The work of a life insurance agent is not as easy as you think. If an applicant is undergoing a serious health condition, they assess the reports and calculate the risks.
Speaking of health conditions, people with mental health concerns have to pay higher premiums too. That’s because the insurance companies take a risk by offering you the policy. Mental illness life insurance is accessible but is expensive for someone who is going through severe depression or schizophrenia.
In some cases, the insurance company may deny giving you insurance. The question is – How does the insurance agent assess your mental health condition? Another question comes to your mind – Will you get approval? Your concerns and queries are valid. Let’s answer them one by one.
1. How does the insurance agent assess your mental health condition?
For starters, the insurance agents will get a detailed report from your psychiatrist/doctor. How severe is your schizophrenia condition? They will check the severity and the medications you use. Based on these reports and the severity of your condition, they will decide the cost of the monthly premiums. Usually, life insurance for schizophrenia cost is high, but it depends on the severity.
2. Will you get approval?
You cannot get critical illness cover, but there are chances of getting approval for life cover. However, if you have had a recent episode of suicide attempt then you may not get approval.
The case will be transferred to a specialist provider.
When a person is going through this condition, they get withdrawn from the social world. They experience a condition called insomnia wherein they are unable to sleep at night. It could also lead to depressive thoughts and suicidal attempts. Life insurance with schizophrenia is a possibility, but you have to manage it effectively.
Speak to our insurance agent and they would be able to assess your situation accurately.
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