Searching for bipolar life insurance can be extremely frustrating because many life insurance carriers will decline someone with a history of bipolar disorder. Bipolar disorder is one of the “red flags” which many carriers try to stay away from, but we do have certain carriers we work with who will offer affordable life insurance policies. Bipolar life insurance is considered to be a high risk life insurance condition since it is something which life insurance carriers differ in the way they rate. If you have applied for bipolar life insurance in the past you may have some experience with how hard it can be to find a policy at affordable rates.
Most clients we speak with who have any experience with bipolar life insurance think they are uninsurable since they have been declined for coverage in the past. Most of these people have not worked with a high risk agency who strictly work with cases which are harder to be insured. We are optimized to work with people who are considered to be high risk since we have direct access to company underwriters who can give us an idea of what ratings they expect for your specific case.
If you currently have bipolar disorder, or have been diagnosed in the past with bipolar disorder than you will be considered a high risk for life insurance. Bipolar disorder can be very severe or mild, which can make a big difference when it comes to bipolar life insurance. If you bipolar disorder has an affect on your daily activities this would classify it as being more severe, where a mild case may not even require any medication.
Life insurance carriers consider bipolar disorder to be a risk because of the long lasting impacts it can have on mental health. Statistics also show that a history of bipolar can also in some cases lead to suicidal thoughts or actions. Some people suffering from bipolar could also be led into other risky habits such as alcohol or drugs. These combinations of factors can cause someone to have life expectancy less than the national average, which would lead to rise in premiums due to the life insurance carrier.
One of our competitive advantages at Waterway Financial Group is our access to company underwriters. This allows us to ask you very direct questions surrounding your bipolar disorder, and then relay your responses to company representatives. They can give us an idea of if you may be approved for a policy, and at what rating and premium. This gives you the advantage of having some idea of a policy before you take the step of applying. Some of the questions which we will ask of you may include:
The biggest factor which carriers are looking for with bipolar life insurance is a history of control. The more in control of your symptoms you are the better. This control will give you the best chance of approval. Approval for traditional life insurance with bipolar disorder can range from standard rates to possible declines. If we are unable to find a company which will offer a traditionally underwritten policy we have other options still available from accidental death policies to guaranteed issue products. We will work with you to make sure you find coverage.
The first step to getting approved for bipolar disorder is to contact an independent life insurance agency who works with high risk cases. We understand the questions to ask, and the companies and policies which will give you the best shot at an affordable approval. We offer over 60 carriers, and our goal is to pair you with the right one. My next best recommendation is to be patient. High risk cases can take more time and we may have to ask you additional questions, but it is in your best interest. If you, or a loved one, is looking for bipolar life insurance please reach out to us for free quotes or advice.
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