People with Bipolar Disorder Life Insurance Rates (2024)

Finding the best type of policy is vital for ensuring your family is taken care of after you’re gone. But for those living with mental illness, finding affordable life insurance can be tough. For people with bipolar disorder, life insurance rates can be expensive.

In most cases, if you’re honest and open with your life insurance company about your bipolar disorder, you should still be offered an affordable rate.

However, you should always compare life insurance quotes for people with bipolar disorder from multiple companies.

Keep reading below to learn how bipolar disorder impacts life insurance, what to do if you’re denied coverage, and how to save.

But before you do, enter your ZIP code into our free comparison tool above to find affordable life insurance rates for people with bipolar disorder.

How does bipolar disorder impact life insurance?

When looking at life insurance for bipolar disorder or life insurance for mental illness, you may notice that it’s harder to get approved and rates are higher.

This is because when you apply for life insurance, your physical and mental health will need to be evaluated before you’re offered a policy. As such your bipolar disorder diagnosis and treatment history will factor into determining your rate.

The life insurance company will want to see consistent treatment for your mental illness and no history of self-harm before approving your policy. They also may want to see a steady employment history as this is a good sign of stability.

Sadly, underwriters must consider this as according to Psychology Today, “there is a 20% lifetime risk of suicide in people with bipolar disorder, and that risk increases with age, especially if the person goes untreated for the disorder.”

What do I do if I’m denied life insurance due to depression?

If you’ve been denied life insurance due to depression or have life insurance with a mental health exclusion, you may think you won’t be able to get life insurance at all. This is not true.

If your life insurance provider won’t cover you because of your mental illness, you may still be able to find coverage with guaranteed issue life insurance or life insurance with no medical exam.

As the name suggests, guaranteed issue life insurance or no medical exam life insurance means you cannot be denied coverage. You may still be asked some questions about your physical and mental health, but you will still be offered a policy.

Guaranteed issue life insurance policies and no medical exam policies are often more expensive, but the coverage is indispensable. Compare life insurance rates for people with bipolar disorder from multiple companies to find the best deal.

How can I save on life insurance rates for people with bipolar disorder?

For people with bipolar disorder, life insurance rates will always be more expensive. However, that doesn’t mean there aren’t ways to reduce your rate.

The best way for people with bipolar disorder to reduce their life insurance rates is to stay healthy and avoid dangerous activities. Cutting out smoking, excessive drinking, and dangerous sports like rock climbing can help lower your rate.

Most importantly, sticking to a consistent treatment plan for your bipolar disorder will help you get approved and get a lower rate. Life insurance rates for people with bipolar disorder don’t have to be astronomical.

Now that you know about life insurance for people with bipolar disorder, start shopping now. Enter your ZIP code into our free comparison tool below to buy life insurance for people with bipolar disorder today.