Psychiatric disorder well known as ‘mental health issues’ is a wide spectrum of conditions which can impact our emotional well-being, psychological behaviour and mood swings. Psychiatric disorders include a wide range of problems, including. Anxiety disorders, including panic disorder, obsessive-compulsive disorder (OCD), post-traumatic stress disorder PTSD), and phobias. Bipolar disorder and depression
How does it impact your life insurance cost?
When applying for life insurance with psychiatric disorders you will be asked various questions by your insurance providers regarding your condition and these questions would be about the severity of your condition, when you last had symptoms, medication and treatment undertaken by you. In many cases people can secure life insurance cover on standard terms i.e., no additional costs on top of the basic premium and this can happen if your condition is well controlled and you have not experienced any recent symptoms.
While in some cases where the symptoms have been more severe, e.g. suicide attempts, bi-polar disorder or schizophrenia, the insurer is likely to ask for additional medical reports from the general practitioner/psychiatrist before offering you a cover. And even if they offer you a cover it may well be subject to a ‘premium loading’ which means there will be an additional amount added to the original quote.
In the case of critical illness or income protection cover, it may result in an exclusion being added to the policy terms i.e., any claim related to mental health disorders will be excluded from your policy (but this isn’t always the case). Before coming to any conclusion you must speak to your advisor as any quote that your adviser provides will take into account your circumstances, your medical history, as well as your budget
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