If you have bipolar disorder, you may worry about your chances of getting a reasonable life insurance policy.
Life insurance with bipolar disorder may not be offered at the best rates in some cases, but you will likely not be turned down for insurance because of it.
Bipolar disorder is a common condition, affecting over 5.5 million Americans every year. Because it’s so prevalent in the U.S. there are a lot of insurance companies and agents that have experience working with applicants with the disorder. For anyone with bipolar disorder, it’s important to find one of these companies or agents. A more experienced agent can help you get the best rates, avoid getting rated for the more expensive high-risk policies, and walk you through the process
We work with many of the top life insurance companies, such as Banner Life, and can help you get the quotes you need to make the best decision for your needs.
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Keeping Bipolar Under Control
There are a number of effective bipolar medications on the market right now. If you are on one and it is keeping your bipolar under control, you can still get a good rate on your life insurance. The dosage that you take and the specific medication will make a difference to some companies, but virtually all of them will approve someone who has bipolar with no other serious medical conditions.
How Does a Life Insurance Company View Bipolar?
When considering whether your condition is under control, insurance companies may look at how your bipolar disorder affects your life. If you are unable to work because of the condition, it may not be considered under control. If you are still searching for a medication that works best for you, the same may be true.
If you are living a normal life with a social life and a job, you can make the case that your condition is under control. Your offers of life insurance with bipolar disorder should reflect the stability of your health.
Getting Approved for Life Insurance With Bipolar Is a Possibility
While in the past it was hard for anyone with bipolar disorder to get life insurance, the many medical treatments available today have made the condition much less of an insurance risk. Before you are offered life insurance with bipolar disorder, an insurance company may want to know if you have ever been hospitalized for the disorder and how long you’ve kept your condition under control.
It should be noted that if you were just diagnosed with the condition, it could be difficult to be accepted for life insurance. Companies will want to see a history of safe management and how well you will handle the bipolar diagnosis. If you’ve just been diagnosed and you don’t want to wait on a traditional policy, you can get a no-exam policy and get coverage immediately.
They may also want to know how diligent you are about taking your medications. If you take it as prescribed and have no complications from it, you can expect plenty of competitive insurance offers.
Getting the Lowest Rates With Bipolar Disorder
Always be honest with your life insurance agent. You can tell them about your condition, all of your medications, how often you take them, and the dosages. As long as your condition is well maintained, you’ll receive quotes that are comparable to those with bipolar disorder.
Because of the emotional strain and stress that bipolar disorder can bring, a lot of people diagnosed with the condition are also smokers. Smoking is not only terrible for your lungs but can also break your bank account, especially when it comes to life insurance premiums for smokers.
Getting smoker rates for life insurance is going to double or even triple your monthly payments. One of the best things you can do to get lower rates and save money is to kick the bad habit of smoking. Before you apply for life insurance, it’s worth it to take several months or a year to quit smoking and enjoy your savings.
Another way to save money on your policy is to shop around with different companies. A lot of people make the mistake of going with the first company they get a quote from. Before you sign a policy and start paying the premiums, get quotes from several companies. More than likely, the first company that you contact isn’t going to have the lowest insurance rates. Instead of spending hours talking to different agents, let us do the work for you. Simply fill out the form and we will give you the best rates available.
What Else Impacts Your Life Insurance Rates?
Bipolar disorder isn’t the only thing that’s going to have an effect on your plan’s premiums. There are several factors that the life insurance company will look at to calculate your premiums. Things like age, weight, occupation, health, and several more.
With a traditional life insurance policy after you complete the initial paperwork, the company will send a nurse or paramedic to your house to complete a medical health exam. The results from the exam will reflect your overall health and have a huge impact on how much you pay for your policy.
At the health exam, the paramedic will go through family history, a medical questionnaire, and basic vitals like blood pressure. Additionally, they will also take a blood and urine sample.
Life Insurance and Bipolar Disorder
If you’ve ever been told that you can’t get life insurance because of your disorder, such as Bipolar Disorder, ADHD, OCD, Autism, Asperger, or Cushing’s Syndrome this couldn’t be further from the truth. Even with bipolar disorder, you can get affordable life insurance coverage that you and your loved ones deserve.
The Bottom Line
Obtaining a reasonable life insurance policy with bipolar disorder is highly possible, given the prevalence of the condition and the availability of experienced insurance agents and companies. Effective management of bipolar disorder through medication and a stable lifestyle enhances eligibility for better insurance rates.
Honest communication about the condition, adherence to medications, and a tobacco-free lifestyle are key factors in securing competitive insurance offers. Shopping around with various companies ensures that you find the most affordable and suitable policy, highlighting the importance of utilizing resources and agents that specialize in such cases for optimal results. Life insurance provides crucial financial security and peace of mind, making it a vital consideration for individuals with bipolar disorder.
Don’t let your family be stuck with mountains of unpaid expenses if anything were to happen to you. Losing a loved one is difficult enough without having to worry about bills piling up.
