Life Insurance With Bipolar Disorder
This guide explores the complex life Insurance with Bipolar Disorder in Canada, addressing potential challenges individuals with mental health diagnoses may face when seeking coverage.
The conversation around mental health has evolved significantly in recent years, becoming less stigmatised. However, many Canadians may not realise that a mental health diagnosis can make qualifying for life insurance more challenging. Life insurance is essential for protecting your loved ones and mitigating the impact of an unexpected death. A mental health diagnosis might increase premiums and complicate approval for a policy.
If you need assistance finding a life insurance policy, whether you’ve been denied before or not, book a free 15-minute consultation with a life insurance advisor or contact us to help you find the coverage you need. Get a quote from Sure Insurance today.
How Mental Health Affects Life Insurance
Mental health issues are often viewed as pre-existing conditions, but this shouldn’t deter you from pursuing life insurance with bipolar disorder. Even with a mental health diagnosis, you are eligible for coverage but should be prepared for potential challenges in the application process, such as longer wait times, higher premiums, and possible denials in extreme cases.
Insurers assess the risk associated with each application before approving it and setting premium costs. Those with pre-existing conditions are often deemed higher-risk applicants. During the application, you will likely answer questions about your diagnosis to help insurers understand the associated risks. These questions may include:
- When were you diagnosed?
- How severe is your condition?
- What symptoms do you experience, and how often?
- How do these symptoms affect your daily life?
- Can you explain your treatment plan and medications?
- Have you been hospitalised previously?
You may also need to share your medical history and undergo a medical exam. However, if youâre worried about being denied or prefer not to undergo a medical evaluation, many providers offer no medical life Insurance with Bipolar Disorder with simplified or guaranteed policies suitable for applicants with pre-existing conditions.
For most applicants, itâs advisable to apply for coverage sooner rather than later to secure lower premiums. Those with health conditions might benefit from waiting until they can demonstrate effective management of their diagnosis, which can reduce perceived risk and lead to lower premiums.
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Mental Illnesses That Are Considered by Insurance Providers
According to the Public Health Agency of Canada, mental illness involves significant distress and impaired functioning due to changes in mood, thinking, or behaviour. Common mental illnesses considered by life insurance providers include:
- Depression
- Anxiety disorders
- Psychosis
- Schizophrenia
- Borderline Personality Disorder (BPD)
- Bipolar disorder
- Obsessive-Compulsive Disorder (OCD)
- Addiction dependencies
- Posttraumatic Stress Disorder (PTSD)
- Eating disorders
- Dissociative Disorders
- Attention Deficit Hyperactivity Disorder (ADHD)
The severity of these conditions affects approval and premium calculations. Insurers in Canada use the DSM-5 to assess mental health diagnoses and often refer to the Global Assessment of Functioning (GAF) Scale to gauge the severity of a mental illness.
Donât waitâget a quote from SureInsurance and safeguard your life with life insurance with bipolar disorder.
What to Do if You Are Denied Insurance Due to Your Mental Health
If traditional life insurance denies you due to mental illness, you still have options, such as guaranteed and simplified issue life insurance policies.
Guaranteed Issue Life Insurance
- No medical exams or questionnaires are required.
- Designed for difficult-to-insure individuals.
- Premiums are higher than traditional insurance.
- Coverage limits are lower than traditional policies.
Simplified Issue Life Insurance
- No medical exams are required.
- Applicants must complete a medical questionnaire.
- Designed for individuals with moderately severe conditions.
- Premiums can be slightly higher than traditional insurance.
What Happens if You Fail to Disclose a Mental Health Diagnosis?
It’s understandable to worry about being denied coverage due to health issues, but failing to disclose a mental health diagnosis can lead to serious consequences.
Insurers collect personal information from applicants and medical professionals and may verify details through databases like the Medical Information Bureau (MIB).
Lying on an application is considered fraud and can result in policy termination or denial of death benefits. Always provide truthful and accurate information to ensure a safe and successful application process.
Ensure your loved ones are taken care of. Get a quote from Sure Insurance now.
Best Life Insurance Companies for Mental Illness
Several top Canadian insurers offer life insurance to individuals with mental health conditions, often without requiring medical exams. Examples include:
Humania Assurance â Insurance without Medical Exam (IWME)
- Coverage: $5,000 â $300,000
- Terms: 10, 20, or 100 years
- Issue Ages: 18-70
- Six eligibility questions and twelve medical questions were used to determine premium rates.
Industrial Alliance (iA) â Access Life
- Coverage: $10,000 â $500,000
- Terms: 15, 20, or 25 years, or whole life
- Issue Ages: 6 months-80 years
- No questions for Guaranteed Access, varying medical questions for other plans.
Canada Protection Plan (CPP) â Guaranteed Acceptance Life
- Coverage: $5,000 â $50,000
- Term: Whole life
- Issue Ages: 18-75
- No questions or medical exams are required.
Are you ready to protect your future? Get a quote from SureInsurance today.
Frequently Asked Questions
Can you get life insurance for a mental illness?
Yes, you can obtain life insurance with a mental illness, though you may face challenges such as higher premiums or limited plan options. Most people with less severe conditions can apply for traditional plans, while those with severe symptoms can consider guaranteed and simplified issue policies.
Can I get life insurance if I’m on antidepressants or other medications?
Yes, you can qualify for life insurance if youâre taking medications for mental health. Demonstrating effective management of your condition can lower your risk and premiums. However, frequent medication changes or multiple prescriptions might make qualifying more challenging.
Which mental illnesses can affect life insurance?
Insurers consider various mental health conditions, including anxiety disorders, schizophrenia, addiction, eating disorders, bipolar disorder, and depression. The severity of your condition impacts your premiums and approval chances.
Does life insurance cover death by suicide?
Most life Insurance with Bipolar Disorder plans do not cover death by suicide within the first two years. After this period, death by suicide may be covered, depending on the policy. If you or someone you know is experiencing suicidal thoughts, please contact the Suicide Crisis Helpline at 9-8-8.
