Life Insurance for 68 with Bipolar Disorder

[joshuathompson7]

Any thoughts on this? Good health otherwise, taking medication for bi polar and has been in hospital 3 times in past year because of bipolar disorder. Is guaranteed issue the only option or are there any simplified issue products he may qualify for?

 

[lsalmans]

I think there are several options out there for you at Level Rates. Foresters and Monumental are the first to come to mind.

 

[Rearden]

Send the crazies to Monumental -- think RNA would work, too.

 

[joshuathompson7]

What type of policy does monumental offer? Whole life GI? Also what is the maximum amount of insurance allowed?

 

[HoosierLife]

What type of policy does monumental offer? Whole life GI? Also what is the maximum amount of insurance allowed?

No need for GI, Mon doesn't offer GI anyway. 25K is max for their SIWL.

 

[shonceman]

I can't explain it, but I seem to be getting a lot more bipolar prospects these days. You'd think I'd been prospecting at the psych hospital! Maybe I should get some bandit signs: "Life Insurance for Mental Patients"

If I have a prospect with a recent hospitalization, I'm going to be very careful. If they're not under control, they are very likely to lapse early. I would try to write as-earned vs. advance to avoid charge backs.

Generally speaking, though, I'll use Settlers Silver plan for nervous disorders. But if they're unstable, I've got a carrier (only operates in TX) where persistency isn't as big an issue, and everything I write with them is as-earned.

 

[lsalmans]

What type of policy does monumental offer? Whole life GI? Also what is the maximum amount of insurance allowed?

These are basic questions. IF you're new to Final Expense, which it sounds like you are. You need to contract with someone thats going to mentor you.

 

[InsuranceMonkey]

I'll repost my input from another recent thread:

Your client is going to have a very difficult time with a fully underwritten product. Those 3 hospitalizations in the last year would define the bipolar as "severe" and not under control.

The Swiss Re undewriting manual would put it at a minimum T-8 (300% cost of STD insurance) but it leaves the option to postpone looking for 1 year of stability.

Gen Re underwriting manual will postpone him automatically 6 months after the last admission, and then possibly T-4 (200%) subject to there being stability, improvement, and very good follow up with psych counceling. (leaving it still open to postpone. UWing discretion.)

Bipolar is difficult due to it's very nature of running in cycles and quite a range of severity. It can give all the appearance of stability, then swing into mania. Medications are trial and error. Some people are lucky and hit just the right meds and it's controlled for life. Others... not so lucky, a constant distruption and struggle.

He'd likely still be rejected from a simplified issue product right now. Your best bet is GI.

 

[jdeasy]

I'll repost my input from another recent thread:



He'd likely still be rejected from a simplified issue product right now. Your bet bet is GI.

I haven't found that to be the case for SIWL. I'm sure a number of companies would give immediate benefit.

 

[InsuranceMonkey]

I haven't found that to be the case for SIWL. I'm sure a number of companies would give immediate benefit.

I only say that based on the SI products I've worked on. They still have rejection health histories. Some have 4-6 tables built into them, but if you exceed that you're declined.

I'd try to call whatever company you're considering submission with and get to an underwriter, see if you can run the case across them to save everyone time. I personally would consider this client a decline for SI too. 3 hospital events in the past year is just considered "uncontrolled".