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How To Qualify For Life Insurance With A Psychosis Diagnosis

How To Qualify For Life Insurance With A Psychosis Diagnosis

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Today’s Topic Is How To Qualify For Life Insurance With A Psychosis Diagnosis

NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!

Here’s An Overview Of Today’s Topics:

What do we mean by ‘psychoses’ in this case?

First of all, anything that falls under the anxiety umbrella.

This could be low level anxiety, situational anxiety, chronic anxiety and severe anxiety. Secondly, depression. Anything from mild situational depression, the clinical depression, major depression, all of that applies here. Also schizophrenia, as well as paranoia and bipolar and manic depression.

Can you get life insurance? Short answer is “yes”. If you have a psychosis diagnosis, the long answer is “it depends”.

It’s going to depend on your age. Mostly what we’re going to be talking about in this article is for people between the ages of 25 to 85 and then it’s going to depend on a specific type of behavioural health disorder and level of severity. I won’t pull any punches here.

The top 5 reasons to purchase a life insurance policy

A certain anxiety or certain psychosis are OK and others may be more difficult. There are options in most circumstances that are available to you, but you need to understand that it’s going to just depend on your unique situation and how it all falls out.

Buy Life Insurance for Burial is committed to providing quality life insurance at an affordable price. If you would like to get your free, customized quote simply call (888) 626-0439. 

You can also send us a request using the contact us box found on this page. We will use your preffered contact details to get in touch within 24 busines hours.

What programs can you qualify for?

The first thing, before we go into any specifics, it’s really important to identify what you want to accomplish. Before I even help anybody with their life insurance, I want to know what their goals are.

I want to know what they want to accomplish, why they’re even buying a policy to begin with, because we want to know your goals, to figure out what options are the best.

Because not all life insurance is the same, what do you want your life insurance plan to do for you?

Have you given that much thought? What is it that you want this policy to do? Do you want it to cover final expenses? Do you want it to cover things like a cremation, a burial, any types of final expenses you may leave your family?

Paying Funeral Costs With A Life Insurance Policy

Do you want to replace your income? If you’re young or old, if you leave your spouse behind, does that affect their lifestyle? Does that affect the quality of living?

An income replacement plan via a life insurance policy is a great idea. Or maybe you just have debt you want to repay and you want a policy to cover for that just in case. Also. Second of all, what kind of budget do you have in mind? What are you comfortable paying?

Have you given that some thought? I’m a big advocate as an insurance agent, you got to get something that’s easily affordable. You don’t want to spend too much on insurance because you don’t want to drop it, right?

Case study examples

Anti-depressants and Weight Problem

A couple reached out to me recently after having just purchased a new home. They had taken on a six figure mortgage and were concerned about what would happen if one of them passed away and had to continue to make mortgage payments.

The only concern for my clients was that the husband had a bit of a weight problem and was on anti-depressants. He wasn’t tremendously overweight but it was obvious he was carrying a little extra weight and he’d heard prescription medication could cause a rate increase. He was concerned these health issues would cause a qualification issue with his life insurance coverage.

Thankfully these clients came to a broker like us, which gave them the best possible chance to get quality life insurance coverage at an affordable price. We were happy to be able to offer them first day coverage at a premium rate.

Though we can’t promise the same outcome for every client who applies, we offer the best possible chance to get affordable, high quality coverage thanks to our ability to shop among a number of providers.

Unable to Afford Rate Increase

A young woman came to us after recently experiencing a rate increase with her current life insurance policy. She could no longer afford the coverage and hoped that we would be able to offer something comparable at a more affordable price.

This young woman admitted that she had suffered from depression most of her life and had been diagnosed with moderate anxiety problems as well. She was taking medication regularly to combat these problems and worried that this would affect her application.

We looked at a number of options for this young woman and were able to offer first day coverage at a great price that met her budgetary needs as well as life insurance goals.

Every application is unique and we can’t guarantee coverage, but we certainly do our best to shop among a number of providers to find a plan that will work for your unique circumstances.

Top 5 reasons people purchase life insurance online

1.You are in control
The internet has opened up the possibility for consumers to change the way they do business. Consumers are in control when it comes to finding a company they like, taking the initiative to reach out to that company for more information, and deciding when the final purchase will be made.Being able to do all of this from the comfort of your own home is probably the biggest advantage of being able to buy life insurance online.

2.No salespeople in your house
Generally consumers would rather not deal with salespeople. They have a bad reputation for being pushy and offering an overall bad purchase experience. Though you still need a broker to answer questions and navigate you through the purchase process, everything else, from researching companies and products to making the decision as to which company you will go with, can be accomplished without a salesperson.

3.Take time to make a decision
Without a pushy salesperson breathing down your neck, consumers have the opportunity to take as much time as they need to make a purchase decision.While I believe it is really important you get life insurance in place as soon as possible, I also understand you have to come to that conclusion on your own. If you don’t believe in the importance of coverage, you will be less likely to make that final purchase.

4.Do your background check
The internet offers a wealth of information when it comes to doing background checks on companies to find out if they are reputable or not.Facebook, YouTube, and other social media sites are a great way to find out more about the company and see what others are saying about their experiences with the employees.

5.More comfortable pace to doing business
One great perk of doing business online is that you can control the pace of doing business. The internet has really liberated the buying process for so many different kinds of products and it definitely has been the same and continues to grow for those people who buy life insurance online as well.

Stories from the field

Early on in my career I met a friendly couple in their early 60s. Both the husband and wife had recently retired and though the husband had insurance on himself, he realized he’d neglected to get life insurance on his wife.

As they were both beginning to get older, he realized the importance of having some kind of coverage in place. He decided it would be better to get it immediately than wait and risk his wife not qualifying later on should she encounter any  health problems.

We had her fill out an application and we were able to qualify her for first day full coverage with a reputable company. That was the last I heard from this client until about 3 years later.

The husband filed a death claim on his wife. We learned she had died after a long struggle with cancer. He was informed the claim would pay out within a few weeks once the death certificate was processed

This was enough proof of insurance for the funeral home to proceed with the funeral and burial without the husband having to pay out of pocket in the mean time.

I’ll never forget how grateful he was for the life insurance we had provided for his wife. He thanked me for our help and explained he didn’t know what he would have done had he not had the insurance to pay his wife’s final expenses.

This made me realize how important our job is in the life insurance industry. It’s up to brokers like us to provide quality coverage that works the way our client’s need it to when they need it most.

It also made me realize how individuals can relieve the financial burden of final expenses by getting quality life insurance in place. It really does make a huge difference in the lives of those left behind. 

Get in touch with one of our friendly representatives to get your no obligation quote today. Simply call (888) 626-0439 or send us a request using the message box found on this page.

You’ll be under no obligation to buy from us and the whole process takes 10 minutes or less.

Types of insurance available to people who have a psychosis diagnosis

5 most popular types of life insurance

There are three types of life insurance options available to those people who have psychosis diagnosis: the first is Term, the second is Permit or Whole Life or Universal Life insurance, and the last is Guaranteed Acceptance life insurance. Let’s jump right into term insurance for those who have a psychosis diagnosis.

Term Insurance

First let me define what term insurance means if you’ve never heard of it. A simple definition is it’s temporary coverage over a period of time, meaning it’s going to last from today to 10 years, 20 years or somewhere greater or less than that.

The benefits of this kind of plan are level premiums. The premiums don’t go up for most of these types of plans until the policy reaches that in-point and typically it is the best way to get the most coverage for the least dollar of premium put into the policy.

A lot of people buy these plans when they’re young to get a lot of coverage for a cheap price. They get these plans to cover large obligations and generally a lot of people are attracted to term. It’s why it’s the biggest seller because you can get a lot of coverage for the least amount of money.

Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage

Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage

Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage

Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage

 

The biggest drawback is that it’s a temporary insurance. It’s term insurance that terminates. You could outlive it. You may not be able to afford the prices when they skyrocket after the end of the term. And the thing is with term insurance, generally there is a lot tougher underwriting than the simplified issue or whole life types of plans.

And here’s how it kind of relates to your particular setup. If you have a psychosis diagnosis, higher level of underwriting, certainly with an uncertainty, with more severe behavioral health issues. With schizophrenia or bipolar, most likely the underwriting of, or the underwriter is going to look into more detail as to the level of severity.

I have seen a cooling off of underwriting standards towards the more severe psychosis diagnosis. By no means am I guaranteeing that you can get qualified, but I’ve seen a level of flexibility offered with those than compared to other products.

Now, generalized anxiety. If you have generalized anxiety and nothing severe, generally speaking, if it’s under control, you may qualify for some kind of coverage.

If you’re somewhere in between and aren’t sure, definitely stick around because I have other products that you’d be totally fine with.

Even if you have severe bipolar, severe schizophrenia, based on how these products underwrite you, they will get you coverage at a very competitive rate with quality coverage.

Let’s talk about whole life insurance now.

Whole Life Insurance

What whole life insurance does is it offers permanent protection. Now, with whole life insurance, the rates never go up and it never cancels because of age or health either. Now I put a little asterisk by a universal life. This is a permanent plan, but the way those work is if you don’t get the right kind, the rates may potentially go up in the future. I do what’s called guaranteed universal life plans.

Those have a guaranteed premium as long as you continue to pay the premium and don’t adjust it downwards and they’ll guarantee your policy can’t lapse because of that in exchange. I like these because if the benefits here are you want permanent protection, you’ve got a permanent problem, you need a permanent solution to would like to say final expense plan.

These are great plans because you can’t outlive them. They won’t go up in price as long as you follow their procedure and paying the premiums and in many cases, even with the conditions of a psychosis, you can get first a full coverage.

$150,000 Whole Life Insurance, Life Pay

$250,000 Whole Life Insurance, Life Pay

 

The cons or drawbacks are you’re going to pay a lot more for coverage than you would term insurance, generally speaking, for every dollar of coverage with the term insurance, you’re going to pay five to 10 times higher with a permanent product. There’s a big gap there, but it just depends on how your underwriting falls out.

Now with non-med and fully underwritten whole life and guaranteed universal life plans, you’re going to have similar underwriting standards, so if you’re looking at a guaranteed universal life plan or a fully underwritten whole life it’s going to have to follow the same guidelines as the term insurance and again where we’re going with that there’s levels of higher uncertainty if you’ve got a more severe behavioral health issue, whereas with general anxiety, you may qualify for a standard coverage.

Now, here’s the thing: if those two would not necessarily be able to work the traditional term life or the traditional underwriting on guaranteed universal life or whole life, then what we offer are two different other options that fall within this whole life category. The first is simplified issue whole life.

They’re much more flexible with behavioral health issues and a lot of the other products I regularly get people with depression, bipolar and schizophrenia. First, a full coverage with simplified issue whole life insurance at affordable premiums. So if this fits you, then this is definitely an option. Again, I don’t know where you fit, but I want to share this with you because I want you to know there are options and you’re not up the creek without a paddle.

Guaranteed Acceptance

Now, our last choice for coverage, if all else fails and there’s literally no other options for coverage are what’s called guaranteed issue, whole life insurance for people with psychosis diagnosis. The way this works is very simple, the premiums never go up, the coverage never cancels due to age or health, but the biggest downside is you’re not covered for the first two full years for natural death.

If you do die from accidental deaths, you are covered from the first day and the limitation for coverage usually caps out of 25.000, but you can stack more policies on top of that if you need more, and I want to point out this last italicized bullet point.

This is a last ditch effort. This is if nothing else works. I don’t put people into these plans willingly or as my first option. I always try to see if we can get a simplified issue or even a normal whole life or term life product instead.

Burial Insurance Rates, Age 40 to 90*

 

Rates For $5,000 In Burial Insurance

Rates For $10,000 In Burial Insurance

Rates For $15,000 In Burial Insurance

Rates For $20,000 In Burial Insurance

Rates For $25,000 In Burial Insurance

*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.

 

The important point I want to make with you here is that you do have an option, and this is the last point and generally speaking, this is if nothing else works, but most likely you’re not going to fall into that.

Maybe you found this interesting, you learned a little bit about how life insurance works and you feel like, hey, maybe I would like to try to qualify for some kind of plan. Let me give you the process of doing so.

How to apply

Owner of BuyLifeInsuranceForBurial.com David Duford with his son

My goofball son and I thank you for reading, and hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!

It’s very easy to apply for life insurance plan. First you want to pick the agent you want to work with. Of course I’ll nominate myself.

Second, after you listened to me and I listened to you and drop a quote for if you like what you see, we agreed to do an application usually emailed or over the phone and then usually takes couple of days or weeks we’ll get a ultimate decision whether you’re accepted or not.

And if you’re accepted you approve it. And we go forward and you get your policy a couple of weeks later and that’s it. A very simple, streamlined process.

Next steps

How do you move forward? How do you get the process started? How do you apply for Life Insurance? Very simple.

Visit my website buylifeinsuranceforburial.com. Request a free quote by either clicking the contact box or the message box in the bottom of the website, or you can just call me directly at 888-626-0439.

You’ll speak to me live and I’ll be here able to run a quote within five or 10 minutes. If you like it, great. If not, no problem. We’ll still be friends.

If you have any comments or questions, please leave them below. I’ll be happy to respond back to you to see what I can do for you. Also, feel free to subscribe to my YouTube channel if you found this information useful.

Thank you very much for reading this article. I hope it has proven useful and encouraged you to get life insurance coverage in place. If you have any questions or want to get a free quote, please call us or send us a request. Take care.

 

About BuyLifeInsuranceForBurial.com
About BuyLifeInsuranceForBurial.com

We work with individuals across the nation to secure the best life insurance rates.

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