The purchase of life insurance can be one of the best gifts that you can give to those you care about. This important financial vehicle can be used for the payment of final / funeral expenses, as well as for paying off other debts – and because of that, it can help to prevent your loved ones from facing financial hardship. These funds can also be used for the payment of ongoing living expenses, which in turn, can allow your family or loved ones to continue their lives without having to move from their home, or drastically alter their lifestyle.
When applying for life insurance, many people will easily be approved, provided that they are in good health. But, if you have certain health issues such as manic depressive disorder or if you’re wondering if you can qualify for term life insurance after gastric bypass, obtaining this type of coverage could present some challenges. The good news is that by working with an independent life insurance broker that has access to many insurance carriers, the locating of the right life insurance can be more in reach. If you have other issues such as someone looking for life insurance if you’re overweight, we can certainly guide you in this process and find the coverage you deserve.
One reason for this is because, while all life insurers have some form of application process, the way in which they approve their applicants for coverage is not all the same. This means that you could apply with one insurer and be denied while applying through another and be accepted – even with the very same information on your application.
They key is finding the life insurance company or companies that will be more apt to work with you. Because we have access to multiple insurance carriers, this is where can help. In doing so, it can make the life insurance application process go much more quickly and smoothly.
How Manic Depressive Disorder Could Effect Your Life Insurance Application
Manic depressive disorder also referred to as being bipolar, is a condition that can greatly affect a person’s moods. In many cases, a person who has manic-depressive disorder / bipolar disorder can abruptly change from being in a normal mood to one of very higher energy.
This condition can also come with other symptoms, too, such as hallucinations, psychosis, delusions of grandeur, paranoia, and / or sleeplessness – which can sometimes last for several days. One who has this disorder may also have disturbances in their thinking, as well as difficulty function in certain social situations.
This is considered to be a serious condition – and it is one that may be more difficult to treat, especially in those who do not have hypomanias or manias. The condition can typically stem from a combination of both genetic and non-genetic criteria. A person who is affected with the manic-depressive disorder may have mood episodes that can range from mild to very extreme – and these changes can sometimes occur very quickly. In some cases, if this condition is not properly managed or controlled, it can have life-threatening results – including possible suicide.
Due to the seriousness of manic-depressive disorder, having it can affect your application for life insurance coverage. Therefore, the life insurance company’s underwriters will usually want to know much more about you and your condition.
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What the Insurance Company Will Want to Know
When initially applying for a life insurance policy, it will be required that you fully complete an application for coverage. This application will ask you for certain more basic details about you and your overall health condition, such as your:
- Contact information
- Age / birth date
- Marital status
- Income / occupation
- Smoking status / usage of tobacco (you can still get life insurance for smokers)
- Alcohol consumption / frequency
- Health condition
- Health history
- Family health history – such as a history of Diabetes
- Medications taken (and the dosage of each)
- Foreign travel frequency
- Habits / Hobbies – especially those that are considered to be riskier such as scuba diving, sky diving, and rock climbing
- Other life insurance coverage in force (as well as the amount of the coverage)
- Pregnancy (you can get life insurance while pregnant)
It is also likely that, due to your condition, the insurance company will want to know more about how manic depressive disorder has affected you, as well as what you are doing to help with managing or controlling the condition. Therefore, you may be asked some or all of the following questions about your health:
- When were you initially diagnosed with manic-depressive disorder? Because manic depressive disorder is a condition that can be controlled, if you have not had any rapid cycling attacks, then it may be possible to qualify for a medically underwritten life insurance policy.
- Over the past year, have you experienced any of the symptoms of manic-depressive disorder? The underwriters will also want to know if you have experienced any of the symptoms of this condition, which can oftentimes include agitation, irritability, difficulty concentrating, difficulty sleeping.
- If you do experience symptoms of manic-depressive disorder, do your mood swings have an effect on your daily live? If your mood swings have an effect on your daily life, then the underwriters may want to obtain additional information about you before they make their decision on the coverage. If, however, you have been considered stable for at least the past 12 months, and you have been able to function normally, then it may be possible for you to obtain a life insurance policy that is in the Standard rating category.
- Do you have any other medical conditions? The insurance underwriters will also want to know if you have any other medical conditions, as this, too, can have an effect on the decision that they make.
- Do you currently take any type of medication for your condition – and, if so, what medication(s) do you take, and what is / are the dosage(s)? The insurance underwriters will also want to know whether or not you are currently taking any medication, as well as the dosages of each. Certain types of medication can help with controlling and / or managing manic depressive disorder.
- Do you have any suicidal tendencies? It will also be important for the life insurance company to know whether you have any suicidal tendencies. If this is the case, then it may be necessary for the underwriters to do a more thorough medical investigation before making a decision about your coverage, as well as about the premium rate to be charged.
- Do you regularly visit with your psychologist and / or other medical professionals regarding your manic-depressive disorder? Regularly meeting with a psychologist can be an important step in both the control and / or the management of manic depressive / disorder. Doing so can be a positive sign to the insurance underwriters.
In addition to the application for coverage and the in-depth condition-related questions, it is also probable that you will be required to undergo a medical exam as a part of the life insurance underwriting process.
Here, you will meet with a paramedical professional – or paramed – who will usually ask some additional health-related questions. You will also be asked to submit a blood and a urine sample. These samples will be tested by the insurance company for certain other health-related risk factors. If you have issues such as high blood pressure, there are life insurance policies you can get with high blood pressure so don’t hesitate to search and obtain the coverage you deserve.
The insurance company’s underwriters may also want to review your overall medical records. This can help them to obtain a clearer picture of your health. In doing so, they may request your medical records from your primary care doctor and / or other medical professionals that you see.
After all of the information has been obtained by the insurance company, the underwriters will be able to thoroughly review everything, and from there, they can make a decision about the coverage, as well as the appropriate premium rate.
How Much Would Life Insurance Cost with Manic Depressive Disorder?
There are a number of factors that come into play when determining the premium rate on a life insurance policy. These will typically include the type and the amount of coverage that you are applying for. It will also include your age, gender, and overall health condition.
For those who have manic depressive disorder / bipolar disorder, it can be possible to obtain a Standard rating on your life insurance – especially if you are otherwise in good health. This means that the premium rate on your coverage would be in line with other policyholders who are of your same age and gender.
If, however, it is deemed that your health is not up to the same standards of an average policyholder, then you may be approved for a policy that is Substandard. This means that, while you can still qualify for a policy, the premium rate would typically be higher than that of an average policyholder.
What Happens If You Do Not Qualify for the Coverage?
If you do not qualify for a traditional, medically underwritten life insurance policy, there may still be other avenues that you can take to obtain life insurance coverage. One of these is a no medical exam life insurance policy. These plans will not require an applicant to go through the medical examination – and because of that, those who have certain health conditions may have a higher chance of getting the coverage that they need.
You could also apply for a guaranteed issue life insurance policy. With these plans, provided that you continue to pay your premium, the coverage can be approved, and it will remain in force.
The premium that is usually charged for no medical exam life insurance, as well as for guaranteed issue life insurance coverage, will in most cases be higher than the premium that is charged on a comparable medically underwritten policy. This is because those who usually apply for these types of policies are considered by the insurance carrier to be a higher risk. However, in many instances, no medical exam and guarantee issue life insurance policies can provide an opportunity to get the needed coverage when other options are closed off.
How to Find the Best Life Insurance Quotes with Manic Depressive Disorder
When seeking life insurance coverage with manic-depressive disorder, it is typically best to work with a company or an agency that has access to many different life insurance companies. This is because not all life insurers will treat their applicants the same in terms of policy approval. In fact, in some instances, an applicant could apply for coverage with one company and be rated as a Substandard, and apply with another insurance company – with all conditions being equal – and obtain a Standard rate. With this in mind, it pays to compare – especially if you plan to keep the life insurance coverage for a long period.
If you are ready to determine what type of life insurance coverage may be available to you, we can help. We work with many of the top rated life insurance carriers in the industry today – and we can assist you with obtaining all of the important information that you will need for making an informed decision. We can do so for you quickly, easily, and conveniently, all from your home computer, and without the need to meet in person with a life insurance agent. When you are ready to begin the comparison process, just simply fill out the form on this page.
Should you find that you still have any questions about qualifying for life insurance with manic-depressive disorder, then please feel free to contact us directly. We can be reached via phone, toll-free, by dialing 888-229-7522.
We understand that applying for life insurance can sometimes feel challenging – especially if you have been turned down for this type of coverage in the past. But the good news is that there are still options that are available to you – and, you also have an ally on your side. So, contact us today – we’re here to help.