Bipolar Disorder and Life Insurance Coverage
Bipolar disorder is a mental health condition characterized by extreme shifts in mood and energy levels. The unpredictable episodes can negatively impact work, relationships, and overall health. Given the serious nature of the disorder, many people wonder whether they can still qualify for life insurance coverage.
Life Insurance With Bipolar Disorder
The good news is that getting life insurance approval with bipolar is definitely possible. However, there are some important factors that come into play when evaluating eligibility:
- Type of bipolar disorder diagnosed
- Frequency and severity of past manic/depressive episodes
- How well current treatment plan is controlling symptoms
- History of hospitalizations or suicide attempts
- Any other co-occurring medical or mental health disorders
Insurers look carefully at these variables to assess the severity of your bipolar case when deciding coverage.
Qualifying for Standard Life Insurance Rates
People very well-managed on treatment can potentially qualify for standard life insurance rates. This requires meeting criteria such as:
Extremely Mild Bipolar Case
Standard rates are only possible if diagnosed with:
- Bipolar II (hypomania instead of full mania)
- Very infrequent episode cycles of 5+ years apart
- Minimal symptoms that dont impair function
More severe bipolar I or rapid-cycling cases wont measure up to low-risk standards.
Consistent Ongoing Treatment
You must demonstrate diligently following the treatment plan laid out by your doctor such as:
- Properly taking all prescribed medications - mood stabilizers, antipsychotics, etc.
- Seeing psychiatrist and therapist for care and monitoring as scheduled
- Avoiding substance abuse of illegal drugs or alcohol
- Using coping strategies to manage daily stress and triggers
Gaps in care or record of noncompliance makes it harder to score best pricing.
Total Symptom Control for Years
To gain an insurer's trust, youll need longstanding proof that your bipolar is fully in remission such as:
- No mood episodes for past 5+ years
- No related hospital or ER visits either
- Steady employment history with no excessive missed work
Documented stability is required for up to half a decade or more in some cases.
Bipolar Life Insurance with Higher Premiums
The majority of applicants fall outside parameters for regular pricing. In such cases, coverage often still gets issued but with higher rated premiums based on increased perceived risk.
Evaluating Your Bipolar Severity
Insurers classify the extent of your bipolar between mild, moderate, and severe categories by assessing:
- Specific subtype diagnosed
- Presence of psychosis, delusions, or hallucinations
- Frequency of past mood episode cycles
- Number and length of psychiatric hospital stays
- History of suicide attempts or self-harm behaviors
These gauges determine what risk class you fall under for rates.
Rating Tiers for Bipolar Disorder
Depending on severity, typical premium bumps may be:
- Mild cases - 50% - 100% increase
- Moderate cases - 100% - 150% increase
- Severe cases - 150%+ increase
Higher cost reflects the greater chance of episodes recurring leading to potential disability or death.
Getting the Best Bipolar Life Insurance Quote
Even with ratings, significant cost differences can exist between insurers. Increase chances of approval by:
- Applying with a bipolar specialty agent
- Comparing quotes across multiple carriers
- Highlighting treatment compliance and stability
An experienced agent guides you to the right carrier open to bipolar cases.
Guaranteed Issue Life Insurance Options
For those unable to medically qualify based on bipolar severity, guaranteed issue life insurance remains an option. This type of coverage gets offered regardless of health conditions or status.
How Guaranteed Life Insurance Works
With guaranteed issue life insurance:
- No medical exam or health questions to qualify
- Guaranteed approval for policies up to $50,000
- Premiums remain level and don't increase with age or changes in health
The trade-off is much higher premium costs than traditionally underwritten policies.
Comparing Guaranteed Life Companies
Several carriers offer guaranteed issue life insurance choices with some key variables:
- Policy amounts can range from $5,000 - $50,000
- Level premium periods of 10, 15, 20 or 30 years
- Claim payouts typically within 1-2 weeks
- Cash value savings and conversion options
Shop policies from top providers like Banner Life, Pacific Life, Lincoln Financial, Mutual of Omaha, and more.
Supplementary Coverage Benefits
Beyond a payout to beneficiaries after death, look for extras like:
- Living benefits for terminal or chronic illness
- Benefits for stays in nursing home or hospital
- Coverage for final expenses like funeral costs
The right guaranteed issue life insurance can provide peace of mind when struggling with severe bipolar.
Disclaimer: This article is for informational purposes only and does not constitute medical advice. Always consult with a healthcare professional before starting any new treatment regimen.
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