According to Statista, a notable 0.65 percent of the U.S population suffers from bipolar disorder every year. It is, therefore, a relief to know that there are insurers who provide life insurance with bipolar disorder at affordable prices.
As a person looking for the best policy, it is imperative to understand in depth what to expect and what is expected of you, in order to make informed decisions.
Life Insurance With Bipolar Disorder
Generally, insurance rates for people with mental illness or depression can be without a doubt high. Nonetheless, that doesn’t automatically mean that a quest for affordable coverage is not attainable.
For a condition that is often misunderstood, you are likely to think that insurance companies’ approach to the condition is a bit complicated.
However, you will find most companies’ perception of mental illness is quite commendable given the kind of policies they offer.
What makes applying for life insurance liberating is the fact that there are different policies from different companies to compare and contrast. At the end of the day, you should be able to settle for the most reasonable and convenient policies depending on how your health condition is.
There are quite a number of factors or elements that underwriters take into consideration before issuing a policy. That means there are scenarios that could prevent you from not meeting a required threshold for certain companies.
Application Basics for People with Bipolar Disorder
First things first, you should bear in mind that the whole process of applying for a policy can be intrusive.
Without a doubt, it is not easy sharing mental illness history details, but as far as applying for a policy is concerned, there is no other way to go about it.
It is a condition that many perceive as private and would like to keep it that way if they had to.
Underwriters need your full health history (mental and physical) so that they can advise on the best rates. It is an assessment of risks that is not only necessary but mandatory.
The following are the key areas of review that most companies need for assessment:
- Age
- Both prevailing and past ailments
- Medications; current and past
- Hospitalizations (if any)
- Employment
- Driving and Criminal records
- Lifestyle (hobbies)
- Drug use history
Honesty should be upheld when delivering your history of mental illness to insurers. False and misleading information can be penalized. You could be wondering about the exact information they seek to find in the above areas, and how the gravity of their findings could affect your rates.
What Exactly They Look For in Details
Past and Current Health status
As for your past and current health status, most companies will want the details so that they can offer a policy that matches the risk.
If you had a past or existing conditions such as cancer, lupus, kidney disease, diabetes, anemia, obesity, etc. you may tend to think that you have lower chances of scoring a favorable rate. That isn’t the case because some companies will still offer you a policy despite you having other health conditions.
A consultation with an insurance broker will shed more light on where you stand as far as getting a favorable policy all while having a record of other illnesses is concerned.
Treatment Arrangement Or Plan
Insurers will be hesitant to cover who is reluctant to attend medical appointments or take their medications religiously. If you are looking to have an easy deal with underwriters, you should exhibit full compliance with the current treatment plan, including physical fitness and observing strict diets.
Insurance companies will also want to find out if your current treatment plan is showing or yielding positive results or not. They are more likely to be impressed by a plan that has controlled bipolar condition for a record of one year or more.
The Severity of the Condition
Bipolar disorder condition can be mild, moderate, or severe. The more complicated the condition is, the higher the premiums are.
If your bipolar is mild, it means that the condition is manageable. Persons with mild bipolar can work without experiencing any health-related complications. They also enjoy an active life and they would easily secure a policy with insurers. If you are in this risk category, you are eligible for standard plus, standard, and substandard rates.
For those with a moderate bipolar, it means that your condition is responsive to the treatment plan. It also suggests that you haven’t been hospitalized for the last 2 years nor have you attempted suicide within the same period. Additionally, missing out on work doesn’t surpass 30 days.
Severe bipolar changes everything. More than 30 days of missing work is the case here, as well as several hospitalizations, strong medicine dosage, and attempted suicide within 2 years. Insurers may decline a policy request, but some will offer a substandard rate.
Hobbies
As for hobbies or lifestyle, the more you are into adrenaline rush sort of activities like rock climbing, surfing, and skydiving, the higher the rates are likely to be. This is because such hobbies are classified as dangerous and life-threatening hobbies.
Drug Use History
It is regarded as a high risk for persons with a history of drug use or alcoholism. This is an issue that is taken seriously considering that most people use drugs as a means to escape their reality.
Unless there is a doctor prescription in the picture authorizing the use of certain drugs for an underlying condition, any other scenario may probably disqualify you for a policy. However, for cases where it has been long since you used drugs, underwriters will want to know for how long you’ve been sober.
Most companies will be okay with a period of one year or so all depending on the addiction levels of the drugs involved. You shouldn’t lie about any use of drugs because drug tests will reveal all the information they need to know. Also, any attempts at cheating the system for favorable drug test results are dealt with seriously.
Even if you test positive for certain drugs and fail to qualify for a policy, you can always wait for a recommended time and reapply again.
It is important to note that insurance companies may differ in a way or another when it comes to their approach to different areas. That is to say that you shouldn’t give up if one or two companies decline to offer you a policy, as there could be some that will not mind.
Employment Status
An insurer will want to know your employment status. They can tell the severity of the bipolar disorder from the kind of job you do. For a person who works full-time, it’s a clear indication that they have the condition under control.
Additionally, who are not doing jobs are likely to pay higher rates or premiums.
Life Insurance Options and Rates
When it comes to life insurance rates, you can either go for term life insurance or whole life insurance. Things are much clearer when you have information on how much life insurance can cost you.
It would be great to bear this in mind, that the older you get, the higher the premiums tend to be.
These are the rating classes that insurers work with:
- Preferred Plus
- Preferred
- Standard Plus
- Standard
If you fall under the category of preferred plus or preferred, it means that you are not a high-risk client to the company. For that reason, you can expect affordable premiums and generally best rates.
For standard plus or standard category, the risk is high to the insurer, and because of that, higher premiums are to be paid. Worse, a policy request could be denied.
For a clearer perspective on what you could end up paying for a term life insurance, a female non-smoker is likely to pay $796 for a preferred plus category as an annual average for 30 years, and $1,077 on the same but this time for standard category.
Guaranteed Acceptance Life Insurance
Other than term and whole life insurance, there is guarantee life insurance. This is for those who would like to be insured without being questioned about anything in particular. No questions about your health or medical tests required.
This type of insurance is offered by companies that are willing to risk not knowing anything about you, as long as you are willing to pay for it. Definitely, this form of insurance is much more expensive compared to term and whole life insurance.
Insurance Companies Worth Trying Out
The following companies are known to be the best options for persons with pre-existing medical conditions.
If you have bipolar disorder and would like to be insured by the best, consider these companies. Their rates are impressive inclusive of general customer satisfaction.
This, however, doesn’t limit you from shopping for more companies to see which other offers are out there.
AIG
The company has a variety of policy options as well as competitive prices for all ages and their application process is short.
Transamerica
This company is not only known for lower and affordable rates but the application process is simple too. Besides, Transamerica living benefits are quite popular.
Banner Life
Their customer satisfaction levels or ratings are commendable. Most importantly, their premium prices are competitive and they cover a range of health conditions.
Protective Life Insurance
If you are looking for an insurer whose policies are easily manageable online, this is the company to go for. You can make payments and update beneficiaries’ information online. Their rates are also lower compared to some insurance companies.
Lincoln
The company has an impressive rating, making it one of the best insurers to consider. Those with complicated health conditions, like bipolar disorder, in this case, can turn to this company for insurance services.
Their rates are friendly especially for the aged, but expensive for younger applicants with years ranging between 20-40 years.
Mutual of Omaha
It is a highly recommended company too, whose ratings in the insurance industry in relation to customer satisfaction are without a doubt impressive. Their living promise worth trying.
American National
Want a personalized life insurance cover from one of the most trusted companies in America? You will definitely not go wrong with this one. They offer flexible premiums, meaning there is room for making adjustments along the way.
These are just but brief highlights of the named companies above, where more information on their policies can be found on their official sites, or through consultation with their respective agents. Many more companies that haven’t necessarily been highlighted here operate out there in the market, so don’t limit yourself to choices.
Tips for Making Application a Lot Easier
Now that you have a clue as to what taking life insurance for persons with bipolar disorder is like, it is time to note a couple of things in mind as to how you can make the process lots easier.
Different Approaches
It is easy to assume that you don’t stand a chance at securing a policy after being rejected twice or thrice. You are also likely to be discouraged just because you read a dismissive article somewhere.
It goes without saying that the insurance market is flooded with insurers, and if one or two can’t offer you a policy because your bipolar condition is severe for instance, there are some who will accommodate you.
The best you can do to understand how each one of them is operating is by shopping wide. Cast your nets far and avoid limiting yourself to a few options.
It may take time but it will be worth it. Contact insurance brokers for their fair share of insights, research online, ask for recommendations, etc.
At the end of it, you will have found if not several, a few, or even one insurer whose policies will be worth giving a try.
In All Things, Choose Honesty
As much as desperate times call for desperate measures, don’t be inclined to lie when it comes to dishing out your health history. As discouraging as it may sound like, tell it as it is.
If a potential insurance company finds out that you gave them wrong or misleading details, they may not only decline to offer you a policy but penalize you if they had already gone out of their way to offer you policy.
You should not bow to the pressure of having a convincing health history because some insurers will take you in as you are, only that you may pay higher premiums as a result of being high-risk.
Consult Independent Insurance Agents
It is okay not to know it all it matters life insurance. Even after carrying out intensive research on your own, you may find some insurance aspects or areas that may need professional clarification. That is where independent insurance agents come in.
Independent because if you go for brokers working for some insurance companies, their main intention will be to persuade you to apply with the companies they represent.
Independent agents on the other side have a vast knowledge of several companies such that when you present your case to them, they will automatically know the kind of insurer to recommend you to.
More importantly, do not consult just any insurance agent, but one who has dealt with people with pre-existing medical conditions before, and more specifically bipolar disorder.
You are at liberty to consult other agents for additional insights if you feel that the one you just consulted was not convincing enough.
Ask Questions
Do not just agree with everything an insurance agent tells you especially when some statement sounds off or unclear. They are there to provide answers to any query you may have. Failure to seek clarity or further explanation for some things may cost you later.
Conclusion
Finding the right company or insurer is much easier when you understand what exactly insurance carriers are looking for and it gets better when you liaise with reliable insurance agents.
Do not let your quest for an affordable policy be dimmed by the advancement of your condition. With over 50 insurance companies there, you definitely stand chance with a few if not several of them. Additionally, if you can afford guaranteed life insurance, go for it.
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