Borderline personality disorder (BPD) is a mental health condition that affects the way people feel about themselves and others due to heightened mood swings, impulsiveness, and anger. Having a mental health condition like borderline personality disorder can bring up unique considerations when applying for life insurance coverage. While it can seem daunting searching for life insurance when you have BPD, you shouldn’t delay finding coverage, as you want your loved ones to be protected if anything should happen to you. In this article, we’ll discuss how mental health conditions like BPD affect your eligibility for life insurance and the coverage options available to you.
How do mental health conditions affect your life insurance eligibility?
While you’re unlikely to be declined life insurance coverage because you have a mental health condition like BPD, you may be considered higher risk and thus may pay higher premiums. Before life insurance carriers assign you a premium, they’ll evaluate your risk by asking about how your BPD is managed, including current and past treatment plans, medical and hospitalization history, and whether you’re taking medication to manage your BPD. If you can demonstrate that your condition is well managed, you may be more likely to get favorable rates.
Life Insurance Options for People with Borderline Personality Disorder
Just like everyone else, people with BPD have the option to apply for the two traditional types of life insurance: term and permanent. Term life insurance is popular due to its affordability and flexibility, as you only buy as much coverage as you need, so it’s easy to tailor to your specific circumstances and needs. Permanent life insurance, on the other hand, is more expensive than term life insurance but offers coverage for your entire lifetime. It also typically comes with a savings component known as the cash value that accumulates over time.
Instant coverage life insurance is another option available to those with BPD. When you work with SelectQuote, you could qualify for up to $5 million in coverage in less than an hour. This type of coverage is best suited for those under age 60 and in good health, so if your BPD is well managed, it could be a good fit for you. On the other hand, if the severity of your BPD impacts your ability to qualify for instant coverage life insurance, SelectQuote’s licensed insurance agents can work with you to quickly find a term or permanent life insurance policy that meets your needs and budget.
If none of the above sounds like the right fit, you may also consider final expense insurance. Final expense insurance helps cover end-of-life costs, like medical expenses, funeral costs, and outstanding debt, helping alleviate the financial burden on your loved ones during an already difficult time. This type of coverage doesn’t require a medical exam, making it a good option for people with BPD who are concerned about qualifying for traditional life insurance.
Let SelectQuote Help You Find the Right Life Insurance Policy for Your Needs
Finding the right life insurance when you have a mental health condition like BPD can seem overwhelming, but we’re here to make it easy. SelectQuote works for you, not the carriers, and we’re committed to learning about your unique needs to find you the right fit for coverage. Our licensed insurance agents will get to know you, learn about your situation and priorities, and gather a variety of unbiased quotes on your behalf so you can find the policy that’s right for you.
