Trying to qualify for a medically undrewritten plan while working through a health issue can be taxing. 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.
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
- 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. Here are example questions you may be asked:
- 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 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.
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.
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?
If you are physically healthy, and your medical exam comes back clean then it is most likely that your application will receive a Standard rating from the carrier. So the premium you’ll pay will be in line with most people your age.
But if the carrier or underwriter feel that there are other issues with your background, or something from your medical exam triggers a red flag than be prepared to pay a little more than you usually would. In this instance you’ll be put in a Substandard class.
What Happens If You Do Not Qualify for the Coverage?
One of the options still out there 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.
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.
Give us a call at 888-229-7522, or fill out the form on the left to be contacted by onje of our independent agents. We’re ready to help you secure the perfect plan for your situation.