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How Does Being Diagnosed With Bipolar Disorder Affect Life Insurance
Life insurance for people with mental illness.... Mental illnesses, such as Bipolar disorder, anxiety disorders, and severe depression are still very misunderstood, despite how extremely common they are. When it comes to mental health and life insurance, generally speaking, life insurance companies assess your level of risk based on how society at the time views your level of risk (and sometimes it takes a few years for the life insurance companies to catch up).
Quick Article Navigation
- Bipolar 1 Vs. Bipolar 2 In Regards To Life Insurance
- WHAT WILL LIFE INSURANCE COMPANIES WANT TO KNOW
- HERE ARE SOME RULE OF THUMB RATING CLASS FOR BIPOLAR DISORDER
- BIPOLAR, SUICIDE AND LIFE INSURANCE
- PAST SUICIDE ATTEMPT AND THE IMPACT ON LIFE INSURANCE, WILL I BE REJECTED FOR LIFE INSURANCE
- WHY IS IT TAKING SO LONG FOR LIFE INSURANCE COMPANIES TO COME AROUND? BIPOLAR DISORDER LIFE INSURANCE UNDERWRITING
- WHAT’S THE MAIN CAUSE OF BIPOLAR ILLNESS
- CAN YOU CREATE A BIPOLAR DISORDER
- HAVE YOU BEEN BORN WITH BIPOLAR DISORDER OR CAN YOU CREATE IT
- DIFFERENCE BETWEEN BIPOLAR DISORDER AND SCHIZOPHRENIA
- THE DIAGNOSIS
- How to control your mood swings
- RISK FACTORS OF BIPOLAR DISORDER
- HIGH STRESS
- GENDER AND BIPOLAR DISORDER
- HOW CAN I GET AFFORDABLE LIFE INSURANCE WITH BIPOLAR DISORDER
Bipolar 1 Vs. Bipolar 2 In Regards To Life Insurance
Some life insurance companies will put applicants with Bipolar 1 and Bipolar 2 into separate categories. These are the companies that you want to be working with because this means that they know the difference, and have recent information on the disorder.
If you have other medical conditions in addition, you may have to consider a guaranteed issue policy rather than term life insurance.
On the other hand, companies that throw Bipolar 1 and Bipolar 2 applicants into the same category demonstrates their lack of knowledge and understanding of the disorder. These companies will offer you higher rates since life insurance companies are hesitant to work with applicants that have conditions that they are unsure about.
WHAT WILL LIFE INSURANCE COMPANIES WANT TO KNOW
Of course, every life insurance company will want to know more about your condition. Most importantly, assuring them that your disorder is under control, is the best path to getting the best rate. Preparation is vital for the questions that they will ask you. Life insurance companies prefer covering people that give thorough and honest answers during the application process. Check out the list of possible questions below:
- Are you on medication?
- What kind of medication are you taking?
- Do you take your medication exactly as prescribed by your doctor?
- Have you recently attempted suicide?
- Have you had any hospitalizations as a result of your Bipolar disorder?
- How stable is your personal life?
- How are you treating your disorder?
- Physical health?
- Medical records?
- Medical condition?
These questions will help life insurance companies determine whether or not you have your disorder under control. Make sure that you can provide adequate answers to these questions before applying for life insurance, along with isolating the best bipolar quotes. Always be honest with your insurance broker. He/she is YOUR advocate! The information answered honestly and correctly could help in getting you a standard rate class and help your agent give you accurate insurance quotes.
HERE ARE SOME RULE OF THUMB RATING CLASS FOR BIPOLAR DISORDER
• Mild – Stable, maybe taking psychiatric med but no antipsychotic or MAO inhibitor. No suicide attempts or thoughts of suicide in the past 3 years. – Standard
• Moderate – Psychiatric medication dosages increased in the past 12 months, no suicide ideation in the past 6 months. Table 2
• Severe – Use of MAO inhibitor, changes to medication dosages. – Table 4
BIPOLAR, SUICIDE AND LIFE INSURANCE
One reason insurance companies are reluctant to cover people with bipolar disorder is due to the prospect of suicide. Additionally, menopausal or not, customers should be aware that many if not most life insurance policies are void in case of suicide. In the not too distant past, it had been almost impossible to obtain term life which was not automatically nullified by means of a suicide.
Today, things are a little more flexible, in part due to the amount of litigation which has happened over this situation. Generally speaking, if the man who is insured completes suicide during the 1st 2 decades, their beneficiaries may be given a return of any premiums paid, but not the insurance policy payout itself.
But once two years pass, the complete benefit is paid off. Of course, this is ONLY IF SUICIDE IS NOT AN EXPLICIT EXCLUSION. The two-year rule isn’t automatic and you will need to shop around and pay more to get a policy that does not exclude suicide. I’m sorry — I know this sounds macabre and may be a painful topic for most readers. However, this is a significant bipolar life insurance policy issue that can’t be ignored.
PAST SUICIDE ATTEMPT AND THE IMPACT ON LIFE INSURANCE, WILL I BE REJECTED FOR LIFE INSURANCE
Normally a previous suicide attempt or suicidal thoughts will prevent a person who has bipolar disorder by getting life insurance. It is one of the most common bipolar life insurance coverage disqualifiers.
If you can obtain life insurance that doesn’t contain a suicide exclusion, my private opinion is that you ought to take out this type of coverage, despite any added expense. If you commit suicide within first two years of policy being in force, your beneficiary will not receive the face amount of the death benefit.
Many studies suggest a 15% rate of suicide among people with bipolar disease. This rate is about 30 times higher compared to that of the general populace. It is wise for someone to seek out this coverage, just as it is wise for the insurance company to seek to prevent it.
WHY IS IT TAKING SO LONG FOR LIFE INSURANCE COMPANIES TO COME AROUND? BIPOLAR DISORDER LIFE INSURANCE UNDERWRITING
Mental health and life insurance companies often take years to adjust their medical underwriting to modern day standards. Therefore, even as Bipolar disorder becomes more and more treatable, life insurance companies may take a bit longer to reflect this in their rates. Like life insurance with epilepsy, getting life insurance with Bipolar disorder can be frustrating. Especially if you know that your condition is not life-threatening.
WHAT’S THE MAIN CAUSE OF BIPOLAR ILLNESS
Factors that may increase the chance of developing bipolar illness or work as a trigger for the first episode include:
- Using a first-degree comparative, like a parent or sibling, together with bipolar disorder.
- Periods of high pressure, like the passing of a loved one or other traumatic event.
- Alcohol or alcohol abuse.
CAN YOU CREATE A BIPOLAR DISORDER
Bipolar disorder frequently develops in a person’s late teens or early adult years. Some people have their first symptoms during childhood, though some might create symptoms late in life. Bipolar disorder isn’t easy to see as it starts.
HAVE YOU BEEN BORN WITH BIPOLAR DISORDER OR CAN YOU CREATE IT
So, the bottom line is that if you possess bipolar illness, you were probably born together with the predisposition for this disorder, also for a long time life event and/or upbringing can trigger the beginning of the disease.
DIFFERENCE BETWEEN BIPOLAR DISORDER AND SCHIZOPHRENIA
What are the effects of bipolar disorder? Can you have bipolar disorder and schizophrenia? Presumably, you don’t have to be told the definition of your condition. However, it can be handy to find out more about the way your life insurance policy may categorize your diagnosis. Make note, whether your symptoms align or differ from those listed below since it will help you navigate the discussion with your underwriter.
Of course, both Schizophrenia and Bipolar Disorder have the capability to bring a significant quantity of disruption to an individual’s life. People with one of these diagnoses may have difficulties keeping work, keeping supportive relationships, or taking care of their bodily well being. Some folks could be at greater risk for risky or suicide coping behaviors. It’s partly for these reasons life insurance companies have a hard time offering coverage programs for all these more severe cases.
The old saying, you can’t fix what is not broken. Well, if you can’t see what’s broke then how will you fix it. Above all, once you realize there is something wrong then a mental health diagnosis can be empowering. For more information on how click here.
How to control your mood swings
The signs and symptoms of bipolar disorder vary based on the kind of incident (i.e., depressive or manic). Each incident marks a radical change from how an individual generally acts and their normal mood.
THE “HIGHS” (MANIA)
Indicators of a manic episode could comprise:
- Feelings of euphoria, strange excitement, or high mood
- Discussing very quickly or too
- Needing less sleep than ordinary, yet still have lots of energy
- Feeling agitated, irritable, hyper, or simply diverted
- Engaging in risky behaviors like lavish spending, spontaneous sexual experiences, or ill-advised company decisions
THE “LOWS” (MELANCHOLY)
Indicators of a manic episode (bipolar depression) could include:
- No interest in activities you once enjoyed
- reduction of vitality
- difficulty sleeping–either sleeping too much or not
- Changes in hunger–eating too much or too small
- difficulty concentrating, remembering, or making conclusions
- Thoughts of suicide or death
RISK FACTORS OF BIPOLAR DISORDER
Family with the Illness — When you’ve got a relative in your family with bipolar illness, such as a parent or sibling, then you might be at higher risk for the mood disorder. Symptoms may first emerge during teenage years or early adulthood. Furthermore, all the types of onset being 25 years of age. One analysis found that children of parents with a severe mental illness had about a one-third chance of developing a serious mental disease by maturity. Researchers also have discovered that the sooner age your parent has been diagnosed with the disorder, the higher your risk is to also develop it.
However, we know that genetics isn’t the sole element. Studies of identical twins have shown that although bipolar disorder is very heritable, the two twins won’t always develop the disorder. This means that environmental factors may play a role too in decreasing or increasing risk of creating the condition.5
Individuals who experience traumatic events are at higher risk for developing bipolar illness. Childhood factors like sexual or physical abuse, neglect, the passing of a parent, or other traumatic events can boost the chance of bipolar illness in the foreseeable future. Highly stressful events like quitting a job, moving to another location, or having a death in your family may also trigger depressive or manic episodes.
Substance use doesn’t cause the disorder, but it can make mood episodes worse or accelerate the onset of symptoms. Sometimes medications may also trigger the onset of a depressive or manic episode.7 However, because chemical use can trigger psychosis, a person may need to detox from materials in front of a physician can provide them a diagnosis of bipolar disorder.
GENDER AND BIPOLAR DISORDER
Gender — Bipolar disorder affects men and woman equally, but women are 3 times more likely to experience rapid cycling of mood episodes. They are also more likely to experience depressive and mixed episodes of the disorder in contrast to guys.8
If you’re unsure whether you are at risk for bipolar disease, you may ask yourself these questions:
Even in case you answer “no” to the questions, you’re still able to speak to your physician or a mental health professional about your concerns and receive a diagnostic examination. When you’ve got the disorder and are worried about the risks for your own children, consult with a professional about the dangers and what interventions can assist your child to maintain good mental health.
Above all, remember that bipolar disorder is extremely treatable. This includes drugs, therapy, and other interventions can play a massive part in managing symptoms and slowing rapid mood changes. Talk to someone today who will be able to help you get started on the right path towards a healthier daily life.
HOW CAN I GET AFFORDABLE LIFE INSURANCE WITH BIPOLAR DISORDER
There are several things you can do to get more affordable rates on your life insurance. When it comes to insurance for mentally disabled, consider the list below:
If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300
For more information on mental illness CLICK HERE