As one of the first “mood stabilizing” prescription medications used to treat folks who have been diagnosed with bipolar disorder, Lithium has been long been the “go to” medication to help treat those who suffer from “bouts” of mania.
It is true that having a prescription from Lithium and having been diagnosed with bipolar disorder will certainly complicate the “process” of applying for a traditional term life insurance or whole life insurance policy, that doesn’t mean that you’re AUTOMATICALLY going to be denied by every life insurance company.
It just means that…
You’re going to need to be more “selective” on which insurance companies you choose to apply with and which one you should definitely stay away from.
Just like not all bipolar patients suffer from the same symptoms, not all life insurance companies are going to use the same underwriting guidelines and/or rules to determine who they will and won’t insure.
Which means that…
Even if you’ve been turned “denied” coverage by one life insurance company in the past because you take Lithium or because you’ve been diagnosed with bipolar disorder, that doesn’t mean that you’ll necessarily be denied by “all” life insurance companies. It also doesn’t mean that you won’t be able to qualify for “all types” of life insurance policies either.
There’s a large variety of guaranteed acceptance life insurance policies out there that won’t require you to disclose any medical information, you just need to know where to look!
But before we…
Get into all of that, let’s first take a moment and discuss what it is about taking Lithium that makes some life insurance companies really nervous as well as discuss some factors that other insurance companies will be interested in before they will be willing to provide Lithium users with an offer of coverage.
Brand Names: Eskalith, Lithobid, Lithonate, Lithotabs
Lithium is a prescription medication that is used to treat those who suffer from manic episodes associated with bipolar disorder. It works by restricting the way that sodium flows through the nerve and muscle cells in the body thereby reducing the overall “excitability” or mania an individual experiences during a “manic” attack.
And when it comes to…
Qualifying for life insurance while taking Lithium, assuming that you apply for coverage with an insurance company that is more lenient toward “bipolar” applicants, your prescription for Lithium should be treated like most other “mode stabilizing” prescription medications that are used treat bipolar disorder and rather than using the “prescription” as a reason to automatically decline, these more “lenient” companies will focus more on how well your Lithium is managing your symptoms.
Factors that will come into play.
In determining “which” bipolar applicants an insurance company will and won’t insure, most insurance companies will ask a series of questions designed to determine which bipolar applicant will represent an “acceptable risk” to insure.
Common questions you’ll like be ask may include:
- How old were you when you were first diagnosed with bipolar disorder?
- Who diagnosed your bipolar disorder? A general practitioner or a psychiatrist?
- How often do you see your primary care physician?
- How long have you been treating your bipolar disorder?
- Is Lithium the only medication that you’re using to treat your bipolar disorder?
- In the past 12 months has your prescription for Lithium changed in any way?
- Have you ever been hospitalized due to your bipolar disorder?
- Do you have any history of drug or alcohol abuse?
- Have you ever contemplated or attempted suicide?
- Have you been diagnosed with any other pre-existing medical conditions?
- Do you have any issues with your driving record? Suspended license, multiple moving violations, DUI?
- Are you currently working now?
- How long have you been working with your current employer or been working in the same industry?
- In the past 12 months, have you applied for or received any form of disability benefits?
Then with this information in hand, the insurance companies and us here at TermLife2Go will generally have a pretty good idea on who may or may not be able to qualify for a traditional term or whole life insurance policy.
Now will we be able to help every applicant who is currently taking Lithium qualify for a traditional term or whole life insurance policy?
No, we won’t but we do try to help as many as we possibly can which is why we here at TermLife2Go have worked very hard to establish relationships with dozens of different life insurance companies that offer 100’s of different life insurance products so that when we do encounter a more “challenging” applicant, we won’t need to rely on just 1 or 2 different life insurance companies.
We can simultaneously “shop” dozens of different life insurance companies simultaneously so that “hopefully” we can find that “one” insurance company that will meet all of your needs at an affordable price even if that policy ends up being a guaranteed issue life insurance policy.
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!