Life Insurance with Mental Health/Mental Health Disorders

Life Insurance

Questions you might be asked:

1. Have you been diagnosed with a specific condition?
2. When were you first diagnosed?
3. What are your usual symptoms?
4. How severe are your symptoms?
5. How do you manage and treat these symptoms?
6. Have you ever been hospitalised due to your mental health?

In some circumstances, you may also need to explain any suicidal thoughts, attempts or self-harm cases.

The presence of a mental health disorder can affect a Life Insurance policy, but it is important to understand that insurers are improving their support for individuals with mental health conditions. Insurers want to understand the severity of your symptoms to determine if they can provide you with Life Insurance.

Your Life Insurance could be offered at regular rates, non-standard terms, or declined in the standard insurance market. Insurers have varying perspectives when it comes to conditions, with one possibly denying Life Insurance due to mental health while another may provide coverage without any problems.

Anxiety disorders, depression, and obsessive-compulsive disorders can be covered at standard rates by certain insurance providers upon application, based on symptom severity and treatment options.

Other conditions like schizophrenia, post traumatic stress disorder, a history of suicide attempts, and bipolar disorder typically necessitate a report from your GP for most standard insurers. These reports are standard for Life Insurance applications and help the insurer gain a comprehensive overview of your past and current health status before providing Life Insurance coverage.

Critical Illness

Even if you have been diagnosed with a mental illness, you can still get critical illness cover. The outcome of your application could be influenced by several factors, including the management of your symptoms. Our goal is to help you find the right critical illness cover for your needs.

A critical illness cover (CIC) policy provides a tax-free lump sum payout upon diagnosis of a critical illness as outlined in your policy. Combining life insurance, critical illness, and income protection into a single payment is usually the more cost-effective option. By spending a little more, you could greatly improve your financial stability.

Income Protection

Income protection is an insurance policy that provides monthly payouts if you can’t work due to a mental health issue down the line. Given that 1 in 4 individuals go through a mental health condition at some point, having protection for your finances can bring peace of mind.

Certain income protection plans might not provide coverage for certain aspects of mental health issues due to being classified as pre-existing conditions. In that scenario, your options will be reviewed to ensure you understand your choices.