Can You Help a Bipolar Man Find Life Insurance

planehopr

New Member
1
Hi, if this is the wrong place to post. I'm sorry. I found your forum today.

I am struggling to find life insurance.

-I'm 34
-I have Bipolar Illness
-I tried to commit suicide once after 9/11/2001
-I've been disabled for 8 years
-I've been stable on lithium and thorazine for 3 years
-I've been hospitalized once 10 years ago voluntarily for 2 weeks.
-I see my psychiatrist for medication management every 2 months
-I smoke 1 pack a day
-I have not drank Alcohol in a year, nor do I use recreational drugs
-I am 5'11" and weigh 235lbs

I just bought a house with a mortgage of $105K. My girlfriend and her mom live with me. I want to make sure they are ok without my income if I were to die.

I know I don't have a great profile. I wanted to be honest so that hopefully someone could point me in the right direction if its even possible.

If possible, any ideas on a price range to insure me for the value of my mortgage?
 
Dude, I hope you realize I am just stating the obvious, but you're a mess. I hope your doctor is able to work with you and keep everything controlled. I am sure Newby will be able to direct you to a company that will offer you coverage, and I'm sure you realize that it will cost more for you than a 34 year old without your issues.

But please, please do all your friends a huge favor. Please stress to them the importance of buying life insurance NOW! Term, whole life, universal life, mortgage protection, whatever, tell them to go get something in place now that is either permanent or convertible.
 
If you are offered any fully underwritten coverage, it will be highly rated. $125k (to account for the mortgage + final expenses at a minimum) guaranteed for 30 years would be somewhere in the area of $125-250/month with an immediate death benefit.

You could also qualify for Fidelity's graded death benefit term or whole life. The full death benefit is paid starting in year 3, and a partial death benefit is paid if death occurs in the first two years.

$105k graded whole life = $229.44/month
$125k graded whole life = $272.31/month
$105k 30-year graded term = $167.96/month
$125k 30-year graded term = $199.12/month
 
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Where in California are you.

Dave gave you some good options. There are probably some others.

Remember that it is better to take care of part of the problem than none of the problem. Lets say that your current budget can only handle $50,000. That $50,000 would make quite a few mortgage payments, a down payment on a smaller home, buy down the mortgage and so on.

I would urge you find an agent and not just someone that will sell you a policy.


Hi, if this is the wrong place to post. I'm sorry. I found your forum today.

I am struggling to find life insurance.

-I'm 34
-I have Bipolar Illness
-I tried to commit suicide once after 9/11/2001
-I've been disabled for 8 years
-I've been stable on lithium and thorazine for 3 years
-I've been hospitalized once 10 years ago voluntarily for 2 weeks.
-I see my psychiatrist for medication management every 2 months
-I smoke 1 pack a day
-I have not drank Alcohol in a year, nor do I use recreational drugs
-I am 5'11" and weigh 235lbs

I just bought a house with a mortgage of $105K. My girlfriend and her mom live with me. I want to make sure they are ok without my income if I were to die.

I know I don't have a great profile. I wanted to be honest so that hopefully someone could point me in the right direction if its even possible.

If possible, any ideas on a price range to insure me for the value of my mortgage?
 
I've had good luck writing bi-polar applicants your age in Northern CA (I live in Sacramento) with West Coast Life, but those people were rated up by at least 50%... sometimes 100% or more over standard. However, at your young age, even the rated plan is not too expensive.

Find an agent... no shortage of them in CA!

Al
Find me here
 
Do you know if Fidelitys Graded Term is available in MD.

The graded product is not available in MD, only the simplified issue immediate benefit products.


I've had good luck writing bi-polar applicants your age in Northern CA (I live in Sacramento) with West Coast Life, but those people were rated up by at least 50%... sometimes 100% or more over standard. However, at your young age, even the rated plan is not too expensive.

Find an agent... no shortage of them in CA!

Al
Find me here

The issue is not necessarily being bipolar, it's the combination of suicide attempt/hospitalization, use of heavy medication, and being on disability that will create the problem. A bipolar person can still get standard rates if there is no history of hospitalization/suicide attempts and everything is under good control.
 
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