Burial Insurance With Bipolar Disorder

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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Bipolar disorder is also referred to as manic depression or manic disorder. This diagnosis involves episodes of extreme highs and lows. A combination of genetics, environment and altered brain structure and chemistry may play a role in developing this disorder.

Over 10 million people have been diagnosed with this very common condition in the United States. While there is still no cure, treatments are widely known to help patients live successful and everyday lives.

Can I Get Funeral Insurance With Bipolar Disorder?

Seniors diagnosed with bipolar disorder can still receive affordable coverage with no waiting period from well-known funeral insurance carriers. Acceptance may depend on the timeline of diagnosis and treatment.

An Explanation of Final Expense Insurance

Funeral, burial, and final expense coverage all refer to the same type of senior life insurance. These policies go through a simplified underwriting process which is why you will never be asked to get an exam.

Every whole life insurance policy lasts for the insured’s entire life. This is precisely when your family needs the financial assistance that burial plans provide since it is intended to pay for the inevitable final expenses. Final expense insurance is a very specific and necessary type of life insurance.

Burial Insurance Highlights:

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • Low-Cost
  • No Medical Exam
  • No Waiting Period Options

foggy sunset

Underwriting Requirements For Final Expense Insurance With Bipolar Disorder

This is the process in which a company determines if it will provide coverage to an individual. The qualifications are all predetermined and vary by provider. This is of extreme importance that you work with an agent who can steer you in the right direction and pre-qualify you for the best policy that meets your needs.

What Will the Insurance Carrier Ask About Bipolar Disorder?

There will be a series of yes or no questions to determine eligibility. These questions will ask about a variety of health concerns, commonly including mental health. Schizophrenia, depression, and medication are other mental health concerns that could affect final expense acceptance.

Life insurance for bipolar disorder is commonly asked about in one of the following ways.

“Have you ever been diagnosed by a member of the medical profession, treated or taken medication for bipolar disorder?”

This is considered to be a “knock-out” question. By answering “yes” to this question, you will be placed into either a more restrictive plan or denied coverage altogether. However, it is uncommon to be denied coverage due to bipolar disorder alone.

“In the last two years, have you been diagnosed with, treated for, or taken medication for manic depression?”

It is common for applications to ask about the diagnosis and treatment timeframe. Some applications will look back in your health history up to 4 years, but it depends entirely on the risk tolerance of the carrier.

Some applications will not ask about mental health.

If this is the case, it will not affect your acceptance at all. Your bipolar diagnosis does not matter to the providers that do not ask.

What is the Cost of Final Expense Life Insurance with Bipolar Disorder?

Each carrier sets its pricing based on its underwriting. Generally speaking, the lower the cost, the stricter the underwriting. However, four main things affect the final expense insurance quotes.

Age: After obtaining coverage, the price is locked in. However, the older you are when applying for coverage, the more expensive it will be.

Health: Overall, health plays a role in what policies you can qualify for. Tobacco users should expect to pay an increased rate as well.

Gender: As you can see in the chart below, men pay more for life insurance than women.

Policy Amount: The more coverage you take out, the higher the premiums will be.

Quote Range

$10,000 of Coverage

Non-Tobacco Monthly Premiums

45$26 – $30$30 – $34 
50$26 – $34$32 – $40 
55$31 – $38$37 – $46 
60$35 – $38$45 – $50 
65$41 – $45$55 – 59 
70$52 – 56$71 – $75 
75$75 – $80$101 – $110 
80$101 – $111$140 – $147 
85$137 – $166$196 – $201 

Burial Insurance With Bipolar Disorder: How To Find The Best Company

There are three main things to look for before applying for a final expense life insurance policy.

Premiums: Always try to get the lowest monthly premiums available to you. If you pay less in premiums, you might want to roll those savings into additional coverage.

Start of Coverage: Many insurance carriers offer immediate coverage with a bipolar diagnosis. Do not get funeral insurance with a waiting period unless you have multiple health concerns that prevent you from gaining day-one protection.

Financial Rating: Make sure the insurance company has a solid financial rating. This will give peace of mind that you can trust the company to pay out your claim when due.

Best Final Expense Life Insurance for Bipolar Disorder

The companies that are recommended below are suggestions based upon qualifying for coverage with bipolar depression. All of these companies are recommended as top final expense insurance companies. Based on having a bipolar diagnosis with no additional concerns, these carriers will all provide coverage with no waiting period.

Captive vs. Independent Agencies

Both types of agents or agencies can sell you life insurance with bipolar disorder. However, how they go about it is different.

Captive Agency: A captive agency can sell policies from one company and one company only.

Independent Agency: An independent agency represents plans offered by several different companies. By having a more comprehensive array of offerings, independent agencies can find a more pinpointed plan for the needs of each client.

Since companies are particular in what they will and will not accept in terms of health, it is important to work with an agency with many carriers.

Final Thoughts On Life Insurance For Bipolar Disorder

a. Finding affordable funeral insurance with bipolar disorder is easier than you might think.

b. Several companies will award immediate life insurance coverage for bipolar disorder. The key is to find the lowest premium within these providers.

c. It is important that you work closely with an independent agency specializing in burial insurance. This will give you the best opportunity to obtain low-cost coverage with no waiting period.