What is mental health?
Mental health is, of course, a wide range of conditions and means very different things to different people. It can affect our emotional well-being, psychological behaviour and mood swings. It includes usual conditions that can affect us all from time to time i.e., depression, anxiety, stress or any suicide attempts/self-harming thoughts and rarer problems such as schizophrenia or bipolar disorder.
Life insurance with mental health issues
Well, yes it is possible but the insurer might have a diminished look on, the severity of your condition and medical history. A survey from one of the leading insurers in the UK have disclosed that 80% of applications related to mental health have been accepted at standard rates-meaning there was no increase in monthly premiums based on their medical condition. Only a few serious cases were provided with a higher value of premiums. Unfortunately, there are circumstances where mental health leaves a significant impact on our life insurance eligibility; e.g., you won’t be able to get coverage if there has been a recent increase in the severity of your condition.
Insurance providers ask a lot of questions related to your condition with mental health such as depression, anxiety, bipolar disorder or any suicidal or self-harming thoughts. As with all life insurance policies, to get the cover, you will be required to complete a ‘health and lifestyle’ questionnaire. These questions include:
- What mental health condition do you have?
- When were you diagnosed?
- Disclosure of hospital admissions and any specialist referrals
- Severity and regularity of your symptoms.
- Information on how it affects your everyday life, such as absences from work.
- Any medication you take as well as the date you started.
They will ask detailed questions surrounding mental health conditions to assess individual circumstances. The less or inaccurate details, the greater chance there could be of a person either paying more or not being covered at all. For these reasons, it’s very crucial to ensure you are prepared before you begin. A figure that is inaccurately provided or a date which is wrongly recorded there can have a big impact on the decision of an application. So, you must double-check everything.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00