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Entries close 31 March 2021.
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.
How has Life Insurance changed?
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.
What extra steps are being taken?
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.
Access to different forms of Life Insurance
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.
In today’s world, having a mental health condition does not mean that you can’t take out a life insurance or critical illness insurance policy. Mental health can have an impact on an application for life insurance – but it depends on your personal circumstances and medical history. A specialist protection adviser can guide you through the options available and help you through the application process.
The cost of life insurance is calculated from many factors – and on an individual basis. When assessing an application for life insurance, the insurance company will take into account your age, smoker status, general health as well as the details of any specific medical conditions, including mental health issues. The premium is then calculated based on your personal circumstances and medical history.
Some things that will be taken into account when applying for life insurance when you have a mental health diagnosis:
The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
The policy may not cover all the definitions of a critical illness. For definitions please refer to the key features and policy document.