If you have a very mild case of the disorder you may even be able to get other types of insurance such as income protection or critical illness cover.
When you have an Assessment with us, we will take the time to research your medical history. We do this by collating and analysing your medical history, package it intelligently for insurers and re-insurers, and then negotiate terms across the entire insurance market.
If you are Bipolar there are various factors the insurers will take into account and this is information you will need to give us for an accurate assessment of cost.
• Date of diagnosis
• Date of last episode/symptoms and how may episodes have you had since being diagnosed.
• What medication/treatment have you had, and has your medication increased/decreased/stayed the same in the last 12 months?
• Have you ever been hospitalised as an inpatient due to your Bipolar disorder?
• How much time have you taken off work for this?
• How often do you see a mental health care team/counsellor/psychiatrist/GP regarding your condition?
• Have you ever self-harmed/attempted suicide/overdosed or had suicidal thoughts
*In addition to this you the insurer will request a general practitioners report/psychiatric report from your GP if you are bipolar as evidence for your policy.
Client Scenario
Mr J, a 35-year-old with mild Bipolar disorder has recently just taken out his first mortgage, so the urgency for life insurance had become a priority, he also wanted to insure that should he be unable to work due to illness or injury he would receive pay as his employer would only provide him with statutory sick pay.
Mr J was diagnosed with Bipolar Disorder and had one manic episode just over 4 years ago.. His prognosis was very good and his medication had decreased in the last 12 months suggesting that the condition is improving.
We analysed his medical history and contacted all the providers. Some providers would charge around 150% increase on the premium for life insurance. This means that if your quoted premium is £10 per month, this would increase to around £25 per month.
However, we were able to find a provider who would consider Mr J at only a 50% increase for life cover. We also managed to find a provider who would offer income protection. All providers would decline to offer cover for income protection except one, the reason being that the client had an episode within the last 5 years.
The provider who was willing to offer the cover, has offered cover with a mental health exclusion- this means that the premium stays the same however if you cannot work due to illness or injury caused by your mental health disorder the insurer will not pay out.
In some cases, the provider will offer a 10% discount because of the mental health exclusion.
The Result
In the end the client was very pleased as we were able to cover all his needs and requirements within his budget.
Please note: that the premiums provided are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
