Life Insurance feasible for Bi-Polar son

[Sanbenito1]

My friend’s son is bi-polar, with all the challenges that goes along with it (anxiety, drinking, depression, fighting). Now he has a baby and my friend, the baby’s grandmother, wants her son to take out a life insurance policy in the event he should die, because she doesn’t have the means to support the baby, nor does the baby’s mother. Being a 25-year old male, he doesn’t think he’s going to ever die and working and being the primary caretaker for a baby he has little energy to call an insurance company. Trying to help out, my friend has called a couple companies and since she wouldn’t be the client, they won’t give her any idea of whether life insurance would be feasible for her son. Has anyone else had luck getting a bipolar kid insured?

 

[Closet_Gamer]

I'm sorry to hear this. I am Bi-Polar (Type 2). They say its not right to describe it this way, but I think of Type 2 as the milder form of bi-polar. If this is mild, I wouldn't wish the more extreme version on anyone.

If I might, ensuring he gets proper medical care and medication (and takes it!) is the most important thing that can happen. He's young and if he can get control of the demons, he can have a productive life where he cares for his family. I didn't sort this out until I was in my 40s. The meds have changed (and quite literally probably saved) my life. If he can get balanced out with the meds, learn a bit of cognitive therapy, and have a supportive family, he can find his way through this.

On the insurance, I'm not sure if bi-polar needs to be disclosed or not. I got my insurance before I was diagnosed. At the very least, I'm guessing they could get hold of a couple "no questions asked" policies. They're expensive but at least would provide some coverage. I think the biggest question is the suicide clause. If it doesn't pay in the event of suicide, then I wouldn't get it for a bipolar person. That's a sad thing to contemplate, but its true. And with bi-polar, even if the person appears to be "fine" for several years, it can swing the other way hard & fast.

I'm sorry I don't have more specific help to offer. Best of luck to the family. Its a journey for everyone involved.

 

[pb4uski]

Your friend can buy life insurance on her son, pay the premiums and make herself or a trust designed to benefit her grandchild the beneficiary. My guess is that she would need her son's cooperation but her being the owner would minimize what the son needs to do... he may just need to read and sign the application that she has filled out on his behalf.

If his condition is an underwriting hurdle, then there are numerous insurer that offer life insurance with no medical underwriting but the maximum amounts are usually small.

 

[Bamaman]

Term life insurance on a 25 year old is very inexpensive, and there's no reason the son doesn't purchase a policy with the grandmother as beneficiary if he's working.

This is a real world situation and one that I see every day. Our schools have an incredible number of grandparents picking up the children and sitting in for parents at school activities (in normal times.) It's a sign of the times.

We have a daughter that's a severe bipolar, and she also has other behavioral disorders. She is so difficult to deal with that only others with social and personal problems will put up with her unmedicated bad behavior. And this young man may be in the same boat with his "baby momma."

We prepared for ER, but were never prepared to raise a 4 1/2 year old (that's now 9 years old) in our retirement years. We'll be pushing 80 years old when she gets out of high school. Her 12 year old brother is with us every other weekend.

Fortunately we are financially okay for the long run, and the kids will be taken care of. We also have another daughter that can take care of Brynley if at any point we cannot raise her. A backup is most important.

I just hope the young man with a young baby can find the personal strength to admit he has a problem, and finds a good physician that can provide the right medication. Sometimes such people are just one pill a day away from leading a much better, productive life. Unfortunately, it's a rarity that they take care of themselves properly and it's the families and children that suffer.

 

[MRG]

My late FIL was bipolar and his brother was too. Two guys who were so different it was had to imagine they'd grown up together.

Neither were treated, bipolar wasn't recognized in the US until 1975(iirc). FIL did well in life,j had some issues but his DW really helped him and was his constant companion.

His brother self meditated with alcohol and died an alcoholic death when he was 50ish.

My point is a good treatment program is essential for his, and their families future.

 

[OldShooter]

SGOTI is probably not a good source for answers to your specific question. Searching "bipolar disorder life insurance" turns up a number of promising-looking leads, as does a search for national organizations related to the disorder.

@pb4uski's point is important, though. Whatever assets your friend arranges for her son should be protected somehow, so he is not precluded from getting any public benefits to which he or his family may be entitled. She should ask an attorney about a "special needs trust" or some other mechanism to accomplish this.

 

[Morgan22]

She can check out term4sale.com to get an idea on prices. I would input (average) for health since he has a pre-existing condition. In my area, with 500k coverage, the cheapest 20 yr policy cost $415 per year for a non-smoking 25 YO with average health.

 

[OldShooter]

She can check out term4sale.com to get an idea on prices. I would input (average) for health since he has a pre-existing condition. In my area, with 500k coverage, the cheapest 20 yr policy cost $415 per year for a non-smoking 25 YO with average health.

The questions are (a) if he applies for insurance does he have to disclose his condition? and (b) if he discloses his condition will anyone write the insurance?

It is not "average" to have this condition and claiming "average" may constitute fraud. This is why the OP needs qualified advice, not just the ragbag of opinions constantly available from SGOTI.

 

[Morgan22]

The questions are (a) if he applies for insurance does he have to disclose his condition? and (b) if he discloses his condition will anyone write the insurance?

It is not "average" to have this condition and claiming "average" may constitute fraud. This is why the OP needs qualified advice, not just the ragbag of opinions constantly available from SGOTI.

Of course. The site gives you ideas of pricing. You can then contact one of the agents from the list they give you and see where it goes from there.

We used that site when shopping and it was an easy process to go through.

 

[MRG]

The questions are (a) if he applies for insurance does he have to disclose his condition? and (b) if he discloses his condition will anyone write the insurance?

It is not "average" to have this condition and claiming "average" may constitute fraud. This is why the OP needs qualified advice, not just the ragbag of opinions constantly available from SGOTI.

+1000

I've seen some of the procedures insurance companies do with suspect claims. They'll deny them for any improper disclosure.

 

[Out-to-Lunch]

But I think that PB4 has touched on an essential point. Generally speaking, you cannot buy life insurance on random people. However, I believe you can buy life insurance, without the permission of the insured, on your parents, your spouse, and your children. So (assuming I am correct), Sanbenito's friend can purchase insurance directly, with no "he applies" etc. (Not to say that the insured's condition will not be disclosed, but the applicant can be Sanbenito's friend herself, as pb4 noted.)

 

[Sunset]

Has OP's friend's son been medically diagnosed as bi-polar ?
If not then, its not needed to be revealed during the application, as a self diagnosis could be wrong and is not valid.