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Bipolar life insurance

Life insurance for people with mental health issues can seem like a daunting or confusing task to sort out.

Many people with mental health problems like bipolar are often put off taking out life insurance because they think it will be too expensive or not available. Getting the right cover to protect your family is important and you could save time and money by speaking to our friendly experts.

According to the leading charity, Bipolar UK, there are approximately 1.3 million people in the UK living with bipolar (1 in 50). There are 4 types of bipolar, and the 2 most common are known as bipolar 1 and bipolar 2.

Bipolar is classed as a severe mental health condition that is characterised by extreme mood swings, including depressive lows and manic highs. Other symptoms include insomnia, being overly chatty, and overactive imagination.

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Does life insurance payout for bipolar?

Yes – if you die because of something connected to your bipolar or you pass away with bipolar, then your family should receive a lump sum.

Life insurance is designed to pay out a cash lump sum if you die to make sure that your family doesn’t suffer financially. Most people take out life cover to protect their families, homes, or businesses.

You can use life insurance to pay:

  • Mortgages
  • Loans or other debts
  • Ongoing costs of living
  • School fees

There is no difference between the actual life insurance policy for people with bipolar, especially if you are diagnosed after you take out life cover.

The only potential exclusion that may apply to people with bipolar is suicide within the first 12 months. This rule applies to anyone taking out a new life insurance policy, regardless of whether you have bipolar or not.

Will critical illness cover payout for bipolar?

There are certain elements of critical illness cover that may apply for someone with bipolar. Even though bipolar is generally not classed as a specific critical illness under this type of policy, there are some mental health benefits that may apply.

Critical illness cover is designed to pay a cash lump sum if you are diagnosed with a serious illness, such as:

Even though bipolar does not usually classify as a critical illness, this is a highly important type of cover. You should consider critical illness to make sure that your family is properly protected.

Does income protection payout for bipolar?

Most income protection policies will pay out for up to 12 or 24 months if you’re unable to work due to sickness, injury or long-term illness.

People with bipolar will usually be covered if they’re unable to work for a period of time (usually over 4 weeks). If your doctor has signed you off as unfit to work then you would receive your benefit until you are able to return.

Some mental health benefits will help to support you through periods of instability.

About life insurance with bipolar

Our team of life insurance experts has been helping people with bipolar and other mental health conditions, to get the best life cover for over 20 years.

The very best way to protect your family and your homes is to protect them with life cover. A life insurance policy will provide peace of mind for you and financial security for your family.

Can I get life insurance with bipolar?

Yes – you can get life cover after you’ve been diagnosed with bipolar, and many other mental health conditions.

Many people are put off applying for life insurance with bipolar or other mental illnesses, for several reasons. You might be confused about what your options are, or you might not want to answer questions about personal matters.

You can speak to one of our highly skilled experts who will provide free and friendly advice to support you. We have over 20 years in helping people with bipolar and other pre-existing conditions to get life insurance to protect their families.

Getting life cover with bipolar can be easier than you might think, and it could be a lot cheaper.

Best life insurance for bipolar

There are several different types of life insurance for people with bipolar, some of the main policies include:

  • Term life insurance with bipolar (family protection) is a policy that is specifically designed to pay out a cash lump to your loved ones. This type of cover pays out a level lump sum if you die during the term of the policy
  • Mortgage life insurance with bipolar (decreasing term) also pays out o death and is specifically designed to cover your mortgage balance and protect your home
  • Family income benefit with bipolar is often a cheaper option to be able to provide your family with some financial security. This type of policy also pays out on death and gives your family an annual income for the remaining term of your cover

You should consider your options carefully and always ask for advice if you have any questions about bipolar life insurance.

Life insurance questions for bipolar

If you apply for life insurance and you disclose that you have had bipolar previously, then you’ll be asked several questions about your condition.

Some of these questions might seem quite personal but it’s important to remember that these are standard questions. Life insurance underwriters will need to know about your bipolar to provide you with the cover that you need at the right price.

Questions will often include:

  • When were you first diagnosed with bipolar?
  • Have you ever had suicidal thoughts or attempted suicide?
  • Have you ever intentionally harmed yourself or had thoughts about harming yourself?
  • Do you take medication for your bipolar?
  • Have you seen or are you currently seeing a counselor, psychiatrist, or mental health specialist about your condition?
  • Have you been hospitalised because of your bipolar as a hospital inpatient or outpatient?

Can I get critical illness cover with bipolar?

There are options for someone with bipolar to get a critical illness cover policy in some instances.

Your options for critical illness cover with bipolar will depend on the severity of your symptoms among other things. It is also important to remember that there is a range of options and all insurers have different criteria, so you should speak to an expert about this.

There are a number of insurers who are better than others when underwriting applications for people with bipolar.

How much is life insurance with bipolar?

Life insurance premiums for anyone are based on your age, health, sum assured (amount of cover), and term (length of policy). If you’ve been diagnosed with bipolar then your life insurance premiums will be based on the severity of your symptoms among other things.

Some insurers are also cheaper than others for certain individuals and medical conditions, so it’s important to speak to an expert. The best way to save money on life insurance with bipolar is to get advice from a specialist.

Cheaper life insurance with bipolar

It is also possible to reduce your life insurance premiums with conditions like bipolar and other mental health conditions.

Some of the things that you can do to reduce your bipolar life insurance premiums:

  • Speak to an expert: Our team of life insurance specialists is well placed to be able to help you to get the best cover at the lowest price. It’s important to speak to an advisor with the right experience and expertise to get the best cover
  • Timing: Certain events might cause someone to have slightly more difficulty getting the coverage they need. For example, with bipolar, if you have had recent issues with self-harm or even suicidal thoughts, then your options might be more limited

Other elements can include things like lifestyle changes such as diet or exercise and giving up smoking (after 12 months).

Medical conditions linked to bipolar

There are a number of medical conditions that are commonly linked to bipolar such as:

Common questions about bipolar

Here are some of the most common questions that people ask about bipolar and how to manage this condition.

How can you tell if someone has bipolar?

There are several key signals to be able to tell whether someone has been diagnosed with bipolar:

  • Extreme ‘highs’ or feeling overly happy
  • Looking ‘wired’ or ‘jumpy’
  • Insomnia
  • Fast speech and overactive imagination
  • Restlessness
  • Difficulty with focus and concentration

What are the 4 types of bipolar?

The National Alliance on Mental Illness claims that there are four main types of bipolar disorder, including:

  • Bipolar I
  • Bipolar II
  • Cyclothymic disorder
  • Unspecified bipolar disorder

Does bipolar get worse with age?

It is possible that if bipolar is not treated or left undiagnosed then it may deteriorate. Some of the signs for things getting worse might include more severe symptoms (attacks) and more frequent problems.

Useful resources

Here are just a few useful links and resources that we found for people with bipolar or someone looking for more information about bipolar:

NHS Choices – Bipolar

Bipolar UK – Charity

Mind Charity – About bipolar

Mental Health UK – Charity

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