Can You Get Life Insurance with Bipolar Disorder? Explore the Best Rates, Insurance Providers, FAQs, and Helpful Tips + YouTube Video
Can you get life insurance with bipolar disorder? Yes you can. Living with bipolar disorder brings unique challenges, but protecting your loved ones with life insurance shouldn’t be
out of reach.
In recent years, more insurers have recognized that people with bipolar disorder can live long, healthy lives-especially with proper treatment.
This guide is designed to help you confidently navigate the process of buying life insurance for bipolar disorder, with practical advice, answers to your most pressing questions, and recommendations for the best bipolar-friendly life insurance companies.
Table of Contents
Why Life Insurance Matters for People with Bipolar Disorder
Life insurance is a crucial safety net for anyone with dependents, debts, or financial responsibilities. For those with bipolar disorder, securing coverage can sometimes feel daunting due to extra scrutiny from insurers and the potential for higher premiums.
However, with the right knowledge and guidance, you can find bipolar disorder life insurance options that fit your needs and budget.
This comprehensive guide will answer your questions, highlight the best life insurance for bipolar disorder, and provide actionable tips to improve your approval chances.
How to Apply for Life Insurance With a Medical Condition + YouTube Video
Frequently Asked Questions – Life Insurance for Bipolar Disorder
These are some of the most common questions we are asked about applying for life insurance with bipolar disorder. Reading these questions and answers should answer some of your questions.
1. Can you get life insurance if you have bipolar disorder?
Yes, you can get life insurance if you have bipolar disorder. Many insurers offer both term and permanent policies to individuals with well-managed bipolar disorder, though the process may involve more detailed underwriting.
2. Do I have to tell my insurance company about my mental health diagnosis?
Absolutely. Full disclosure is essential. Failing to report your bipolar disorder can result in denied claims or policy cancellation later. Insurance contracts are based on “utmost good faith,” requiring honesty from both parties.
3. Will my premiums be higher because of bipolar disorder?
Premiums are often higher for applicants with bipolar disorder due to perceived risk. The increase depends on the severity, stability, treatment history, and other health factors. Mild, well-managed cases may see only moderate increases, while severe or unstable cases may face significant surcharges or even declines.
4. What types of life insurance can I apply for?
You can apply for the same types of life insurance as anyone else: term life insurance, whole life, and universal life. Term life is typically the most affordable and straightforward option for most applicants.
5. Will medication or hospitalization affect my approval chances?
Yes. The type and number of medications, as well as any history of psychiatric hospitalization, are key underwriting factors. Recent hospitalizations (within the past 2 years) or use of antipsychotic medications can lead to higher rates or declines, while stable medication regimens and no recent hospitalizations improve your chances.
6. Can I get life insurance if I’ve attempted suicide?
A history of suicide attempts, especially within the past two years, is often a disqualifier for traditional life insurance. Some guaranteed issue policies may still be available, but with higher costs and limited benefits.
7. Will I need to take a medical exam?
Most traditional policies require a medical exam and a review of your medical records. Some companies offer no-exam or simplified issue policies, but these usually come with higher premiums and lower coverage limits.
8. What if my bipolar disorder is newly diagnosed?
If your diagnosis is less than a year old, many insurers will postpone your application until your condition is stable and well-managed for at least 12 months.
9. Are there life insurance policies that don’t ask about mental health?
Guaranteed issue life insurance does not require medical questions, but these policies are more expensive and have lower coverage amounts. They may be a last resort for those declined elsewhere.
10. Does group life insurance cover bipolar disorder?
Yes. Employer-sponsored group life insurance often has less stringent underwriting and may not ask about mental health, making it a good option to consider if available.
11. Can my policy be canceled if I’m diagnosed after purchase?
No. Once your policy is in force, your insurer cannot cancel or raise your premiums due to a new diagnosis of bipolar disorder. Only fraud or non-payment can void your policy.
12. Should I work with an insurance agent?
Yes. An experienced independent agent who understands bipolar life insurance can help you find the best carriers, prepare your application, and advocate for you during underwriting.
Best Life Insurance Companies for Bipolar Disorder
| Company | Why They’re a Top Choice for Bipolar Disorder | Notable Features & Underwriting Approach |
|---|---|---|
| Prudential | Consistently ranked as the best overall for mental health, including bipolar disorder. | Flexible underwriting for moderate to severe cases; may offer standard or even preferred rates for well-controlled conditions; strong financial ratings and low complaint index. Offers term and universal life policies. |
| Pacific Life | Runner-up for best overall; known for lenient underwriting for mental health. | May qualify applicants with mild to moderate bipolar disorder for preferred rates if well-managed; requires an attending physician statement (APS); offers term, whole, and universal life insurance. |
| Legal & General America (Banner Life, William Penn) | Best for no-medical-exam policies and streamlined applications. | Competitive rates for well-controlled cases; may require a medical exam or APS; applicants must be at least one year post-diagnosis for bipolar disorder; offers term and universal life policies. |
Additional Companies to Consider
While the three above are most frequently recommended, other life insurers may also be bipolar-friendly, especially for mild or well-managed cases:
Mutual of Omaha:
Known for simplified and guaranteed issue policies, which can be helpful if traditional coverage is declined.
Transamerica:
Transamerica offers flexible underwriting for stable cases of bipolar disorder.
AIG:
Provides guaranteed issue life insurance with no health questions, suitable for those with more severe conditions or recent hospitalizations.
John Hancock and Foresters Financial:
Both have histories of working with applicants with mental health histories and may offer competitive options depending on your situation.
Additional High-Risk and Guaranteed Issue Options
Guaranteed issue life insurance means just what the name implies. You are guaranteed to be approved for coverage regardless of your health history. There are no medical questions to answer.
Mutual of Omaha and Americo:
Both offer guaranteed issue life insurance, which is available to high-risk applicants without medical exams or health questions. These policies are often used as a last resort for those who cannot qualify for traditional coverage.
Transamerica and Foresters Financial:
These companies are known for their willingness to consider applicants with a range of health conditions, including mental health diagnoses.
What Makes These Companies High-Risk Specialists?
Most life insurance companies that are very active in high-risk life insurance policies are the larger carriers such as Prudential and AIG who can afford to insure the more risky applicants.
Flexible Underwriting:
They assess each application individually, considering the overall stability and management of bipolar disorder rather than automatically declining based on the diagnosis.
Guaranteed Issue Policies:
Some offer policies with no medical questions or exams, making coverage possible for those with severe or uncontrolled bipolar disorder.
Experience with Complex Cases:
These insurers have established processes for evaluating applicants with multiple health risks, not just bipolar disorder.
Key Takeaways
While no major insurer exclusively serves only high-risk applicants, companies like Prudential, AIG, and Lincoln Financial are industry leaders in providing life insurance options for people with bipolar disorder and other high-risk conditions.
These are the most recommended choices for those seeking bipolar-friendly life insurance companies that understand and accommodate complex health profiles
What Sets These Companies Apart
Prudential stands out for its willingness to consider moderate to severe cases and for potentially offering better health classifications than most competitors. The individual case review process benefits applicants whose conditions are well-controlled.
Pacific Life is notable for its high customer satisfaction and the possibility of preferred rates for applicants with mild to moderate bipolar disorder who have a stable treatment history.
Legal & General America (including Banner Life and William Penn) is a strong choice for those seeking a streamlined application process and competitive rates, especially if your diagnosis was over a year ago and your condition is stable.
Remember to always disclose your full medical history:
All companies require honest disclosure of bipolar disorder and treatment history to avoid future claim issues.
Remember that rates and eligibility vary:
The best life insurance for bipolar disorder depends on your specific health profile, treatment stability, and any recent hospitalizations or medication changes.
Work with an experienced agent:
An agent familiar with bipolar disorder life insurance can help match you to the most bipolar-friendly life insurance companies and streamline your application process.
In summary, Prudential, Pacific Life, and Banner Life (Legal & General) are widely regarded as the best life insurance companies for people with bipolar disorder due to their flexible underwriting, competitive rates, and strong reputations for working with applicants with mental health conditions.
Average Monthly Premiums for High-Risk Life Insurance
| Risk Level | Term Life (Monthly) | Permanent Life (Monthly) |
|---|---|---|
| Standard Risk | $30–$50 | $75–$150 |
| Mild Health Issues | $50–$100 | $150–$250 |
| Moderate Health | $100–$200 | $250–$400 |
| Severe Health Issues | $200–$400 | $400–$600 |
Mild health risks (e.g., controlled high blood pressure): $50–$100/month for a $250,000 term policy.
Moderate risks (e.g., diabetes, obesity, smoking): $100–$200/month.
Severe risks (e.g., cancer history, heart disease, extreme sports): $200–$400/month, with some policies exceeding $500/month for term coverage.
Bipolar Disorder Company-Specific Examples
Top high-risk life insurance providers like Prudential, AIG, and Lincoln Life offer policies starting at around $150–$160 per month for minimum coverage, and $300–$320 per month for full coverage.
| Company | Minimum Coverage (Monthly) | Full Coverage (Monthly) |
|---|---|---|
| Prudential | $150 | $300 |
| AIG | $160 | $320 |
| Lincoln Life | $155 | $310 |
| Allstate | $180 | $360 |
| USAA | $175 | $350 |
Key Factors Affecting Premiums:
1. Severity of health or lifestyle risk
2. Age and gender
3. Type and amount of coverage
4. Specific insurer’s underwriting guidelines
High-risk applicants typically pay 2–4 times more than standard risk individuals for the same coverage amount.
Summary:
Term life insurance for high-risk applicants: $100–$400+ per month, depending on risk level.
Permanent life insurance for high-risk applicants: $250–$600+ per month.
Company minimums: Leading high-risk insurers start at $150–$160/month for basic coverage.
Your exact premium will depend on your unique risk factors, policy type, and insurer. Working with an agent experienced in high-risk life insurance can help you find the most competitive rates.
Life Insurance Underwriting Guidelines for Bipolar Disorder
For Mild Conditions:
If your bipolar condition is mild and stable, and you are taking one or more psychiatric medications (excluding antipsychotics or MAO inhibitors), you may qualify for a “Standard” rating classification, provided there is no history of suicidal thoughts or attempts.
For Moderate Conditions:
If your condition is moderate, characterized by increased psychiatric medication dosages in the past 12 months but no suicidal thoughts or attempts in the past 6 months, you may be eligible for a standard rate class with a #2 table rating.
For Severe Conditions:
If your condition is severe, involving the use of an MAO inhibitor and regular increases in medication doses, you may be considered for a standard rate classification with a #4 table rating.
Questions Insurers Typically Ask on Their Applications
Here are some key questions you might be asked regarding your condition:
1. When were you initially diagnosed with this condition?
2. What prescription medications have been recommended for you?
3. Have you ever experienced thoughts of self-harm or attempted suicide?
4. Have you been hospitalized due to bipolar disorder?
5. Do you regularly consult with a psychiatrist?
6. Has your condition progressed since your initial diagnosis?
7. Do you consume alcoholic beverages or use non-prescribed drugs?
Tips for Getting Approved for Life Insurance with Bipolar Disorder
These simple tips can make a big difference when you are planning to submit an application for bipolar life insurance.
1. Be Honest and Thorough:
Always disclose your bipolar diagnosis, treatment history, and medication use. Omitting information can lead to denied claims or policy cancellation.
2. Show Stability:
Insurers look favorably on applicants with a stable treatment history, consistent medication, and no recent hospitalizations or suicide attempts. If you’ve recently started a new medication or had a hospitalization, consider waiting 1–2 years before applying for traditional coverage.
3. Working with a Specialist Agent:
An agent experienced in bipolar life insurance can match you with the best companies, help you prepare your application, and advocate for you during underwriting.
4. Gather Medical Records:
Have documentation ready, including your diagnosis, treatment plan, medication list, and any statements from your psychiatrist or primary care doctor.
5. Consider Policy Type:
Term life is usually the most affordable. If you’re declined for traditional coverage, look into simplified issue or guaranteed issue policies, though these cost more and offer less coverage.
6. Time Your Application:
Apply when your condition is stable, with no recent medication changes or hospitalizations. The longer you’ve been stable, the better your rates and approval odds.
7. Don’t Give Up:
If you’re declined by one insurer, we will automatically submit your application to multiple other insurers. Underwriting standards vary widely, and some companies are much more bipolar-friendly than others.
How to Get an Accurate Rate Quote Before You Apply
Complete our bipolar questionnaire so we can contact multiple carriers on your behalf to generate an accurate rate quote before you apply. This will eliminate any and all surprises and give you the peace of mind knowing if your life insurance premium will fit your budget.
You Can Get Life Insurance with Bipolar Disorder
Securing life insurance for bipolar disorder is very possible. There are more options available today than ever before. 
Understanding the process, working with an experienced agent, and being proactive about your health are all very important.
You should now have a better understanding of finding the best life insurance for bipolar disorder to protect your family’s future.
When you’re ready to explore your options, get a personalized life insurance quote for bipolar disorder or contact us for expert, compassionate guidance.
You may contact us 7 days a week at 708-334-6226. Take the first step toward peace of mind-your loved ones are worth it.
All the best,
Jack Venturi
