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POSTED BY ON March 20, 2013 10:24 am COMMENTS (5)
Hi
I have been recently introduced to the Jagoinvestor website. The articles by Mr. Manish Chauhan have helped me get clarity on issues like term insurance, PPF and the value of retirement planning.
After reading the article on term insurance, I have decided to change my own term insurance. Previously I purchased a 24 lakh term insurance policy under Anmol Jeevan – I scheme in September 2010. I am still paying the premium for the plan and the policy is in force. At the time of purchase, I have indicated my medical disorder (bipolar disorder) to the insurance agent, but the agent suggested that I do not put the information in the application form. I foolishly accepted the advice. After reading the article on term insurance by Mr. Manish Chauhan, I decided to take a new term insurance policy.
I request information from anyone who have taken a term insurance policy with disclosure about the bipolar disorder. Apparently, the insurance companies in USA are also very hesitant to provide term insurance coverage to the people with the bipolar disorder. For the people who do not know of the bipolar disorder, there are three forms of bipolar disorder – mild, intermediate and severe. The people in the mild stage, if they acknowledge the condition and take proper lifestyle precautions, do not need medication as well. For the people in other categories, they either take medication regularly or need to consult the doctor regularly. I had to be hospitalized 8 years ago and since then I am off the medication and am also living happily.
I have an annual income of Rs. 5.4 lakh and I am a 33-year old male. Considering my family needs, I should have a term insurance of at least 50 lakh.
Given the context, I have the following questions.
I thank the respondents in advance for their help.
With Regards
Madan Mahanta
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Dear Madan, thanks for the update. We are happy that we were able to help you out in deciding & to move on. Please keep visiting forum.
Thanks
Ashal
Thanks to encouragement from Mr. Ashal Jauhari, I went ahead with the plan for term insurance. The process took more than a month and more than fifteen back and forth interactions between the insurance provider and me.
The insurance provider chose to accept the risk with 75% loading on the standard rate. Thanks again for the helpful nudging.
Hi Raj, thanks for the insight. I have already purchased the insurance from the outside provider without contacting the employer’s insurance. The issue of dependence on employer seems a bit tricky. The dependence may work well in government sector, but not so much in private sector. Thanks for the suggestion though.
With Regards
Madan Mahanta
Hi Madan, If you are employed most probably your company could be providing a term insurance in which you might have an option to increase coverage by paying certain premium without any medical checkups. You should also try to get it from a different player in the market depending on your job security.
Hello Mr. Ashal Jauhari
Thank you for the encouragement. I will proceed with the term and health insurance purchase using the guidelines suggested by you.
With Regards
Madan Mahanta
Dear madan, let me try to answer your quries.
Do you know of any one who has successfully obtained a term insurance after disclosing the bipolar disorder or any other mental disorder?
I can not comment for Bipolar specifically but Insurance companies are offering covered even for dibeatic or hyper tension & other ailments. yes prem. loading may be there.
Do you know of any insurer who takes a look at these cases and may provide the insurance?
Almost all insurers ‘ll offer cover subject to their underwriting norms.
I also wish to take a family floater health insurance policy. Are there any suggestions on disclosure under existing diseases for the health insurance?
If you really want to cover, the disclosure should be honest. Paying higher prem. & getting claim at the time of need is far better than paying lower prem. & not getting claim.
How can I proceed further in the present situation?
first of all, please decide how much insurance cover you need in your term cover. @ 5.4L Rs. yly income, my take is to go for at least 15 times i.e. 80L Rs. sum assured + add any loan liabilities to it. Please opt any online plan. Fill the details on your own & declare all the health problems honestly.
Thanks
Ashal