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.
- Do you know of any one who has successfully obtained a term insurance after disclosing the bipolar disorder or any other mental disorder?
- Do you know of any insurer who takes a look at these cases and may provide the insurance?
- I also wish to take a family floater health insurance policy. Are there any suggestions on disclosure under existing diseases for the health insurance?
- How can I proceed further in the present situation?
I thank the respondents in advance for their help.
With Regards
Madan Mahanta