Life Insurance Guide for Bipolar Individuals (2024)
You can find traditional life insurance for people with bipolar disorder at the standard rate if your medical condition is mild and under control. If you qualify for substandard bipolar life insurance rates, expect to pay around 25 percent more than the standard tier.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
UPDATED: Feb 13, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Feb 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Traditional life insurance for people with bipolar disorder is attainable at the standard rate
- If your bipolar disorder is moderate in severity, you may be placed in a substandard life insurance risk category and pay 25 percent more than the standard rate
- People with severe bipolar disorder can purchase graded death benefit life insurance with no medical questions asked, but expect high rates
It’s possible to secure traditional life insurance for people with bipolar disorder, sometimes even at the standard rate.
Read our guide to learn what to expect if you have bipolar disorder and need life insurance.
When you’re ready, buy life insurance for people with bipolar disorder by entering your ZIP code into our free quote tool above.
Can people with bipolar disorder get life insurance?
You can get life insurance even if you have bipolar disorder. Your rates and policy options depend on the severity of your case.
When you apply for a life insurance policy, the provider looks at your medical information and background to assess your risk during the underwriting process.
Life insurance companies consider bipolar disorder to be a pre-existing mental health condition.
There are health risks associated with a bipolar diagnosis, including a history of depression, substance abuse, or attempted-suicide.
If you have mild, controlled bipolar disorder with no other recent health concerns or medication changes, you can still qualify for life insurance at the standard rating tier.
Those in poor health or with more severe bipolar disorder may be placed in the substandard category. You’d pay the highest rates, around 25 percent more than standard. The company may also deny your life insurance coverage.
The table below compares the standard and substandard life insurance rates for people with bipolar disorder for a 20-year term life insurance policy for $250,000 from Nationwide by age and gender. (For more information, read our “How much does a $250000 life insurance policy cost?“).
Average Monthly Life Insurance Rates for People with Bipolar Disorder by Age, Gender, and Rating Tier
| Age | Female Standard Monthly Rates | Male Standard Monthly Rates | Female Substandard Monthly Rates | Male Substandard Monthly Rates |
|---|---|---|---|---|
| 25 years-old | $19.58 | $23.59 | $24.47 | $29.48 |
| 30 years-old | $15.35 | $16.02 | $19.18 | $20.02 |
| 35 years-old | $15.35 | $16.02 | $19.18 | $20.02 |
| 40 years-old | $20.47 | $21.36 | $25.58 | $26.70 |
| 45 years-old | $27.59 | $35.16 | $34.48 | $43.95 |
| 50 years-old | $40.05 | $53.85 | $50.06 | $67.31 |
| 55 years-old | $68.09 | $80.77 | $85.11 | $100.96 |
| 60 years-old | $131.50 | $180.23 | $164.37 | $225.29 |
| 65 years-old | $207.15 | $279.24 | $258.93 | $349.05 |
You can get affordable life insurance for people with bipolar disorder as long as you’ve been following your doctor’s orders and your case is mild.
However, according to the National Alliance on Mental Illness (NAMI), 83 percent of bipolar cases are classified as severe.
Insurance companies weigh pre-existing health conditions differently.
One company might deny bipolar life insurance applicants. Another company might place you in the standard rating tier.
Shop around to find the best insurance companies compatible with your unique health situation.
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What life insurance policy options are available for people with bipolar disorder?
Were you diagnosed with bipolar 1? Or is your case considered severe? You may struggle to be approved for a traditional whole or term life insurance policy.
This includes people with bipolar and schizophrenia diagnoses.
You can still purchase guaranteed issue life insurance with a graded death benefit and no health questions. Be warned; this is the most expensive policy option.
Otherwise, wait to apply for life insurance until you’ve worked with your doctors to get your condition under control.
If you’ve been newly diagnosed, you should also wait a few years before applying.
For those diagnosed with bipolar 2 or are considered mild and controlled cases, you can usually qualify for a traditional life insurance policy.
If you don’t qualify for the standard rates, you can also purchase a graded death benefit. By opting for some medical questions to be asked, you’ll receive slightly lower rates.
Case Studies: Life Insurance for Bipolar Individuals
Case Study 1: John’s Story
John, a 35-year-old with mild and controlled bipolar disorder, applied for a life insurance policy at the standard rating tier. His medical condition was well-managed, and he had no recent health concerns or medication changes. As a result, he was able to secure traditional life insurance at the standard rate without any additional premium charges.
Case Study 2: Sarah’s Experience
Sarah, a 45-year-old with severe bipolar disorder, applied for life insurance coverage. Due to her poor health and more severe condition, she was placed in the substandard category. As a result, she had to pay approximately 25 percent more than the standard rate. However, she was still able to obtain life insurance coverage despite her condition.
Case Study 3: Mark’s Journey
Mark, a 28-year-old who was recently diagnosed with bipolar disorder, decided to wait a few years before applying for life insurance. He worked closely with his doctors to get his condition under control and followed their recommendations. After a few years, Mark applied for a traditional life insurance policy and was able to qualify at the standard rating tier due to his mild and controlled case.
Life Insurance for People with Bipolar Disorder: The Bottom Line
Thanks to advancements in bipolar medications and treatments, those living with mild and controlled bipolar disorder can qualify for traditional life insurance at the standard rating tier.
Follow your doctor’s orders and keep accurate and up-to-date medical records.
Also, tell the truth when applying for life insurance to help you get approved at your best rates.
Other factors impact life insurance rates beyond bipolar disorder diagnoses, including your age, occupation, and general health.
To secure the best bipolar life insurance quotes, limit your unhealthy lifestyle choices. This includes smoking, drinking, and other substance use.
Find the best life insurance company for people with bipolar disorder near you by entering your ZIP code into our free quote tool below.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Frequently Asked Questions
Can individuals with bipolar disorder qualify for life insurance?
Yes, individuals with bipolar disorder can qualify for life insurance coverage. While bipolar disorder may affect the underwriting process, many insurance companies offer coverage to individuals with this condition.
Will having bipolar disorder affect the cost of life insurance?
Yes, the cost of life insurance for individuals with bipolar disorder may be higher compared to individuals without any medical conditions. Insurance companies typically assess the risk associated with bipolar disorder and adjust the premiums accordingly.
How do insurance companies determine the cost of life insurance for individuals with bipolar disorder?
Insurance companies determine the cost of life insurance for individuals with bipolar disorder based on various factors. These factors may include the severity of the condition, treatment history, stability of mood, medication usage, and any related complications.
Can I obtain life insurance if I have a history of hospitalization due to bipolar disorder?
It is possible to obtain life insurance even if you have a history of hospitalization due to bipolar disorder. However, the insurance company may require additional information regarding your treatment, stability, and overall health before making a decision.
Should I disclose my bipolar disorder when applying for life insurance?
Yes, it is crucial to disclose your bipolar disorder when applying for life insurance. Failing to provide accurate and complete information can lead to a denial of coverage or a claim being denied in the future. Honesty is essential during the application process.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.