How to Get Life Insurance with Schizophrenia or Bipolar Disorder
Obtaining life insurance with a mental condition such as schizophrenia or bipolar disorder may seem like a difficult task, but knowing the obstacles is half the battle. There is hope—and there is insurance—for people with these types of conditions.
What Is Schizophrenia?
Schizophrenia is a severe brain disorder in which people interpret reality abnormally. According to the Mayo Clinic, schizophrenia can result in some combination of hallucinations, delusions, and extremely disordered thinking and behavior.
Contrary to popular belief, schizophrenia isn’t a “split” personality or multiple personalities. The word “schizophrenia” means “split mind,” but it refers to a disruption of the usual balance of emotions and thinking.
Schizophrenia is a chronic condition, requiring lifelong treatment.
What Is Bipolar Disorder?
With bipolar disorder—sometimes called manic-depressive disorder—mood swings range from the lows of depression to the highs of mania. When someone with bipolar disorder becomes depressed, he or she may feel very sad or hopeless, and lose interest or pleasure in most activities. When the mood shifts in the other direction, he or she may feel euphoric and full of energy. Mood shifts can occur a few times a year or several times a day. In some cases, bipolar disorder causes symptoms of depression and mania at the same time.
Although bipolar disorder is a disruptive, long-term condition, individuals with this condition can keep their moods in check by following a treatment plan. In most cases, bipolar disorder can be controlled with medications and psychological counseling.
Getting Insured with Schizophrenia or Bipolar Disorder
Contrary to popular belief, a fully underwritten life insurance policy for someone who has been diagnosed with schizophrenia or bipolar disorder is not impossible to obtain. It is contingent, however, upon certain criteria. If you haven’t yet been diagnosed, you will be subject to a physical exam complete with blood and urine tests, a prescription history analysis, and a personal background check. The review process can typically take anywhere from one month to several months. The severity of your condition and how well it is controlled will be taken into consideration.
Some of the types of questions that will need to be answered could include:
• Have you been hospitalized in the previous 12 months?
• Do you need help with common daily tasks, such as eating?
• Have you ever been convicted of any felonies?
Another challenge that makes it a complicated process for people with these conditions to obtain life insurance is the willingness of health care providers to reveal information regarding their patients. You will need to give insurance providers access to your medical history.
|Schizophrenia or Bipolar Disorder||High—recent problems or other health concerns||Graded death benefit, guaranteed issue with no questions asked||Highest|
|Schizophrenia or Bipolar Disorder||Mild—no recent problems or health concerns||Graded death benefit with some questions asked||Mid-level|
|Bipolar Disorder||Mild to low—no recent problems or other health concerns, mild medications, some psychological treatment||Table rated: universal, whole life, or term life||Lowest|
Contact True Blue Life Insurance at 1-866-816-2100 to have a licensed Insurance Professional assist you with your insurance needs.
Graded Death Benefit Whole Life Insurance
The best life insurance option available for people who have been diagnosed with schizophrenia is graded death benefit whole life insurance.
Graded death benefit whole life insurance is a specialty type of insurance that is usually offered as a policy for people who might have a hard time getting other types of life insurance. The policy usually pays out limited death benefits during the first few years, and typically requires premiums that are somewhat higher than standard life insurance policies.
With graded death benefit whole life insurance, there are two ways to go:
Health Questions Asked: This is a less-expensive option, but it is more restrictive. Even though there is no physical examination, you will need to reveal whether you have been treated for your condition and you will also need to answer a number of other questions pertaining to your current state of health.
True Blue Life Insurance National Marketing Director Gerry Scholz noted, “We assisted a bipolar customer in getting a graded death benefit plan for $50,000 with United Home Life Insurance Company.”
No Questions Asked, Guaranteed Issue: Guaranteed issue life insurance is typically a last resort for individuals who can’t qualify for life insurance because of their current or past health problems. The only requirement to receive a guaranteed issue life insurance policy is that you pay your premiums. The insuring company usually asks your age, but not any medical questions.
If you are between the ages of 45 and 85, guaranteed issue insurance can provide up to $20,000 in death benefits with an affordable premium that never increases. The policy is available without having to take a physical exam or answer any health questions.
Getting Life Insurance with Schizophrenia or Bipolar Disorder
If you have schizophrenia or bipolar disorder, you do have an opportunity to purchase life insurance, even if it seems like a complex process. Contact True Blue Life Insurance at 1-866-816-2100 to have a licensed Insurance Professional assist you with your insurance needs. We will ask you a series of questions and provide the legwork in detailing what options are available to you.