Life insurance with Schizophrenia…(3 Useful Insights)!

Life Insurance Schizophrenia

Schizophrenia is a mental disorder characterized by a breakdown of thought processes and by a deficit of typical emotional responses.  Common symptoms include auditory hallucinations, paranoid or bizarre delusions, and/or disorganized speech and thinking.  It is often accompanied by significant social and occupational dysfunction.

If you have been diagnosed with Schizophrenia a typical fully underwritten life insurance policy would not be available. However, there are other options available such as guaranteed issue life insurance and accidental death insurance.

In our experiences here at TermLife2Go, we have found that it folks that are suffering from Schizophrenia aren’t necessarily looking for enormous life insurance policies, which is why we often find that guaranteed issue life insurance policies that won’t require a medical exam or even ask any medical questions can be a great fit.  These policies can be combined with an accidental death policy providing one with an affordable alternative to a more traditional term or whole life product that simply isn’t possible due to having schizophrenia.

Burial and Final Expense life insurance policies, will typically be limited to less than $25,000 in coverage and will have some unique features to them that are not typically found in more traditional fully underwritten policies.

Features that you will want to avoid that are common in many commonly advertised guaranteed issue life insurance policies today include:

  • Increasing premium payments throughout the policy.
  • Policy termination at age 80.
  • 2or  3 year “Graded Death Benefit”

For this reason it is important to speak with a professional life insurance agent that will have several different types of life insurance policies to choose from before applying.