People with bipolar disorder may find it challenging to find decent life insurance coverage at an affordable rate.
Getting life insurance with bipolar is not as straightforward as buying life insurance when you’re in perfect health.
Life insurance companies see bipolar disorder as a high risk medical condition.
If the company is not familiar with working with applicants who have the disorder, they may not be able to give you the most accurate ratings and best premiums.
We understand your frustration. To apply for life insurance with bipolar disorder, it’s necessary to work with an agent who knows the right questions to ask.
Be prepared with your medical history, and don’t hide any facts about your status, and you may still qualify for traditional life insurance at better than average prices.
How To Get Cheaper Life Insurance With Bipolar Disorder
Life insurance underwriters look at the statistics behind high risk medical conditions, such as bipolar disorder, when assessing health ratings and qualifications for insurance. According to PsychCentral, individuals who suffer from bipolar disorder have a higher risk of dying from another medical condition than people without the mental illness.
In fact, the risk of death for bipolar people is similar to the mortality risk for smokers.
Experts used to believe the increased mortality risk was related to depression, suicide and accidents. Now they are finding other physiological factors are leading to the increased risk of premature death.
People with bipolar disorder may make unhealthy lifestyle choices. They may be more likely to:
- Have a poor diet
- Binge eat
- Fail to exercise
- Abuse alcohol or drugs
- Live alone or lack social stimulation
- Neglect their medical care in favor of mental health care
These lifestyle factors may contribute to poor physiological health.
In addition, side effects of medication prescribed to bipolar patients can increase the risk of certain health conditions, such as diabetes. Some doctors have found the mental illness can put undue stress on the immune system.
About 51 million people across the globe suffer from bipolar disorder. To put it in perspective, about 2.2 million people in the U.S. have the disorder. Only about 350,000 Americans have insulin-dependent diabetes.
Many life insurance companies, however, do have experience working with bipolar applicants. They know the statistics also show early intervention and modern treatments are often very successful in controlling the condition.
Because symptoms of bipolar disorder vary widely, life insurance agents must ask the right questions to find out more about your personal experience with it before they can give you the best quote.
Common Issues Affecting Your Rating
Even if you have gone through many bipolar cycles throughout your life, you won’t necessarily be declined for life insurance.
Your history of symptoms is only one factor affecting your health rating. What life insurance underwriters want to see most is the condition is under control and being actively maintained. If you are under regular professional medical care and take medication to control your symptoms, your rating may not be significantly affected at all.
Some of the questions a life insurance agent may ask are as follows:
1. When were you diagnosed with bipolar disorder?
Knowing the frequency and severity of manic or depressive incidences will help the underwriter determine your rating.
2. What symptoms have you experienced in the past year?
A recent history of rapid cycling through manic and depressive episodes may lower your rating. Other recent symptoms, such as sleeplessness, paranoia, difficulty concentrating or reckless behavior may increase your mortality risk and lower your rating.
3. What medication(s) are you taking for the bipolar disorder?
Only 40% of bipolar people who are controlling the condition with medication suffer from relapses. Medication is important in managing symptoms.
4. Do you see a psychologist regularly?
Your doctor’s assessment of your condition will help the underwriter give you the most accurate rating. Life insurance companies need to see you are complying with treatment. Seeing a health professional regularly is a good indicator your metal illness is well managed.
A hazy or haphazard medical profile with inconsistent data from several doctors is usually a big concern.
5. Is your quality of life affected by your symptoms?
If lack of sleep or erratic behavior makes it difficult for you to hold down a job or maintain a normal social life, it may be an indicator your bipolar disorder is not under control.
6. Have you had suicidal tendencies?
Because suicide is a risk factor for people with bipolar disorders, underwriters want to know if you have had any suicidal thoughts or attempt in the past.
Suicidal thoughts or attempts are, obviously, not a good sign for an insurance carrier, and many will postpone any offers for several years from the date of last thought or action.
Best Outcomes Available
If you visit your psychologist regularly, take medication consistently and don’t have symptoms interfering with your daily life, you may receive a Standard health rating.
This rating is given to people with a typical medical history. They may have one or two mild medical conditions, but they don’t pose a large risk to the insurance company. If more than a year has passed since you last experienced symptoms, you’ll have a better chance of falling into the Standard category.
If you have experienced symptoms within the past year affecting your lifestyle or have led to hospitalization, you should receive a rating of Mild Substandard or Medium Substandard.
If your symptoms are mild or moderate but are usually controlled with medication, you should receive one of these ratings. People who fall under these categories usually pay about 50% to 100% more than people in the Standard health class.
People who have displayed symptoms of schizophrenia associated with bipolar disorder or who have medical side effects caused by long-term medication may require further assessment. The more physical complications you have, the more likely you are to fall into the Severe Substandard health class, or be declined for a traditional policy.
Start With a Simple Quote
Life insurance underwriters will be able to better assess your risk when you can comprehensively answer your questions; no agent can give you an exact number, but you can help by making sure your mental health history is well documented.
If you are in poor physical health in addition to being bipolar, you can always look for a Guaranteed Issue policy, but should be a last resort. These types of policies don’t require you to take a medical exam, and you only have to answer a few questions about your medical history. However, you may end up paying more for premiums, and your coverage may be reduced.
It will typically benefit you to obtain a quote for traditional life insurance. You may be surprised at the options available to you. Call us today to find out what life insurance policy is right for you.