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Purchasing burial insurance with Bipolar disorder is pretty straightforward and not challenging at all? As we will discuss, Bipolar disorder has no effect on your ability to get burial insurance coverage.
In fact, we have assisted many consumers with Bipolar in finding the most affordable burial insurance and we are here to help you as well.
In this article, we will go over the response typically given by insurance providers when dealing with someone with Bipolar (Manic Depressive), as well as what you should expect, and how to locate the appropriate plan.
Buying Burial Insurance with Bipolar Disorder is Easy
If anyone has ever informed you that Bipolar disorder would disqualify you from receiving burial insurance, that is just simply not true. The truth is that most burial insurance companies readily accept those with Bipolar disorder.
This is where we come in, by helping you to get the lowest cost on burial insurance that provides you with immediate protection. If you are diagnosed with Bipolar disorder, you’ve got two options available for coverage.
Simplified Issue (Level Coverage) With Bipolar
When selecting a burial insurance policy, you most likely want affordable premiums and coverage that begins as soon as possible. Who wouldn’t?
When applying for a burial insurance policy, you will have to answer a few medical questions and then your application will be submitted for underwriting.
As mentioned previously, the underwriting portion normally consists of the company reviewing your prescribed medications and medical records and not someone coming to your home and drawing fluids.
You bypass the medical exam with a simplified issue policy.
However, with Bipolar disorder, the underwriting process just consists of a prescription medication history check and the answering of some health questions.
The information gathered allows the insurance company to determine if you’ll be eligible for immediate coverage.
Graded Coverage (Guaranteed issue)
In the event that you do not want to undergo a medical exam or answer health questions due to other pre-existing health conditions, this is the route to take. As long as you are between the ages of 40 and 85 and you are a U.S. citizen, you are eligible.
However, it is important to understand that guaranteed life insurance comes with a graded death benefit, which means that if you pass during the two year waiting period, your beneficiary will not receive the full death benefit, except for in cases of accidental death.
Instead, your beneficiary will receive a return of premium plus 10% interest.
While it’s relatively easy to qualify for a guaranteed issue life insurance policy, wouldn’t you rather try for level death benefit coverage that’s available immediately?
If you have Bipolar disorder, our agency can get approved quickly for that level death benefit. You’ll be protected from day one and you’ll pay a lower premium.
Funeral Insurance Underwriting for Bipolar Disorder
Before diving into burial insurance coverage for those with Bipolar disorder, we need to shed some light on the underwriting process.
The underwriting for burial insurance differs from that of traditional term life policies, IUL policies, and the larger whole life insurance policies.
The latter mentioned policies’ underwriting procedures will include your full medical history, the severity of your bipolar disorder, as well as the severity according to the physician treating you.
Previous suicide attempts will be a concern for traditional term life, IUL, and whole life insurance policies.
Thankfully, the underwriting for burial insurance is different for the Bipolar patient. The burial insurance carrier isn’t as concerned with your medical history.
What type of underwriting is required?
You will be given simple “yes” or “no” health questions instead. The underwriters for these policies are not going to audit your medical records or put you through a medical exam.
Basically, the insurance company just wants to know if you’ve been diagnosed or not.
Underwriting Questions for Bipolar Disorder
As mentioned previously, the customary burial insurance application will include “yes” or “no” questions pertaining to your health. The following provides you with an idea of how some of the questions are worded. In fact, these are a few actual questions from three separate burial insurance applications:
- Have you ever been diagnosed by a member of the medical profession, treated or taken medication for: bipolar disorder?
- In the past four years, has the proposed insured: (a) received care or treatment for or (b) been advised by a physician or health care provider to seek treatment for: bipolar depression
- In the past 2 years, have you been diagnosed or treated for, or are you currently under treatment for: Schizophrenia or Bipolar Disorder?
Even though the burial insurance application contains simple “yes” or “no” questions, insurance providers look into ALL existing health conditions as a whole.
So, if you have been diagnosed with a medical condition such as diabetes, there is a chance that this diagnosis may prevent you from obtaining the optimal burial insurance policy of your choice.
While the burial insurance will still be an option for you, the combination of Bipolar and diabetes may prevent you from obtaining low monthly premiums.
Additionally, your burial insurance application could be denied if for say, you’re in need of assistance with everyday tasks.
Do not be dismayed though, often insurance providers do not ask about Bipolar disorder specifically on their applications.
About Bipolar Disorder
Bipolar disorder, also known in the past as manic-depressive disorder, is identified by rapid, and sometimes cyclic mood changes. The sufferer will often experience severe highs, known as mania, or severe lows, which is the depressive aspect.
Often the mood changes are gradual, but for some the mood changes are more severe. The illness can be serious and debilitating for the one that swings between recklessness and hopelessness.
These dramatic changes in mood may last for weeks or sometimes months, which causes tremendous difficulty in the life of the sufferer, as well as their loved ones.
According to recent studies, bipolar disorder encompasses a broad spectrum of symptoms that when left untreated can eventually worsen. Suicidal ideation and the actual suicide rate is high among those diagnosed with bipolar disorder.
While it has been found to be genetic in some cases, it can also be triggered by environmental factors. Approximately 15-30% of those with a parent or sibling suffering from bipolar disorder are at a higher risk of developing it themselves.
There are primarily two subtypes of Bipolar disorder:
Bipolar I Disorder – Patients experience at least one manic episode with or without periods of depression.
Bipolar II Disorder – Patients experience at least one hypomanic episode, which is not as long-lasting or severe as a full-blown manic episode and at least one episode of depression. Hypomania typically does not interfere with the person’s activities for daily living; however, the periods of depression can be more debilitating.
How to find affordable rates on Burial Insurance
The best way to find affordable rates and coverage suitable for your individual needs is to contact a reputable and experienced independent insurance agent like LJM Life Insurance 844-528-8688 who represents multiple top rated insurance carriers that provide burial insurance.
Having an experienced agent like LJM Life Insurance, who doesn’t shy away from challenging cases and who will advocate for you every step of the way, gives you an advantage in the life insurance shopping and underwriting process.