Funeral Insurance with Bipolar Disorder: 4 Affordable Plans

Funeral Insurance with Bipolar Disorder
Funeral Insurance with Bipolar Disorder: 4 Affordable Plans

Bipolar Disorder is also referred to as manic depression or manic disorder. This diagnosis involves episodes of extreme highs and extreme lows.

A combination of genetics, environment, and altered brain structure and chemistry may play a role in the development of this disorder.

Over 10 million people have been diagnosed with this very common condition in the United States.

While there is still no cure, there are treatments that are widely known to help patients live a successful and normal life.

woman with hands folded

Funeral Insurance with Bipolar Disorder

Can I still get coverage?

YES! You absolutely can still receive affordable coverage with no waiting period from a top funeral insurance carrier.

Plan Basics

Funeral coverage is a type of Whole Life Insurance and comes with the following standard benefits.

The Basics:

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • No Medical Exam
  • No Waiting Period Options

These policies go through a Simplified Underwriting process which is why you will never be asked to get an exam.

Because this is a type of Whole Life coverage, it lasts for your entire life. This is exactly when your family will be needing the financial assistance that these plans provide since it is intended to pay for the inevitable end-of-life expenses.

This is a very specific and very necessary type of coverage.

foggy sunset

Underwriting

This is the process in which a company determines if it will provide coverage to an individual. The qualifications are all predetermined and not decided on a case-by-case basis.

This is of extreme importance as your agent will then be able to steer you in the right direction by acting as the field underwriter.

Here is what to expect.

The application will have health questions.

This series of 10-20 “YES” or “NO” questions will be the starting point. By getting to understand your health, your agent will be able to pre-determine what your best plan option will be.

Within the health questions, you will see mental health conditions asked about in one of the following ways.

1: “Have you EVER been diagnosed by a member of the medical profession, treated or taken medication for bipolar disorder?”

This is considered to be a “knock-out” question. By answering “YES” to this question it will either place you in a more restrictive plan or deny coverage altogether.

2: “In the last 2 YEARS have you been diagnosed with, treated for, or taken medication for manic depression?”

It is very common for applications to ask about a timeframe in which you have been treated. Some applications will look back in your health history for up to 4 years, it depends completely on the risk tolerance of the carrier.

3: Some applications will not even mention it.

This means that it will not affect your acceptance at all. You will be welcomed into their plan with open arms assuming you meet the rest of the criteria.

There will be a Medical Information Bureau (MIB) Check.

The carriers will take the answers given on the application and then confirm your answers by running a MIB check. This is why it is important that you are truthful and candid with your agent and with your answers to the questions.

The MIB check is something that you will be asked to give consent for the carrier to look at, this will come across as a HIPPA authorization.

They will perform a Prescription History Check.

Similar to the Medical Information Bureau check, the carrier will also look into your prescription history. This is also to confirm your answers to the health questions.

FACT: If you have FILLED a prescription for a condition in the asked about timeframe, the company will assume that you are taking said prescription and assume it is necessary. Some companies will look at the combinations of certain medications to confirm acceptance as well.

4 Affordable Plans

winner medal

The companies that are recommended below are suggestions based upon qualifying for coverage with manic depression.

If you are looking for a plan and have additional health concerns it is just as important to look into those conditions as every diagnosis has the ability to play a role in determining qualification.

You are also able to call Willamette Life and have an agent walk you through the process to give you a specialized quote.

Foresters FinancialForesters Financial Logo black and white

This company offers very low rates with extreme leniency for mental health concerns.

Overall, Foresters provides the best plan at the best rates for people with a bipolar diagnosis.

This company offers 3 plan types; Preferred, Standard & Basic.

Preferred is a Level product that comes with immediate coverage and the lowest prices.

Standard also provides Level coverage with more leniency on health at slightly higher rates, still with immediate coverage.

Basic offers Modified coverage which has a 2-year waiting period and the highest rates. During the waiting period if the insured dies the beneficiary will receive the paid premiums plus 10%.

Both the Preferred and Standard plans come highly recommended. The Basic plan offers inferior coverage with better policies available through other companies.

People with a wide variety of mental health concerns are eligible for the Preferred plan.

If you have this diagnosis, even if you are taking medicine, Preferred from Foresters Financial could be the best option for you.

All of the medications listed below will be accepted for Preferred coverage.

  • Ativan
  • Citalopram
  • Eskalith
  • Haldol
  • Haloperidol
  • Latuda
  • Lithium
  • Mellaril
  • Moban
  • Olanzapine
  • Paxil
  • Prozac
  • Quetiapine
  • Risperdal
  • Risperidone
  • Seroquel
  • Symbyax
  • Zoloft
  • Zyprexa

For more information on what it takes to qualify for this plan from Foresters Financial, visit the “blog” page under the main menu.

Quotes:

Male

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Preferred Standard Basic
45 NA NA NA
50 $32 $45 $47
55 $37 $59 $60
60 $45 $74 $74
65 $56 $93 $95
70 $73 $112 $118
75 $103 $161 $171
80 $147 $216 $259
85 $201 $308 NA
Female

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Preferred Standard Basic
45 NA NA NA
50 $26 $37 $37
55 $31 $43 $44
60 $34 $50 $52
65 $43 $65 $66
70 $53 $83 $86
75 $75 $120 $132
80 $111 $167 $192
85 $166 $253 NA

Aetna

Aetna Logo black and whiteThe application for top-tier coverage from Aetna does not ask about manic depression or any other mental health diagnoses.

This company offers 3 plans:

Preferred Level – No waiting period & low rates

Standard Level – No waiting period & slightly higher rates

Modified – 2-year waiting period & higher rates

The good news for you is the ability to qualify for the Preferred Level plan with this diagnosis.

The rates Aetna provides are just slightly higher than Foresters Financial pricing.

This plan might be right for you if you are a male 71 – 85, female 80 – 85, or are unable to qualify for Foresters based on other health concerns.

To learn more about what it takes to qualify for this plan from Aetna view our full review on the “blog” page found under the main menu.

Quotes:

Male

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Foresters Preferred Aetna Preferred
45 NA $30
50 $32 $34
55 $37 $44
60 $45 $51
65 $56 $58
70 $73 $73
75 $103 $101
80 $147 $140
85 $201 $196
Female

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Foresters Preferred Aetna Preferred
45 NA $26
50 $26 $27
55 $31 $34
60 $34 $41
65 $43 $48
70 $53 $58
75 $75 $76
80 $111 $101
85 $166 $137

Royal Neighbors of AmericaRoyal Neighbors Logo black and white

Royal Neighbors of America offers its premier product for those with manic depression.

On the application for coverage, it does not ask about any mental health disorders, which means that it will not affect your ability to get coverage at all.

In addition, this company does not have a build chart to determine eligibility.

What is a build chart? This is a chart used by most carriers to determine the possibility of qualifying for a plan. If your weight, relative to your height, is too low or high, you will not be able to get plans from these carriers.

Luckily, Royal Neighbors will provide their great plans to people with a mental health diagnosis no matter what their size or shape.

Two plans are available through Royal Neighbors, Level & Graded.

Level has no waiting period and the lowest prices offered by this company.

Graded has higher prices and a 2-year waiting period. During the waiting period, if the insured passes the beneficiary will receive the following payout depending on when the death occurred.

  • Death in year 1 – 30% of policy amount
  • Death in year 2 – 70% of policy amount
  • Death in year 3 or later – 100% of policy amount

While this is not as good as receiving full coverage immediately, it is still better than many other plans. We recommend either plan depending on what you are able to qualify for given additional health concerns you might have.

To learn more about what it takes to qualify with this company visit the “blog” section under the main menu.

Quotes:

Male

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
45 NA NA
50 $40 $58
55 $46 $65
60 $50 $69
65 $59 $86
70 $75 $117
75 $110 $169
80 NA NA
85 NA NA
Female

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
45 NA NA
50 $34 $46
55 $38 $51
60 $38 $52
65 $45 $63
70 $56 $84
75 $80 $123
80 NA NA
85 NA NA

Sentinel Security LifeSentinel Security Life logo black and white

Sentinel Security Life offers wonderful coverage and has a stellar reputation.

There are 3 plans offered by this company.

New Vantage I (Level) offers no waiting period and the lowest prices.

New Vantage II (Level) offers no waiting period and slightly higher prices.

New Vantage III (Modified) offers a 2-year waiting period and the highest prices. If the insured passes during this waiting period the beneficiary will receive the paid premiums plus 10%.

Health Question:

1. Within the past 2 years, has the Proposed Insured been medically treated or diagnosed by a licensed member of the medical profession, or taken medication for drug or alcohol dependency/habit or treatment for alcoholism or drug addiction or manic depression or schizophrenia?

If you answer “NO” to this question you are eligible for New Vantage I.

If you answer “YES” to this question you qualify for New Vantage III only.

While we commonly recommend both New Vantage I & II (Level) plans, we do NOT promote the New Vantage III (Modified) plan due to its costly premiums and unfavorable waiting period payout structure. When compared to other plans on the market NVIII simply does not provide the most competitive coverage.

New Vantage I might be the best plan for you if it has been over 2 years since you last received treatment or medication.

To learn more about qualifying for this plan visit the “blog” page found under the main menu.

Quotes:

Male

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Foresters Preferred Sentinel New Vantage I
45 NA $25
50 $32 $28
55 $37 $24
60 $45 $42
65 $56 $54
70 $73 $70
75 $103 $97
80 $147 $147
85 $201 $203
Female

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Foresters Preferred Sentinel New Vantage I
45 NA $20
50 $26 $23
55 $31 $27
60 $34 $34
65 $43 $42
70 $53 $53
75 $75 $76
80 $111 $108
85 $166 $161

woman in glasses and shirt looking out the window

Captive vs Independent Agencies

A captive agency is able to sell policies from one company and one company only.

While an independent agency represents plans offered by several different companies.

By having a wider array of offerings, independent agencies are able to find a more pinpointed plan for the needs of each individual client.

Since companies are very specific in what they will and will not accept in terms of health, it is vital to have a large toolbox when assisting people that the insurance providers may deem “high-risk”.

Why Willamette Life

Willamette Life specializes in Funeral Insurance exclusively.

By doing so this allows our agents to understand the specific requirements of each company we represent which allows us to find the most affordable plan with the best coverage to meet the individual and unique needs of everyone we speak with.

Our agents are confident that they will find a plan that meets your needs as they have done for so many others.

From North Carolina to California, Willamette Life is here to get you covered.

seniors hands

Final Thoughts

a. Finding affordable Funeral Insurance with Bipolar Disorder is easier than you might think!

b. There are several companies that will award immediate coverage with this condition, the key is to find the lowest premium within these providers.

c. It is important that you work closely with an independent agency that specializes in this area of coverage and represents multiple companies. This will give you the best opportunity to obtain affordable coverage with no waiting period.

Give Willamette Life a call at 844-576-0019

Leave a Reply

Your email address will not be published. Required fields are marked *