Life Insurance and Mental Health
We know that there is need for those suffering with mental health problems to gain access to insurance whether it be life insurance, critical illness cover or income protection.
The barriers that someone suffering from stress, anxiety, depression or any mental illness once faced are not what they once were. With growing awareness surrounding the subject, protection providers are changing their underwriting process, giving more opportunity to clients with pre-existing conditions – including the mildest to most severe mental health conditions.
Rather than just a "yes/no" decision based on your diagnosis, life insurance companies are now asking questions surrounding your general well-being as well as the specifics of how your condition affects you. More often than not, they are able to offer terms with only a slight increase to the premium, or with certain exclusions on your policy and sometimes no changes at all in the case of historical mental health problems.
As well as a wider view with regards to their underwriting, protection providers are also taking steps towards actively helping those in need. These include dedicated online communities offering an open discussion about mental health, and dedicated helplines with access to telephone counsellors who can make emergency appointments for face to face sessions.
The outlook for someone who, is or has previously suffered from, mental health issues, seeking life insurance has really changed from just a few years ago. This means that many more people now have access to the different forms of life insurance policies and therefore can provide financial protection for their own and their family's future should the worst happen, as well as the dedicated support services that come as an inclusive added benefit.
With 1 in 4 adults suffering from mental health problems, FOCUS understands that conversations surrounding mental health may be challenging or difficult. We will talk you through your options with care and patience and advise on the most appropriate solution for your needs, requirements and lifestyle with no obligation.
Some things that will be taken into account when applying for life insurance when you have a mental health diagnosis:
- Time off work: Insurance companies will ask how much time you have needed away from work as a direct result of a mental health condition – this will have an impact on the cover offered and premium charged.
- When the last episode or last experience of symptoms was : You will be asked if your symptoms are ongoing or how long it has been since you last suffered symptoms.
- Your medications or treatments: You will need to provide details of the medications you are taking or have taken in the past, whether you have received counselling or if you have been hospitalised as a result of your condition. The insurance provider may also write to your GP to confirm these details as well as request details of your overall medical history.
- Suicide and self-harm: Insurance providers will also ask if you have ever had suicidal thoughts, have attempted suicide or self-harm. FOCUS understands that this may be a sensitive subject but it is important to disclose all aspects of your mental health condition.
FOCUS is a leading insurance broker based in Oxford and can provide bespoke life insurance solutions for everyone - including people with mental health issues.