Co-Founder, Coastal Financial Partners Group, California
In short, yes. A person with bipolar disorder or manic depression has a type of mood disorder with wide swings between extreme elation and severe depression.
Before engaging in the formal underwriting process, a life insurance professional would need to collect some information up front:
· Was this a single episode?
· Was the episode brief in nature or did it continue for some time?
· What triggered the episode?
· Is it still ongoing?
· Is it likely to recur?
· When did treatment end?
· Is medication still required?
The answers to these questions will help the life insurance professional determine the best way to shop the case for the best possible outcome since insurable cases may result in different offers from different insurers. Be sure to deal with a life insurance professional with access to many insurers and with experience in handling complex underwriting matters.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Yes, Bipolar Disorder effects the purchase of a new policy, but does not effect an established policy. In other words, being treated for Bipolar Disorder after the policy has been issued, doesn't effect the policy. Unfortunately, when applying for a policy, Bipolar Disorder will effect the classification given a person for pricing purposes. Depending on the condition, it could also mean a decline.
It is best to work with an agent who can access several companies and pre-underwrite the applicant to find the best possible situation for the applicant.
When someone has Bipolar Disorder, life insurance underwriters will want to see that the applicant's disorder is controlled and does not significantly interfere with the applicant leading a normal life. Compliance with one's medication and treatment plan is crucial. The underwriter will want to see stability for at least a year. For a medically underwritten policy it is also important that the applicant is not on disability specifically for the Bipolar Disorder.
If the applicant does not meet all of the above criteria, there are simplified, no exam policies available for most persons with Bipolar Disorder.
It will affect your rating and can result in a decline withcome types of life insurance coverage.
The main job of your life insurance broker is to shop the underwriting of different companies for you. One company may give you a complete decline over bi-polar disorder and another one will issue standard or table rated.
Some simplified issue life insurance policies will not rate you up at all with bi-polar.
Bipolar Disorder does affect Life Insurance rates and the type of policy the person with bipolar disorder can get. The most favorable scenario is for the applicant's Bipolar Disorder to be stable for over a year, medications stable, and able to successfully hold down a job. In that case, rates can be Standard and the applicant can get any type of policy or face amount that they financially qualify for.
If the Bipolar Disorder causes the person to be on Disability or it has been difficult to stabilize, then a simplified issue policy might be in order. This has some limits on face amount and might possibly be graded. However, there is usually a choice of policies for the person with Bipolar Disorder if you contact the right agency who understand and carries policies that cover it.
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Before engaging in the formal underwriting process, a life insurance professional would need to collect some information up front:
· Was this a single episode?
· Was the episode brief in nature or did it continue for some time?
· What triggered the episode?
· Is it still ongoing?
· Is it likely to recur?
· When did treatment end?
· Is medication still required?
The answers to these questions will help the life insurance professional determine the best way to shop the case for the best possible outcome since insurable cases may result in different offers from different insurers. Be sure to deal with a life insurance professional with access to many insurers and with experience in handling complex underwriting matters.
It is best to work with an agent who can access several companies and pre-underwrite the applicant to find the best possible situation for the applicant.
If the applicant does not meet all of the above criteria, there are simplified, no exam policies available for most persons with Bipolar Disorder.
The main job of your life insurance broker is to shop the underwriting of different companies for you. One company may give you a complete decline over bi-polar disorder and another one will issue standard or table rated.
Some simplified issue life insurance policies will not rate you up at all with bi-polar.
If the Bipolar Disorder causes the person to be on Disability or it has been difficult to stabilize, then a simplified issue policy might be in order. This has some limits on face amount and might possibly be graded. However, there is usually a choice of policies for the person with Bipolar Disorder if you contact the right agency who understand and carries policies that cover it.