Should Bipolar People Have Life Insurance?
Posted December 13, 2009 – 10:19 pm in: structured settlements FAQI have Bipolar disorder and don’t have life insurance- I’m 26. 30% of people who are BP commit suicide but I’ve never tried it. I don’t think I will; I have a husband and step daughter who are amazing and supportive to live for. Our financial adviser says we shouldn’t waste the money since we’re both young and in good health (considering).
It seems like a good idea, but it’s depressing too and a little morbid. I have almost $80K of debt from college.
What do you think I should do?
10 Comments
Debt is not inheritable.
But as a bipolar person, you’re not going to get anyone to sell you life insurance at a reasonable cost. Your only option is one of those “guaranteed issue” policies, where you pay $30 a month for $5,000 of coverage. Run the numbers, I think if you can manage to avoid suiciding for a few years, you’d be ahead of the game by just socking the $30 a month away into a special account.
Bipolar is NOT “good health”. It’s a serious chemical imbalance in the brain, and an automatic decline for all the insurance companies I”ve ever worked with.
Your financial adviser should be fired. A good financial adviser would recommend insurance as a way of protecting your assets in a catastrophe. The time to buy insurance is when your health is good because it is cheaper. You need to protect yourself against loss of income in the event of a death. You may get charged a bit more based on your health (bi-polar), but it is a great way to protect yourself and your family. The right policy can also give you cash values that can be used in emergencies and for retirement. Contact a full service agent and get an analysis. As far as being depressing, it should make you feel good to know that you are taking care of your family if something happens and that they love you enough to make sure you are taken care in the event of a tragedy!
Get a new financial adviser! That is BAD advice!
EVERYBODY who has children, or debt that needs to be taken care of when they pass away should have life insurance. But thinking on it this way, if you think you should have it for fear of suicide, guess what… life insurance doesn’t cover suicides. it has to be a natural or accidental death. so, if you were to have a policy, and then kill yourself, your family gets nothing. but regardless, you do need to think about how your family can get by, and pay off your debts, without you there. if you think they are going to struggle in the event, then yes you should have it, because you never know what will happen.
Your financial advisor is an idiot. You absolutely should have at least Term Life insurance. It might be more expensive with your disease because you are at a higher risk for an insurance company. But if one of you dies someone will be left with your debt and your funeral expenses. A good advisor or insurance agent can help you get quotes on various types of policies that will meet your needs. Look into it.
Your financial advisor is an idiot. Both you and your spouse should have life insurance. You can be either have term or whole life insurance. You may not get the top rate but either way it will cost very little for term insurance and a bit more for whole life. Too many people these days do not realize that life insurance is for the people you love!!
Honestly you and your spouse should both have life insurance. Even if it is only enough to cover the expenses of your funeral and burial or cremation. Those can be expensive.
you are healthy, but what if you get killed in an accident,, you dont want to leave them with all that debt.
i think orange knows that if she commits suicide the insurance will not pay out
get a job w/ good pay and each month pay a little of your college funds then if you still have any leftover from monthly college and other bills, get life insurance. Any moment can be the last
Your financial advisor is an idiot. Both you and your spouse should have life insurance.
My wife and I are both 30 (just turned this year) both in great health. We purchased our home 4 and a half years ago (so we were 25/26) We ourchased life insurance when we bought our home. Bi-polar or not, you never know whats going to happen and you want to ensure those left behind can (first or all) afford a decent funeral (which runs at cheapest $10,000.00) and are not struggling with a single income while dealing with the grief of loss. If you both die again the funeral costs should be covered and (if any kids) somehtin for their future. The other thing is by purchasing the insurance when I was 25 the monthly rate is locked until I turn 75. If I was to try an dget life insurance in 10, 20, 30 years I would be paying a lot more and may be subject to a medical/physical. If you can afford an extra few dollars a month its far better to get it now to save in the long run and protect you and you family in case of an accident or future illness. Good luck.