Life Insurance for people with Bipolar DisorderBipolar disorder is a psychiatric illness or mood disorder. The medical name for manic depression. The terms may be used interchangeably. Bipolar disorder is a mental illness or brain disorder involving extremes in mood. People with Bipolar Disorder may be denied coverage or charged higher premiums for life insurance.If you are planning on applying for a large amount of term, whole or universal life insurance:
Burial insurance may be a better option than regular term, whole or universal life because there are:
- Find out which life insurance companies are accept bipolar applicants.
- Consider decreasing your life insurance policies face amount so you are more likely to be accepted
- Apply for life insurance when your Bipolar disorder is in remission. Your insurability improves after longer periods of good health.
- Have regular physicals and doctor checkups. People with regular medical supervision may be rated higher, especially if there are good remarks in the doctors notes.
- Keep or get a job that offers group life insurance. An applicant's ability to maintain the same job is also an important factor in obtaining individual life insurance.
- Avoid smoking of any other dependencies, that will just compound your un-insurability
- Find out if your doctor is able to communicate with the underwriting department of the life insurance company. He might be able to eliminate an outright rejection.
For amounts over $100,000 the insurance carrier will want full underwriting and more information before issuing the burial insurance policy.
- No medical exam or blood tests
- No agent calls (possibly agent visits!) after initial contact
- Usually issue ages 0-80 (depending on if term or whole life)
- Minimum $5,000-$300,000 maximum burial insurance policy limits
- Term burial insurance plans guaranteed renewable
- Many burial insurance plans have disability waiver of premium rider for ages 20-65
- Deal direct with the burial insurance carrier
- Yes / no, one page burial insurance application
- Guaranteed fixed burial insurance premium and usually no cash accumulation
- Saliva test for burial insurance benefits over $100,000
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