National Institute of Mental Health (NIMH) indicates that Bipolar Disorder is a very common condition.
It is so common, in fact, that around 5.7 Million American adults are affected by Bipolar Disorder annually.
All individuals with Bipolar Disorder still need life insurance to protect their loved ones from any future financial peril.
Insurance carriers understand this need and want to provide coverage whenever possible.
As I am sure you probably know since you are reading this article, nowadays life insurers know more about Bipolar which makes covering someone with the illness much easier.
Over the years drug and clinical treatments for Bipolar Disorder have improved quite a bit. These types of advancements have positively impacted the lives of individuals dealing with Bipolar, people just like yourself.
So here’s the bottom line…
Locking-in a life insurance policy will mostly be based on the severity and type of Bipolar Disorder you have, as well as how well your illness is being controlled.
Are you one of those individuals? Are you concerned your mental health will keep you from finding cheap life insurance over 50?
Well, I’m going to share all the inside tips and facts about applying for over 50 life insurance with Bipolar Disorder.
Knowing the facts could save you a ton of time and money.
What Will Life Insurance Cost with Bipolar Disorder?
Let’s be realistic, this is the question you really want answered. Right?
Understand the rate class you get approved for determines the cost you have to pay for coverage.
Here’s how it work. Understand that the next section is only taking your mental illness into consideration and not any other type of mental or physical condition.
Possible Life Insurance Ratings
- Preferred Rating – The best (lowest premium) rating anyone can hope to receive is a Preferred Rating.
The fact is a Preferred Rating is reserved for those exceptional people with a low-risk lifestyle and outstanding health.
Bipolar Disorder will most likely keep you from achieving a Preferred level.
One exception is if you are completely recovered from a Mild Bipolar Diagnosis and do not take any prescribed medications at this time.
- Standard Rating – A Standard Rating is an average rating and comes along with an average premium amount.
Bipolar will not keep you from achieving this level as long as you have Mild Bipolar Disorder and you can show the following:
- Your condition is under control
- You take a single low dose antidepressant or receive counseling
- You currently work
- You have an active social life
- You have NO record of attempted suicide
- You have NO record of hospitalizations related to your Bipolar Disorder
- Sub-Standard (aka Table Rating) – A Sub-Standard (Table) Rating can range from Level 1/A to Level 16/P depending on the insurance carrier. Each level represents approximately a 25% premium increase above the Standard Rate.
Table Rating: Level 2 to Level 3
Individuals with Moderate Bipolar usually are considered a Sub-Standard Level 2 to Level 3 Table Rating.
In this case, the insurance company will verify the following in relation to your mental disorder:
- did not miss more than 30 days of work
- haven’t had any hospitalizations within the last 24 months
- have not had any suicide attempts within the past 24 months
- show a positive response to your medical treatment plan
- dosage of prescription medications haven’t increased within the last 12 months
Table Rating: Table 4 or Lower
Individuals with Severe Bipolar usually are considered a Sub-Standard Level 4 or lower.
A significant disruption in your daily life because of Bipolar Disorder will put you into this category.
Things such as not working or missing long periods of time at work, as well as multiple hospitalizations or suicide attempts will bump you to a Table Rating.
Possible Decline or Postponed Applications
Are you wondering if your condition will result in a flat decline or a possible postponed application?
Here are the situations that generally result in such an outcome:
- You were recently diagnosed and have just begun treatment = Postpone
- You were hospitalized for a suicide attempt recently = Decline
- You have a recent history of alcohol or drug treatment = Postpone or Decline
- You have not been able to handle regular daily activities for a while = Decline
Remember, every insurance carrier handles ratings for Bipolar Disorder differently.
I’m simply sharing some examples to give you a general idea of what might happen.
Once we talk more about your particular situation, then I’ll be able to find the life insurance solution that WILL work well for you.
One last thing to remember about rate classes: your assigned rating is not based strictly on the Bipolar diagnosis.
There are many other influences on your rate class, including secondary health issues, a risky lifestyle, and tobacco use.
The more you try to control those other factors then the better your rate will be.
What’s On the Application for Life Insurance?
You’ll fill-in the usual details about your marital status, employment, and hobbies. Of course, the insurer will expect you to be forthcoming about your medical history too.
Every fact you share helps the carrier determine your overall risk of dying prematurely. In turn, the insurance company will assign you the most accurate rating and corresponding premium.
Once the carrier becomes aware of your Bipolar Disorder, they will probably ask for additional information such as the below list.
Bipolar Information for Application
Give yourself a head start and read through the ten bullet points below. This list will give you a tremendous heads up when it comes to completing your life insurance application.
- Date of Diagnosis – The more recent your diagnosis then the higher your risk as a life insurance applicant. We already explained earlier that a recent diagnosis will probably result in either a postponed application.
Postponing your application will give you time to get your Bipolar under control.
- Severity – Is your bipolar disorder classified as severe, moderate, or mild?
- Treatment Plan – What is your treatment plan? Are you compliant with your doctor’s orders? Do you attend regular mental health visits? Do you take your medications as prescribed? Do you participate in Bipolar support groups?
The more active you are in managing your condition then the more likely the insurer will be to approve with with great and low rates.
Insurance companies want to confirm you are keeping your illness under control. The longer you’ve gone keeping your Bipolar Disorder in check then the better your rating.
This is true for everyone with various health concerns including those with anxiety, depression, high blood pressure, high cholesterol, hepatitis C, rheumatoid arthritis, and other chronic medical conditions.
- Medications – The prescribed medicine you are taking can be very telling to an insurance company. The type of medication, the dosage, and the frequency all paint a clear picture as to the stability of your Bipolar Disorder.
- Suicide Attempts – Insurance carriers will be concerned when they see a suicide attempt in your medical notes. Obviously they want to be sure they do not provide insurance to someone that may be likely to kill him/herself.
- Hospitalization – Being admitted to the hospital because of your Bipolar Disorder will matter. The life insurer is going to read through your medical records carefully to determine when you were last hospitalized, how long you stayed in the hospital, and what were the prescribed treatment recommendations upon discharge.
- Work Status – As we pointed out earlier, insurance companies emphasize the importance of holding down a steady job when it comes to Bipolar Disorder.
They figure if you are not able to hold down a job because of your mental health then you are managing Severe Bipolar Disorder. In the insurance industry, severe Bipolar means high risk.
- Substance Abuse History – Many people with Bipolar Disorder have a history of alcohol and/or illegal drug abuse. It’s normally the mental illness that leads individuals to begin using substances to self-medicate.
Insurance companies take this seriously because abusing alcohol or drugs is very high risk behavior that could lead to death.
How Do I Apply for Over 50 Life Insurance?
Studies have revealed a staggering 25% – 50% of people with Bipolar Disorder will attempt suicide. This calculates to between 1.4 Million and 2.8 Million individuals that will try to take their own lives during their Bipolar Disorder journey.
Suicide is a terrifying thought for anyone dealing with mental health disorders, as well as their loved ones.
After all, your family wants the best for you. This includes living a long and fulfilling life.
In turn, we know you want to protect your family from any financial burdens should you pass away unexpectedly – for any reason.
However, you may not know which direction to turn or how to begin applying for over 50 life insurance. Luckily, you are in the right place!
You can fill out the online form for a free instant quote, or simply give me a call. I am available to help you secure affordable life insurance. Don’t wait another day. Let’s get started!