Life Insurance for People with Bipolar Disorder

If you are looking into life insurance for people with bipolar disorder, there are a few things you need to know. People with bipolar disorder will almost certainly be denied a traditional form of coverage. If you are denied, a guaranteed issue life insurance policy may be your best bet. However, if the individual with bipolar disorder in your family has a full-time job, group life insurance is an affordable option.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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The Rundown

  • People with bipolar disorder will almost certainly be denied traditional coverage
  • Guaranteed issue life insurance is obtainable but more expensive
  • Non-traditional coverage typically costs 25% more

Can I buy life insurance for people with bipolar disorder and schizophrenia? Getting life insurance with schizophrenia or bipolar disorder is difficult but not impossible.

Is it similar to having a history of depression where the rates aren’t affected too much? Like life insurance for the terminally ill, getting coverage for these two disorders is more complex.

Before you jump into finding a life insurance company for people with bipolar disorder, type your ZIP code into our free and helpful tool above. With it, you’ll find life insurance quotes in your area.

Bipolar Life Insurance Options

According to the National Institute of Mental Health, bipolar disorder causes unusual shifts in mood, concentration, and the ability to carry out basic tasks. How does this specifically affect your life insurance quotes?

Bipolar disorder will be labeled a pre-existing medical condition by your insurance company. You will be denied a traditional term or whole life insurance policy and will need life insurance for high-risk individuals.

Even if you do get a traditional term or whole life insurance policy, you’ll be paying substandard rates. Substandard rates are typically 25% more. Here’s a table showing the difference.

Monthly Standard vs. Substandard Rates for People with Down Syndrome
AgeAverage Monthly Standard RatesAverage Monthly Substandard Rates (25% increase)
25-years-old$89.31$111.64
30-years-old$102.53$128.16
35-years-old$120.59$150.74
40-years-old$143.03$178.79
45-years-old$173.48$216.85
50-years-old$213.28$266.60
55-years-old$269.01$336.26
60-years-old$355.44$444.30
65-years-old$474.85$593.56
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Now that we’ve seen the substandard life insurance rates for people with bipolar disorder, let’s move on to guaranteed issue life insurance.

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Guaranteed Issue Life Insurance

Guaranteed issue life insurance is a form of whole life coverage that will accept just about anyone. However, there is a catch.

Those with a guaranteed issue life insurance policy will be paying far more than they would for standard coverage. What sets it apart?

The appeal to a guaranteed issue policy is the fact that there is no medical exam prior to any coverage decision-making. Instead, you will just fill out a health questionnaire to apply.

So, that’s one option. Let’s wrap up with another called group life insurance.

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Group Life Insurance

If you need affordable life insurance quotes for people with bipolar disorder and the person works a full-time job, group life insurance is a terrific option.

Group life insurance is one policy for a group, such as coworkers. If available, group life is a great way to pay inexpensive life insurance rates for people with bipolar disorder.

Now you should know how to find the best company to suit your needs. Type your ZIP code into our free and helpful tool below to find life insurance for people with bipolar disorder.

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