Bipolar Life Insurance 2024 Guide

I am writing this post to help senior consumers find a Bipolar life insurancewith a reputable insurance provider. Recently I had a conversation with one of my friends who was diagnosed with bipolar disorder after being hospitalized and he told me how hard it is for him to get affordable coverage.

He said the best thing about getting diagnosed was learning that there are steps you can take to improve your condition, but not having access to healthcare or life insurance put an enormous strain on his finances and mental health.

With so many options out there, finding the right policy for seniors living with bipolar disorder isn’t easy, but here are five companies worth checking out.

Does Bipolar Affect Term Life Insurance Rates?

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).

Life Insurance For People With Mental Illness

If you are looking for coverage and pricing out Bipolar quotes and/or manic depression quotes for life insurance you better make sure you are working with an agent that knows the ins and out of mental health underwriting.

When you apply for life insurance with a mental health issue like bipolar disorder underwriters are a few years behind. Above all, the best rate you can get on a term life insurance policy would be a standard rate. Most life insurance companies will give a rating of mid-table rating.

In addition, when having a mental health history your rating will depend on your medical history, if have had suicide attempts, also if you are taking any mood disorder medications. Furthermore, the underwriter will order medical records which will explain the mental health conditions.

Above all, mental health and life insurance are very possible. Moreover, it will also come down to your physical health, if you have manic episodes, and how severe the depression and anxiety are. This will also be found in the life insurance psychiatric records if you ever been declined or applied. The database is usually stored at the MIB.

Once approved, the death benefit MUST be paid as long as you are paying the premiums.

Bipolar 1 Vs. Bipolar 2 In Regards To Life Insurance

Life Insurance Bipolar 1

We have a few, but first…

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 life insurance policy rather than term life insurance. 

Life Insurance Bipolar 2

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.

Best Companies For Life Insurance For Bipolar

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. Traditional life insurance companies prefer covering people that give thorough and honest answers during the application and underwriting 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 whole 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. 

Bipolar Disorder Life Insurance Underwriting

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, with 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 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 maybe 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 the first two years of the 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.

Denied Life Insurance Bipolar

Why is it taking for life insurance companies so long to come around?

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.

Is Bipolar Disorder A Pre-Existing Condition For Life Insurance?

What’s the main cause for 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.

Bipolar Diagnosis and Life Insurance

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.

Life Insurance for Bipolar Sufferers

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 events 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.

• The word “Schizophrenia” means “split mind,” but it refers to a disturbance of the usual balance of emotions and thinking. Schizophrenia is a chronic illness, requiring lifelong treatment. In more detail, the most recent resource for diagnosis of mental disease, the Diagnostic and Statistical Manual of Mental Disorders (DSM-5), characterizes Schizophrenia as a condition having one or more possible symptoms. For example, the individual may experience hallucinations, delusions, problems in thinking or talking coherently, or other negative behaviors or emotional states. While this generally lasts for one month or more, good treatment can also significantly decrease the duration and severity of these symptoms.
• Bipolar Disorder. With Bipolar Disorder–occasionally called manic-depressive disorder–mood swings vary from the lows of melancholy to the highs of mania. When someone with Bipolar Disorder gets depressed, they might feel really sad or hopeless, and get rid of interest or pleasure in most activities. After the mood changes from the other direction, he or she might feel euphoric and full of energy. These spikes and drops in emotional states can happen a few times a year or several times a day. Sometimes, Bipolar Disorder causes symptoms of mania and depression at the same time. Even though Bipolar Disorder is a tumultuous, long-term illness, individuals with this condition can continue to keep their moods in check by following a treatment plan. In most cases, Bipolar Disorder may be controlled with drugs and psychological counseling.

Life Insurance For Someone With Bipolar

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 to 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 “High’s” (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.

Can You Get Life Insurance With Anxiety And Bipolar

High Stress

Individuals who experience traumatic events are at higher risk of developing a 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.

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.

Life Insurance Policies For People With Bipolar

Gender and Bipolar Disorder

Gender — Bipolar disorder affects men and women 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.

If you’re unsure whether you are at risk for bipolar disease, you may ask yourself these questions:

• Have you experienced childhood trauma?
• Undergone recent stressful events or lack of sleep?
• Have you noticed radical fluctuations in mood after taking alcohol or drugs?
• Extreme mood changes influenced your job, daily duties, or even associations?

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.

Conclusion

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 the mentally disabled, consider the list below:

• Improve Overall Health — This is important for anyone applying for life insurance. Try to eat healthily and exercise regularly so you can make a good impression on your medical exam.
• Quit Smoking — Life insurance for smokers is usually 2-3 times more expensive. If you already have Bipolar disorder, you do not want to give insurance companies another reason to label you a high-risk applicant.
• Compare Quotes — This is especially important for people with Bipolar disorder. Since the rates vary so much from company to company, shopping around companies will help you find the cheapest options.
• Hire An Independent Insurance Agent — Hiring an agent to help you can be an excellent investment. They can help you compare quotes. Also, they should have an idea about which companies are more lenient towards individuals with Bipolar disorder.

If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300

For more information on mental illness CLICK HERE

FAQs

How does bipolar disorder affect life insurance eligibility and rates?
Insurers may consider bipolar disorder as a higher risk, potentially leading to higher premiums. The stability of the condition, treatment history, and overall health are key factors in determining eligibility and rates.

What types of life insurance policies are available for individuals with bipolar disorder?
Both term life insurance and whole life insurance policies are available. The choice depends on the individual’s needs, health status, and financial situation.

Is a medical exam required to obtain life insurance with bipolar disorder?
While some policies may require a medical exam, others offer no-exam options, though these might come with higher premiums.

What information about bipolar disorder must be disclosed when applying for life insurance?
It’s important to disclose the diagnosis, treatment history, any hospitalizations, medication, and how the condition is managed.

Can life insurance be denied based on bipolar disorder?
Denial is possible but not common. More likely, the condition may affect the policy terms and premiums.

Are there specialized insurance providers for individuals with mental health conditions like bipolar disorder?
Some insurers specialize in high-risk policies or have more experience underwriting policies for individuals with mental health conditions.

How can individuals with bipolar disorder improve their chances of getting better life insurance rates?
Maintaining a stable medical history, adhering to treatment plans, and having a solid health record can help in securing more favorable rates.

What should be considered when choosing a policy for someone with bipolar disorder?
Consider the coverage amount, policy term, premium costs, and how well the policy accommodates the individual’s health condition.

Does the payout of a life insurance policy get affected if the cause of death is related to bipolar disorder?
Generally, the cause of death does not affect the payout unless the policy has a specific clause regarding mental health conditions or suicide.

Related Articles

• Bipolar Disorder: A Complicated Disease With Significant Ramifications
• 2023 Life Insurance With Mental Illness Guide
• 2023 Life Insurance With Obsessive-Compulsive Disorder (OCD)
• Getting Life Insurance With Eating Disorders [2023 Guide]
• Life Insurance With Anxiety And Depression Disorders In 2024

Conclusion

The rates for life insurance are more affordable than you think. In fact, some companies offer discounted rates to individuals with mental illnesses like bipolar disorder. Get a quote today and see how much your rate can be reduced as a result of the condition! We’ll help you find an option that has reasonable premiums without compromising on coverage or benefits. Plus, we’ll give you access to free educational materials about what it’s like living with bipolar disorder so that you have all the information possible before making any final decisions about your future financial security.

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