- updated last on March 2, 2023
Applying for Life Insurance with Schizophrenia or Bipolar Disorder
Life insurance with mental illness
Getting life insurance with mental issues for people might be difficult, but it is still possible to get one that suits their needs. Today, insurers are giving options for people wanting life insurance with schizophrenia or bipolar disorder depending on the condition and treatment method used to manage the illness. There is still a hope of getting a standard life policy or a guaranteed issue policy for severe cases.
Does seeing a psychologist affect life insurance
Sometimes, seeing a psychologist or psychiatrist may impact your life insurance premiums or eligibility. Insurance companies analyze various factors to determine life insurance premiums, and an individual’s mental health history may be among them. If you have been diagnosed with a mental health condition that could affect your ability to make sound decisions or increase your risk of early death, your insurance rates may be higher.
Don't let getting life insurance with schizophrenia or bipolar disorder stop you from applying.
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It is a fact that getting life insurance for people with a mental disorder is a daunting task, and many choose to stop searching for one. However, you can quickly get through the process by knowing what you need to do and what to expect. There are high hopes, especially nowadays, to acquire the coverage that you need.
Unfortunately, people with these mental illnesses are experiencing a stigma in society, so many are intimidated in applying for insurance coverage. It is good to know that the insurance industry understood the need of these people for equal security. If you and or one of the family members want to get insurance coverage, then do not be discouraged.
Some people can help you like Coach B., especially during the underwriting process.
Moreover, mental illnesses like bipolar and schizophrenia may have different experiences from one person to another. The effect and level of seriousness may differ. Also, people living with this mental problem are living a normal life just like a normal person. It is true if they are getting the right treatment that they need.
There are cases of people who are dependent on medications to manage attacks and to control emotions. By receiving the best care from professional healthcare providers is very important.
With diverse experiences of people with mental illness, it is better to find some considerations right before applying for a life plan. You can work with the underwriter and provide them with the complete details of your diagnosis and treatments. The following are things you can expect while you apply for the best life plan.
Definition of Terms
While you do not need to know to study the definition of your condition as you already familiar with it, it is good to know how insurers categorize your condition. Also, knowing this category will help you during the underwriting process. It will be easier for you to talk to your underwriter and turn the tables on your side.
Schizophrenia
It is a mental illness characterized by an imbalance of emotions and way of thinking. Contrary to many beliefs, it is not a case of multiple or split personalities. However, it is a chronic mental illness that needs lifetime treatment and care. It is a condition with several symptoms.
For instance, delusion, hallucinations, negative behaviours, and the inability to think or speak are some. It is a case that can last for months to years, but with proper treatment and care, it can reduce the seriousness of signs and the duration.
Bipolar
It is also known as a manic depressive disorder characterized by mood swings from very low to high emotions. A person who is depressed may feel extreme sadness, and they will start to lose interest in doing daily activities. On the other hand, a person who feels extremely high spirits will experience euphoria and high energy. The mood swing can happen several times a day or as rare as one every year.
However, one can manage it with the help of proper treatment and care plans. In most cases, patients are receiving medications and counselling from a trained and licensed psychiatrist and psychologist.
Obviously, a person suffering from one of these two mental illnesses can experience a disruption in their everyday lives. Hence, most of them have a hard time maintaining a job, relationship and taking good care of their own needs. Without proper treatment, a person has a bigger chance of suicidal thoughts and negative behaviour. Therefore, these risks are the main reason why many insurers have a second thought in accepting coverage plans for severe conditions.
How to Get The Best Life Insurance For Bipolar Disorder
Fortunately, getting insurance coverage for these two mental illnesses is still possible. By going through some steps, you can help the underwriter understand your condition. You may be required to submit a diagnosis from your doctor.
In case you do not have any diagnosis, it is good to have a physical exam and medical exam. The underwriter will also ask for the list of your prescription medication and perform some background checks.
Furthermore, you may experiences difficulty in getting your health and medical records. Healthcare facilities are careful in giving away personal information about their patients, so it is better to communicate appropriately. Additionally, there are a few questions that you need to answer aside from giving your health documents.
- When was the last time you have been hospitalized?
- How frequently you experience symptoms?
- How these symptoms affect your daily activities?
- Do you have experience in the past that may appear during the criminal background?
- Do you have other health conditions?
- What are your treatment and care plans?
- Are you religiously following your treatment plan?
The underwriter may ask more questions. Hence, it will lead to understanding how your mental illness affects your quality of life. How you will answer each question can help the underwriter develop a positive outlook on your situation. Therefore, answering questions in full honestly will suggest that you may or may not get the coverage that you need. The underwriter must view you as someone eager to manage their condition.
Honesty can open up the opportunity to get the best life plan. If an underwriter senses any discrepancy between your answer and your prescription report, then there is a higher chance of denial.
Life Insurance For Mental Illness and Policies
Severe
Severe cases of bipolar and schizophrenia can get a graded benefit or guaranteed issue. However, the applicant will get a higher monthly premium.
Mild
With no recent health problems, mental illness can get a graded death benefit but with some questions from the underwriter. The amount is, most of the time, lower than severe cases.
Mild to Low
People with very mild symptoms with no underlying health condition can choose from traditional loge policies such as whole life or term life. Also, they have a higher chance of acquiring an affordable monthly premium.
If you want to know if you can get life coverage with your current mental condition, you can easily approach Coach B. at 1-800-342-1537. A licensed agent will gladly assist you with your insurance needs.
The underwriting process and review may take a month to several months. It is the period when the underwriter will perform an assessment and thorough investigation to find out all aspects of your mental health.
Luckily, you may get a table rating, then that is when you can choose from the best plans that the insurer can offer. Once you already in this part of the application process, maybe feeling some anxiety about picking the right options. Hence, you can choose from a wide variety of insurance packages.
If you have a mild mental illness case, you may get the lowest possible premium with excellent coverage. In case of a serious case, there is a myriad of choices for you. The following are choices available for mild cases.
Life Insurance Borderline Personality Disorder
Obtaining life insurance can be difficult for individuals with borderline personality disorder. However, depending on the circumstances and specific insurance provider, qualifying for coverage at reasonable rates is possible. It is best to consult an experienced insurance agent or financial advisor to find the right policy for your needs.
Graded Death Benefit Whole Life Insurance
It is a speciality insurance coverage for those who are having a hard time getting other coverage types. Also, people with a severe case of bipolar and schizophrenia must consider this option. However, it is a policy that only offers limited death benefits in the first years and has high premium than a traditional life insurance policy. There are two ways for a graded death benefit.
- Questions asked- It can offer a more restrictive coverage, but many choose it instead because of the lower premium. Hence, there is no need to do a medical examination, but an applicant should provide all relevant information regarding their health and mental condition.
- Guaranteed Issue Life Insurance with No Questions- It is known as the last resort for all applicants with mental issues. This option is for those with a severe case and been denied life insurance due to depression in the past. Laos, there is no additional requirement for this type as long as you can for the monthly premium. The insurer will only ask for your age without any questions about your medical condition. In case you are between 45 to 85 years old, you may get an amount of $20,000 for death benefits.
Life Insurance For Schizophrenia or Bipolar Disorder
The life insurance industry offers a wide range of the best deals for people suffering from mental illnesses. Though it is a complex process, Coach B. Life Insurance can help you go through the process by just asking an experienced agent at 800-342-1537.
People with this condition can assure 100 percent confidentiality. Every step that agents do for customers comes with the highest quality of service.
Frequently Asked Questions
Does bipolar disorder disqualify you from life insurance?
People with bipolar disorder can obtain life insurance. The types of policies they can get and the premiums they will have to pay will depend on the severity of their illness, but finding a policy that meets your needs and budget is possible.
Can you get life insurance if you have schizophrenia?
Yes, it is possible to get life insurance if you have schizophrenia. The most important factor when applying for a policy is the severity of your illness and how well you manage your condition. While some carriers may decline to offer coverage because of your schizophrenia, some companies specialize in providing life insurance for those with pre-existing conditions such as mental illnesses. Working with an experienced life insurance broker who can shop around for policies that best suit your needs and situation is best.
Can you be denied life insurance because of mental illness?
Yes, you can be denied life insurance because of mental illness. Insurers typically look at your medical history and may require disclosures of any mental health issues to determine whether or not they want to provide a policy and how much they are willing to cover. Depending on the severity of the mental health issue and how long it has been diagnosed, insurance companies may refuse to cover it entirely or increase premiums for the coverage.
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About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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