Life insurance with mental health issues in 2016
Published 16th August 2017
When it comes to life insurance, mental health can have a varied impact, depending mostly on how severe and how recent the condition was. Something historical will have far less effect on an application than an ongoing condition; something with more severe and frequent symptoms will have far more impact than something that has less of a day-to-day impact.
The good news is that there is a whole manner of different medical conditions whereby someone can still obtain life insurance to protect a debt and/or their family. Depending on your individual circumstances (and subject to underwriting), it is possible to obtain the following:
- Life insurance with anxiety
- Life insurance with depression
- Life insurance with stress
- Life insurance for bipolar applicants
- Life insurance with panic attacks
- Life insurance after self-harm
- Life insurance after suicide attempt
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Life insurance with a history of anxiety
With the wrong insurer certain applicants may be refused life insurance with anxiety, where they otherwise would be eligible with another insurer. Similarly, certain insurers will ‘rate load’ the monthly premiums you pay to a higher degree than others, so even if you are offered cover it may not be at the best price. This is why it’s important to get the best advice.
Anyone with a history of anxiety may well be required to answer additional questions for the insurer to be able to underwrite the application. Often these can be actioned immediately and instant decisions can be provided, however if there are any further complications or related conditions then insurers may need to contact your GP or investigate further.
Along with the standard medical questions, there are several other things insurers will want to know:
- If you have any ongoing symptoms.
- Details of severe attacks / symptoms, and the dates.
- Details of time off work in the previous 12 months
- Details and dates of any treatment (medication, CBT or other therapy).
- Details of any suicide attempts or self-harm
- Details and dates of hospital admissions
- Details of general health
- Details of alcohol consumption
Depression and life insurance
We are asked regularly about depression and life insurance, as it is one of the most common forms of mental distress for applicants over the age of 35. The ratings and loadings on premiums are similar to that of anxiety, although certain insurers treat the condition differently and will request different information etc.
If you have been declined life insurance due to depression, there may well still be an insurer for you. Of course as usual there are lenders that decline such applications, and others that are more flexible and understanding. Getting the right advice is essential to ensuring you get the best level of cover at the right price.
Cost of life insurance with anxiety, depression or stress
Anxiety life insurance rates Depression / life insurance rates / bipolar life insurance rates are often the same as any other applicant and can be offered on ordinary rates. The cost can higher for some applicants when compared to those without such medical history, however to minimise this increase it is vital you go to the right insurer. Often insurer A will rate load the premiums by 50-100% depending on the definition
Circumstances in which applicants with anxiety (and depression) may be postponed / declined:
|Circumstances||Decline / postponement|
|More than 2 hospital admissions for the illness||Decline|
|Hospital admission within the last 12 months||Postpone|
|Suicide attempt / self-harm in the last 5 years||Decline|
|More than one attempt in the last 10 years||Decline|
Life insurance for bipolar
As with other mental health issues and life insurance, bipolar can certainly impact your application. Bipolar is likely to receive a higher rate-loading than a bout of life-event related (e.g. occupational) stress for example, as it is considered more of a chronic and specified illness than a more general stress/anxiety.
Critical illness insurance with mental health issues
Critical illness insurance for those with a history of mental health issues is typically applied for and processed in the same manner as life-only cover. The main difference is that statistically, critical illnesses are far more likely to be diagnosed and as such the underwriting process can be far more in depth, with more detail requested for certain questions. It is possible that the policy premiums can be increased by a greater percentage and in cases where the mental health problem has been more severe, it may be that cover is declined for critical illness where life-only protection would be accepted.
The below may be acceptable, depending on the date, severity, and treatment:
- Critical illness insurance with anxiety
- Critical illness insurance with depression
- Critical illness insurance with stress
- Critical illness insurance for bipolar applicants
- Critical illness insurance with panic attacks
- Critical illness insurance after self-harm
- Critical illness insurance after suicide attempt
Get a quote for life insurance with an existing mental health issue.
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