standard Plus rate at best, and will often times rate them even lower than that if they have any potential “red flags” on their application.
Applying for life insurance with bipolar disorder.
As we noted above, being diagnosed with bipolar disorder isn’t necessarily a life threatening medical condition.
After all, it’s not like someone who bipolar disorder is suddenly going to pass away from being super manic! But some individuals, who have bipolar disorder, may exhibit certain symptoms that could potentially put their lives at risk.
And it is these “types of symptoms”…
That life insurance companies are going to be nervous about, and it is these “types of symptoms that insurance companies are going to try to learn about during the life insurance application question and answer section.
Common questions asked on a life insurance application which could have added meaning for someone who has been diagnosed with bipolar disorder will include:
- When were you originally diagnosed with bipolar disorder?
- Who diagnosed your bipolar disorder? A general practitioner or a psychiatrist?
- Are you currently taking any medications to treat your bipolar disorder?
- Over the past 12 months have your medications changed in any way?
- Are you currently using any psychiatric counseling methods to treat your bipolar disorder?
- How often do you see your primary care physician?
- Have you ever been hospitalized due to your bipolar disorder?
- Have you ever attempted or considered attempting suicide?
- Do you have any issues with your driver’s license, such as a suspended license, multiple moving violations or DUI?
- Do you have any history of drug or alcohol abuse?
- Have you ever been convicted of any felonies or misdemeanors?
- In the past 2 years, have you filed for or declared bankruptcy?
- In the past 2 years, have you participated or do you anticipate participating in, any dangerous activities or hobbies such as hang gliding, bungee jumping or rock climbing?
- Are you currently working now? If so, how long have you been with your current employer or how long have you been working in the same field of work?
- In the past 12 months, have you applied for or received any forms of disability benefits?
From here, the insurance companies will generally begin to get an idea about how stable your bipolar disorder is and begin to get an idea about what type of life insurance policy you may or may not be eligible for.
As a general rule of thumb…
What we here at InsuranceBrokersUSA have found is that if it “appears” like you are living a “normal” and “productive” you should be able to qualify for a Standard or Standard Plus rate on your life insurance policy provided that you apply for coverage with the “right” life insurance company.
Finally, for those who have a serious medical condition, guaranteed issue life insurance is available.
As you can see, there are a lot of options.
Which is exactly…
What we’re here for. You see, we here at InsuranceBrokersUSA operate as an independent life insurance brokerage that is able to work with dozens of highly rated life insurance companies. So… when we’re confronted with one of those more “challenging” life insurance applications like those from folks who have been diagnosed with bipolar disorder, we don’t have to rely on just one or two different life insurance companies!
We can make dozens of different life insurance companies compete for your business!
So, what are you waiting for? Give us a call today and see what we can do for you!