Life Insurance for Bipolar Client

[Newby]

What....? You mean that 5'8" guy weighing 350 lbs with HBP and depression meds isn't going to be Standard Plus...?

You tell him....

The key to success with these folks is hitting them right between the eyes with reality... They kno they are FAT and not a pref risk... but they have had smoke blown by agents that do not know squat. So from the get-go, you tell em straight... and if they follow your lead and want insurance at that point then you have a client. If they want to listen to fairy tales, then let some other agent waste time with them.

Hey!!! Easy there!

I'm not fat.

I'm just short for my weight.

 

[Special Eddie]

One question that keeps getting skirted is the issue of disability. Most disability is social security and most insurance companies will only underwrite a minimum if their is a benefit continuance upon death, which is the case with SS. So anyone on SS disability is likely to get held to $50k max benefit.

The other issue is that one of the primary criteria for underwriting bipolar is a well controlled disorder and an ability to function in society, as in family and work. Disability for bipolar is one of two things, either someone who can't function in society or someone who is working the system.

The criteria we have for successfully placing bipolar cases is:

1. Someone who has not been hospitalized for bipolar disorder other than for diagnosis?
2. Someone who has not attempted suicide or had bouts with suicidal ideations?
3. Someone who is compliant with their treatment, both medications and regular followups?
4. Someone who is leading a stable family life or social life?
5. Someone who is exhibiting a stable work life?
6. Someone who is not on disability for bipolar and does not have issues with drinking or drugs? If there's a problem here, then the answers to 3, 4 and 5 are no.
7. Rates are better if control medication is an anti seizure drug rather than an anti psychotic.

I successfully placed 27 bipolar cases last year with rate classes ranging from preferred plus to table 4.

 

[dgoldenz]

How did you manage to get someone diagnosed as bipolar a preferred plus?

 

[Special Eddie]

How did you manage to get someone diagnosed as bipolar a preferred plus?

The truth is that we are surrounded by high functioning people with bipolar and for those at the right end of the spectrum with great stability, stellar compliance with treatment and no real issues other than having the diagnosis in their records, you will never know them as bipolar. There are plenty of companies that will go standard plus to standard on these cases and one very well known and respected company that has gone preferred best and preferred on several occasions.

How did I do it? No nonsense questioning of the client. No nonsense presentation of the trial. Knowing my underwriters very well.

 

[dgoldenz]

The truth is that we are surrounded by high functioning people with bipolar and for those at the right end of the spectrum with great stability, stellar compliance with treatment and no real issues other than having the diagnosis in their records, you will never know them as bipolar. There are plenty of companies that will go standard plus to standard on these cases and one very well known and respected company that has gone preferred best and preferred on several occasions.

How did I do it? No nonsense questioning of the client. No nonsense presentation of the trial. Knowing my underwriters very well.

So why the secret on telling us what company it is?

 

[jody108]

yeah .. please fill us in ...

 

[Special Eddie]

So why the secret on telling us what company it is?

I gave you the criteria and told you honestly what can be approved. Shop it or come up with something I don't know and I'll trade information with you.

 

[dgoldenz]

I gave you the criteria and told you honestly what can be approved. Shop it or come up with something I don't know and I'll trade information with you.

Uh.....ok. I don't need to spend hours guessing what company it might be, nor does it matter much. I am just curious for future reference. Is there a real reason you don't want to disclose the company? Who cares?

 

[LRG]

So why the secret on telling us what company it is?

I would like to know as well......Bipolar, no matter HOW well controlled in the past is dependent on the applicant taking their medication to keep it controlled. This is much like hypertension and other impairments that rely on patient compliance for control. This is why these conditions don't get the best offers. Patient compliance is unpredictable and can cause catastrophic results....

If the applicant got a preferred plus or any real preferred rate (and I am curious how it is Eddy got "several" bipolar clients) I would suspect an error in diagnosis or underwriter ignorance.

JMHO.
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OH MY.....I just reread Eddie's post. TWENTY SEVEN bipolar cases in one year!!!!!!!

 

[daryllenriquez]

People with bipolar definitely should qualify to have a life insurance coverage. Its not surprising why most companies decline them because of their high suicidal tendencies, but most life insurance dont pay off if the death is caused by suicide.