Frequently Asked Questions
About Mental Health
Frequently asked questions about Life Insurances & Income Protection when living with a Mental Health condition.
Are all mental health conditions treated the same by a Life Insurance company?
Are all mental health conditions treated the same by a Life Insurance company?
In a perfect world, the answer should be ‘Yes’, but in a commercial and ever changing world different life insurance companies have different assessment standards for different health conditions.
This is why a specialist risk insurance adviser is your best chance at finding the right insurance company who understands your personal situation.
How does a mental health condition affect the cost of a life insurance policy?
How does a mental health condition affect the cost of a life insurance policy?
Life insurance companies usually choose to either exclude a particular health condition that they cannot understand or provide cover for or increase the cost of the policy premium they charge to offset any increased risk of having a pre-existing condition.
Is reactive grief treated the same as long term depression?
Is reactive grief treated the same as long term depression?
No. The high quality life insurance companies make a distinction between a reactive depression to an understandable grief event - for example the death of a partner - and long term generalised depression.
The three keys areas considered are Cause (what was the stressor), Time (how long ago was the event and how long did it persist), and Effect (how were you affected eg: ability to work, time off and outcomes).
This is why you need to work with a specialist risk insurance adviser to help find the right life insurance provider and the right underwriting policies for you and your very personal circumstances so you can have the best chance at getting cover in place.
What additional information is needed when applying for life insurance and living with depression?
What additional medical information is needed when making an application for life insurance when I’m currently living with depression?
An insurance underwriter would need to know your formal mental health diagnosis (if you have one), when you were first diagnosed, what is your current treatment strategy and how successful have you been keeping to it.
Other key issues might include information about:
- How does it affect your daily life or your ability to work and earn an income?
- Were there any major mental health episodes that may have occurred in the last 12 months to 5 years?
- Is there any history of self harm?
- Were illegal drugs involved in a mental health condition?
- Was the environment a contributor to a mental health condition?
- Your mental health history, any formal diagnosis you may have received and any medications you make be using to help manage your health, and
- Wether you have any associated or co-occurring health conditions?
- When did you become symptom and treatment free?
I have a 10 Session Counselling Plan from my GP. Does this stop me getting life insurance?
I have a 10 Session Counselling Plan from my GP. Does this automatically stop me getting life insurance?
No. A counselling plan (talk therapy) for a specific set of circumstances might not include a mental health diagnosis. Each person's personal situation and environment is different. This is why you need to work with a specialist risk insurance adviser to help find the right life insurance provider and product for you and your very personal circumstances for the best chance at getting cover in place.
