Monday, January 27, 2014

Life Insurance For People With Bipolar

Do you suffer from Bipolar disorder? This article will outline two specific elements of obtaining life insurance that will save you money and time.

Choosing a Company

Each individual insurance company sets their own standards for which health conditions they consider to either be uninsurable or that will be charged a higher premium. In some cases, certain health conditions such as bipolar, require that you have a waiting period of 2 to 3 years, before the full death benefit of the policy will be paid to your beneficiaries. In other words, you may have to wait 2 or 3 years after buying the policy, before your beneficiary would be able to receive the full face value of the policy, upon your death.

Some companies have underwriting guidelines that only ask if you have ever been hospitalized for bipolar or depression. Meanwhile, some simply don't ask at all. There are companies that will provide you with the same low rates that a person without mental health conditions would be charged.

Mentally Competent

When applying for insurance with bipolar, you must be mentally competent to legally apply for life insurance. If you have severe bipolar, you may need to ask your parent or spouse to apply for the insurance for you. If you are deemed mentally incompetent to enter into a legal contract, such as an insurance policy, a family member or spouse may apply for and sign all documents related to your application for insurance.

Finding a life insurance company for people with bipolar is a simple matter of comparing policies, health questions and quotes. There are websites online that allow you to do this without having to actually apply for life insurance.

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