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Bipolar Life Insurance

Facts about Bipolar life insurance

Have you been diagnosed with bipolar disorder or experienced symptoms such as manic depression and suicidal thoughts? We understand that discussing your mental health issues is a sensitive topic, however, be assured that we have your best interests at heart.

We aim to source the best possible bipolar life insurance policy for you – We will achieve this by listening to your story, while taking some time to understand your personal requirements. This will allow us to find the most suitable insurance provider and protection area.

Whether that be bipolar life insurance, critical illness cover, income protection or travel insurance, we will help you protect your priorities. Contact our expert team today to discuss your needs. 01244 732 890

How much is Bipolar life insurance?

When applying for bipolar life insurance, insurance providers will usually request a medical report from your GP to gain a greater understanding of your bipolar diagnosis. This will help them gauge the extent of your bipolar disorder, including symptoms such as mood swings and suicidal attempts, and any manic episodes.

If your bipolar disorder is controlled with low symptoms, you should be accepted for bipolar life insurance, however premiums are likely to be applied. If your disorder is severe, where previous suicidal attempts, frequent symptoms and the use of drugs/alcohol have been present, you may have your application declined.

To discuss your eligibility and alternative products if you are declined bipolar life insurance, contact our team on 01244 732 890.

Your premiums for bipolar life insurance will depend on:

  • Your current bipolar diagnosis, including severity of symptoms, treatment and bipolar medication.
  • Your medical history 
  • The type of insurance product you’re looking for – (Income protection, critical illness cover, travel insurance).
  • The term of your bipolar life insurance policy.

Percentage (%) loading for bipolar life insurance

When applying for bipolar life insurance, insurance companies will consider adding percentage loading to your cover. Percentage loading is where a percentage is applied to your premiums based on your bipolar diagnosis. We recommend checking your providers terms and conditions for bipolar life insurance, as percentages will vary.

EXAMPLE:

Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for bipolar life insurance

An additional outcome you may experience when applying for bipolar life insurance is ‘per mille loading’. Per mille loading is where the insurance provider will apply an additional amount to your premiums. This is based on the amount of bipolar life insurance cover you apply for.
To find out further information regarding premium loadings, and how they can influence the cost of your bipolar lie insurance cover, contact our team here. [LINK]

Exclusions for bipolar life insurance, critical illness cover, income protection or travel insurance

Along with applying the above loading strategies, when you apply for bipolar life insurance, critical illness cover, income protection or travel insurance, providers may include ‘exclusions’ to your policy. Exclusions are conditions which are connected to your bipolar diagnosis/symptoms – these may be excluded from your policy.

Gauging the amount of cover required is difficult without understanding your personal requirements and bipolar diagnosis. However, if you are applying for bipolar life insurance, critical illness cover, income protection or travel insurance, the severity of your symptoms, along with budget will be considered. To make your own personal estimation, follow our breakdowns below:

When applying for bipolar life insurance cover, the process can be straightforward if your condition is controlled. However, you will usually experience an increase of premiums and exclusions added to your policy. If your bipolar diagnosis and symptoms are severe, your application for bipolar life insurance may be declined. However, we recommend discussing your needs with our consultants to find an alternative policy. If you are eligible, here are some factors to consider prior to applying for bipolar life insurance:

  • Mortgage amount (£’s)
  • Outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependents
  • Spouse or Partner
  • Income (after Tax)
  • Assets (e.g. car, house, business etc.)

Following similar underwritten guidelines as life insurance, the likelihood of obtaining critical illness cover is dependent on the severity of your bipolar condition, along with your previous medical history. If your bipolar is controlled and there’s been no previous self-harm episodes, you should be eligible for critical illness cover. If your condition is severe, we would recommend contacting our team to discuss your options. 01244 732 890

Here are some factors you should consider prior to applying for bipolar critical illness cover:

  • Income (after Tax)
  • Mortgage payments (annual)
  • Cost of living (annual)
  • Any other possible costs (e.g. medical treatment or adaptations)

If you are considering applying for income protection, people with bipolar disorder with mild symptoms are usually offered cover. However mental health exclusions will be placed on your policy, which will exclude any claims for workplace sick leave regarding mental health issues. We would recommend discussing your situation with our team of experts today to identify the best policy for you. There are also further suitable insurance products, similar to income protection available. To provide an estimation of the amount of income protection required, see below:

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)
  • Cost of living

Contact our team today to discuss your requirements 01244 732 890.

Are you looking to travel abroad? If so, we advise purchasing travel insurance which is suitable for those with pre-existing medical conditions, such as bipolar disorder. View our travel insurance options here: [LINK]

Here at Iam Insured, we understand how difficult discussing your bipolar disorder is. However, we make the application process straightforward for you, to find the most suitable protection.
Whether bipolar life insurance, income protection, critical illness cover or travel insurance is for you, our team can guide you through the process while talking through any added premiums or exclusions to your policy.

We will take your personal requirements into consideration and ensure we find an insurance company who can cater to your needs. Contact us today to start your bipolar life insurance application on 01244 732 890.