Burial Insurance With Bipolar Disorder Reviewed
Condition Underwriting Highlights
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If you are considering purchasing Burial Insurance With Bi-Polar disorder, you have landed in a good place. This review will briefly address the policy’s financial ratings and offerings, underwriting niches, pricing, and alternatives.
According to the Centers for Disease Control Over over 4% of the U.S. population suffer from manic depression or bipolar disorder at some point in their life. If you are among them, you may believe it will affect your ability to obtain burial insurance.
However, if you use an agent that knows the ins and outs of burial insurance underwriting, you should not have any problems*.
* Note that this statement assumes you have no other ailment that will disqualify your application.
Underwriting for Burial Insurance
Burial insurance is whole life insurance available with relatively small listed amounts( often capped at $30000) It’s is designed to be lenient on mall but the most severe medical conditions. Unlike traditional term insurance, there is no medical exam requirement. No blood work, no urine samples.
Note that simplified issue policies ask specific questions about serious ailments (AIDS, Liver disease, COPD...etc). If there is no question about your specific ailment, it is safe to say the carrier is unconcerned about it.
However, in addition to how you answers to specific application questions, underwriting will be done by taking your prescription medication history in to account. If you are receiving medication for an ailment, you will be assumed to have the ailment and any application answer to contrary will be overridden.
Additionally, the MIB will be checked. This database the Medical Information Bureau, an insurance industry organization that shares information, displays your insurance application history. Details about your previous life insurance applications will be available to underwriting. Your insurance company will know the details and outcome of your previous applications. Red flags will be triggered if your application details don’t match with the details stated during your previous insurance application attempts.
While this may seem a little unfair, it is the tradeoff for having policies issued immediately with no medical exam.
Burial Insurance with Bipolar Disorder Underwriting Questions
As mentioned above, typical final expenses insurance applications ask specific questions about ailments. These questions are always in a Yes/No format. Furthermore, these questions often have a time period window. For example:
Have you been treated for Congestive Heart Failure in the last 24 months?
The good news is that many carriers have no questions about mental health. This means that you may qualify for the best option in the marketplace. That is "day 1" immediate full coverage with no waiting period.
We say "may" because your application will still be scrutinized for other maladies that would block your approval for immediate full coverage.
Lastly, your application answers will take place over a 3 party telephone call. The reason for this is twofold:
1. Voice signature- The carrier uses the recording as proof of your acceptance of the terms and conditions.
2. Fraud protection- The carrier uses the recording to defend itself in court if it contests a benefit payment due to material lies on the application.
Application Process For Burial Insurance with Bipolar disorder
The process couldn't be more simple. Once contacting an experienced independent broker (raising hand) and discussing need and budget you will be recommended a carrier based on your medical history.
Once you have agreed to a recommendation, we will initiate a 3 way call with the carriers underwriting agent. The phone interviewer will go over the same questions you went over with your agent and then go on hold r 3-8 minutes while underwriting is being done. The interviewer will return and apprise you of the underwriting decision. The whole process will take about 30 minutes start to finish.
Burial Insurance Policies For Those Affected by Bipolar Disorder
Here are the different kinds of final expenses policies for those affected by bipolar disorder:
This policy provides you with death benefits right from Day One. You receive instant coverage without any waiting periods. Level benefits are the most optimal insurance policies. If you were to pass right after the phone call, you would be covered for the full amount. In addition to being immediate coverage it is also the most cost-effective among all your options.
This category of burial insurance policies has 2 flavors. the fist type of graded or modified policy requires a waiting period for beneficiaries to be eligible for the full benefit. these policy usually pay 30-40% if death occurs in the first 12 months and 70%-80% if death occurs in the second year. these policies are more expensive than level policies and generally not a great deal.
The second type of graded or modified plan is referred to as guaranteed issue burial insurance. Guaranteed issue has a flat 2 year waiting period before beneficiaries are eligible for the full benefit. If the insured were to pass before the 2 year period is up the beneficiary would receive the premiums paid plus 10% interest.
The benefit of the guaranteed issue policy is there are no medical questions at all. The only criteria is age, gender, and citizenship.
Cases where a client will not qualify for level benefits, usually result in a guaranteed issue recommendation. This type of policy can often be used as a bridge to a level policy if the reason for the decline was an issue with a 2 year window like breast cancer.
The best of the guaranteed issue offerings are AIG and Gerber llife. Both are competitively priced and AIG has the added benefit of a living benefit rider.
Your Next Step
Thank you for choosing NODLB.com to research policies about Burial Insurance With Bi-Polar disorder. Should you have any questions, please do not hesitate to call or send over an email.