People with bipolar disorder may struggle to obtain life insurance, as insurers consider them to be a higher risk due to the potential for complications and premature death. However, it is still possible to obtain life insurance with bipolar disorder, in fact you may even be able to qualify for a preferred rate if well managed.
In this article, we will discuss the challenges of getting life insurance with bipolar disorder and what steps you can take to improve your chances of getting approved.
Bipolar disorder
Bipolar disorder, also known as manic depression, is a mental health condition that is characterized by extreme mood swings. Individuals with bipolar disorder experience episodes of mania and depression that can significantly impact their daily life.
Causes:
The exact cause of bipolar disorder is not fully understood, but it is believed to be the result of a combination of genetic, environmental, and neurochemical factors. Research has found that individuals with a family history of bipolar disorder are at a higher risk of developing the condition.
Symptoms:
The symptoms of bipolar disorder can vary in severity and may include:
- Manic episodes: elevated or irritable mood, increased energy, decreased need for sleep, grandiose ideas or behaviors, increased talkativeness, and impulsivity.
- Depressive episodes: low mood, loss of interest or pleasure in activities, changes in appetite or sleep, fatigue, feelings of worthlessness or guilt, and suicidal thoughts.
- Mixed episodes: symptoms of both mania and depression occurring at the same time.
Treatment options:
Bipolar disorder is a chronic condition that requires ongoing treatment. Treatment options may include:
- Medication: Mood stabilizers, antipsychotics, and antidepressants may be prescribed to help manage symptoms.
- Psychotherapy: Therapy can help individuals with bipolar disorder learn coping skills, improve communication, and develop a better understanding of their condition.
- Lifestyle changes: Regular exercise, healthy diet, and stress management techniques can help manage symptoms and improve overall health.
Worst case scenario:
In the worst-case scenario, individuals with bipolar disorder may experience severe manic or depressive episodes that can lead to hospitalization or suicide. Without proper treatment and support, bipolar disorder can significantly impact an individual’s quality of life and ability to function in daily life. It is essential to seek professional help if you or someone you know is struggling with bipolar disorder to prevent the worst-case scenario from occurring.
Why is bipolar disorder considered a risk factor for life insurance?
Bipolar disorder is considered a risk factor for life insurance because individuals with the condition may have an increased risk of premature death due to various factors such as suicide, substance abuse, and medical complications.
Suicide is a significant concern for individuals with bipolar disorder, as they may experience severe depressive episodes that can lead to suicidal thoughts and behavior. According to the National Institute of Mental Health, individuals with bipolar disorder are at a higher risk of suicide than the general population.
Substance abuse is another risk factor for individuals with bipolar disorder. Research has found that individuals with bipolar disorder are more likely to abuse drugs and alcohol, which can lead to a range of medical complications that can increase the risk of premature death.
Medical complications such as cardiovascular disease, diabetes, and obesity are also more common among individuals with bipolar disorder, which can further increase the risk of premature death.
Given these risks, life insurance companies may be hesitant to offer coverage to individuals with bipolar disorder. Insurers consider many factors when determining an individual’s insurability, including their overall health, medical history, and lifestyle choices. Individuals with bipolar disorder may be considered a higher risk due to their increased risk of premature death.
However, it’s important to note that having bipolar disorder does not necessarily mean that an individual will be denied life insurance coverage. Many factors can impact an individual’s insurability, and each case is evaluated on an individual basis. By being proactive in managing their condition, individuals with bipolar disorder may still be able to obtain life insurance coverage.
What factors do life insurance companies consider when evaluating applicants with bipolar disorder?
Life insurance companies consider a variety of factors when evaluating applicants with bipolar disorder. Some of the factors that may be taken into account include:
- Age at diagnosis: Life insurance companies may consider the age at which an individual was diagnosed with bipolar disorder. Individuals who were diagnosed at a younger age may be considered a higher risk than those who were diagnosed later in life.
- Treatment history: Life insurance companies will likely want to know about an individual’s treatment history for bipolar disorder, including the medications they have taken, the types of therapy they have received, and any hospitalizations they have had. Individuals who have a history of hospitalization may be considered a higher risk than those who have not been hospitalized.
- Severity of symptoms: The severity of an individual’s symptoms can also impact their insurability. Individuals with more severe symptoms may be considered a higher risk than those with milder symptoms.
- Stability of condition: Life insurance companies may also consider the stability of an individual’s condition when evaluating their insurability. Individuals who have had stable symptoms for a longer period may be considered a lower risk than those whose symptoms have been more unstable.
- Co-occurring conditions: Life insurance companies may also consider any co-occurring conditions that an individual may have in addition to bipolar disorder. For example, if an individual has a substance abuse disorder in addition to bipolar disorder, they may be considered a higher risk.
- Family history: A family history of bipolar disorder or other mental health conditions may also be taken into account when evaluating an individual’s insurability.
It’s important to note that each life insurance company has its own underwriting guidelines and may consider these factors differently. Some companies may be more willing to offer coverage to individuals with bipolar disorder than others. It’s important for individuals with bipolar disorder to be upfront and honest about their condition and treatment history when applying for life insurance.
How can you improve your chances of getting approved for life insurance with bipolar disorder?
Getting approved for life insurance with bipolar disorder can be challenging, but there are several things that you can do to improve your chances of approval:
- Work with an experienced agent: Work with an agent who has experience working with individuals with bipolar disorder. They can help guide you through the application process and find the right life insurance company that is more likely to approve your application.
- Be honest about your condition and treatment history: Be upfront and honest about your bipolar disorder and treatment history. Providing detailed information about your condition and treatment can help insurers better understand your situation and may improve your chances of approval.
- Show evidence of stability: Providing evidence of stability in your condition can also improve your chances of approval. This can include documentation of regular appointments with your healthcare provider, adherence to medication and therapy, and any other steps you have taken to manage your condition.
- Maintain good overall health: Maintaining good overall health can also improve your chances of approval. This includes regular exercise, eating a healthy diet, and avoiding substance abuse. These lifestyle choices can help manage bipolar disorder symptoms and may also reduce the risk of medical complications.
- Consider a smaller policy: If you are having difficulty getting approved for a larger life insurance policy, consider applying for a smaller policy. Smaller policies may be more affordable and easier to obtain approval for.
- Look into alternative options: Consider alternative life insurance options, such as guaranteed issue life insurance or simplified issue life insurance. These types of policies have fewer underwriting requirements and may be easier to obtain approval for.
Overall, improving your chances of getting approved for life insurance with bipolar disorder requires a combination of good management of your condition, being upfront about your situation, and working with an experienced agent who can help you find the right insurance company. With the right approach, it is possible to obtain life insurance coverage even with bipolar disorder.
Frequently Asked Questions
What is bipolar disorder?
Bipolar disorder is a mental health condition that causes extreme mood swings, including episodes of mania and depression.
Can people with bipolar disorder get life insurance?
Yes, individuals with bipolar disorder can get life insurance, but it may be more challenging to obtain coverage than for those without a mental health condition.
Will having bipolar disorder affect the cost of life insurance?
Yes, individuals with bipolar disorder may be charged higher premiums for life insurance due to the increased risk associated with the condition.
What factors do life insurance companies consider when evaluating applicants with bipolar disorder?
Life insurance companies consider various factors when evaluating applicants with bipolar disorder, including age at diagnosis, treatment history, severity of symptoms, stability of the condition, co-occurring conditions, and family history.
Can I be denied life insurance because of bipolar disorder?
Yes, it is possible to be denied life insurance because of bipolar disorder. However, there are alternative options, such as guaranteed issue or simplified issue life insurance, that may be easier to obtain approval for.
Should I disclose my bipolar disorder when applying for life insurance?
Yes, it is important to disclose your bipolar disorder when applying for life insurance. Failing to disclose a pre-existing condition can result in the denial of a claim.
Can my life insurance policy be canceled if I develop bipolar disorder after purchasing coverage?
No, once you have been approved and purchased life insurance coverage, it cannot be canceled due to a change in your health status.
How can I find the best life insurance company for individuals with bipolar disorder?
Work with an experienced insurance agent who has a deep understanding of bipolar disorder and can help you find the best insurance company that fits your unique needs.
Can I get life insurance with bipolar disorder and a history of substance abuse?
It may be more challenging to obtain life insurance with a history of substance abuse in addition to bipolar disorder, but it is not impossible. Work with an experienced insurance agent who can help you navigate the application process.
Can I get life insurance if I have a family history of bipolar disorder?
Yes, you can still obtain life insurance even if you have a family history of bipolar disorder. Life insurance companies consider a variety of factors when evaluating applicants, and having a family history of mental illness may not necessarily impact your insurability.
Can I get life insurance if I am currently in a manic or depressive episode?
It is unlikely that you will be approved for life insurance coverage if you are currently in a manic or depressive episode. Life insurance companies typically require a period of stability before approving coverage.
Do I need a medical exam to apply for life insurance with bipolar disorder?
It depends on the type of life insurance policy you are applying for. Some policies, such as guaranteed issue or simplified issue, do not require a medical exam. Other policies, such as fully underwritten policies, may require a medical exam.
How can I ensure my life insurance claim will be paid out if I have bipolar disorder?
To ensure your life insurance claim is paid out, it is important to disclose your bipolar disorder and any other pre-existing conditions when applying for coverage. Additionally, it is important to keep your policy up-to-date and make timely premium payments.