Life Insurance providers for Mental Health Issues. Life insurance is all about taking a risk. As a result, it’s not surprising that a variety of health conditions and lifestyle-related risk factors can have an impact on your life insurance premiums and eligibility.
Whether you’re applying for the cheapest life insurance, having any illness — from cancer to diabetes — means higher life insurance premiums and a higher risk of having your application denied.
Mental health issues are no exception. In the eyes of insurance underwriters, if you’ve been diagnosed with depression or another mental health condition, such as anxiety, you’re a higher risk. You may have to pay higher premiums for the same amount of coverage, or you may have difficulty qualifying for life insurance.
You do, however, have options. Some life providers in the UK are more accommodating to applicants who have a history of mental illness.
Here in this article, you will learn about life Insurance providers for mental health issues in the UK.
What exactly is a mental health condition?
Mental health refers to cognitive, behavioural, and emotional well-being. It is all about how people think, feel, and behave
Some examples of mental health conditions are;
- Depression
- Anxiety
- Bipolar disorder
- Obsessive-Compulsive Disorder
- Post-Traumatic Stress Disorder
In the United Kingdom, the most common condition is mixed depression and anxiety; however, the mental health spectrum is broad. Bipolar disorder, borderline personality disorder, and obsessive-compulsive disorder are all examples of this. Eating disorders and phobias are also examples of mental health conditions.
Treatment for mental health conditions is dependent on the person and the severity of their condition due to the many different types of mental health issues and how they can affect each person individually. Medication and/or therapy, on the other hand, are common methods of treating most mental health problems.
Benefits of Life Insurance for Mental Health Issues
When it comes to protecting and supporting people who have been diagnosed with a mental health condition, protection and health insurers not only pay claims but also offer additional assistance. Support services are provided at no additional cost and begin on the first day of coverage. It is always available to assist you, so you can rest assured that assistance is always available.
Preventative measures
Many insurers offer specialized mental health service support, allowing employees of company schemes or individual policyholders to receive assessments quickly, often within 48 hours. This can include a personalized treatment plan as well as access to a variety of specialists such as psychologists, counsellors, and psychiatrists.
Accessing support services
Most insurers have dedicated Employee Assistance Programs that offer support services 24 hours a day, seven days a week. These can provide assistance on a variety of topics that may cause stress or anxiety, such as finances, relationships, and legal issues, as well as dedicated mental health counsellors. These services are available via dedicated helplines as well as interactive online services.
Rehabilitation services
Most protection insurance products include rehabilitation services. Many insurers provide access to rehabilitation teams that can assist with managing an employee’s or individual policy holder’s sick leave. They frequently provide access to counselling as well as a wide range of other services, such as HR assistance and legal assistance. Many income protection policies include mental health pathways that allow people to receive the tailored assistance they require.
Is it possible to get life Insurance providers for mental health issues?
Yes, it is possible to obtain life insurance while suffering from a mental illness. When creating a quote for your policy, insurers will consider your condition as well as your recent medical history.
The UK Equality Act of 2010 protects mental health conditions, making it illegal for insurers in the United Kingdom to discriminate against those with mental health issues. However, insurers may still reject your application or add an exclusion to your insurance policy if they believe you are more likely to file a claim.
Having a mental health condition does not affect the coverage because, in most cases, you will be covered for the same things as you would be with another policy; the only difference is the process of getting a quote and the price, which may differ while the provider gathers all relevant information.
It is important to note that most life insurance policies do not pay out for claims relating to suicide during the first 12 or 24 months; however, this is a general exclusion and does not specifically relate to a mental health condition.
Best life insurance providers for mental health Issues
Here are the best life insurance providers for mental health issues:
AllClear travel insurance
AllClear travel insurance is a leading provider of pre-existing medical conditions coverage.
The company assists anyone with a medical condition in obtaining the insurance they desire and require. They are passionate about providing value to customers of all ages and conditions.
Bupa
Bupa mental health support offers continuous, around-the-clock assistance for a wide range of mental health conditions, including anxiety, depression, and addiction. Getting the right help is critical, which is why Bupa provides access to a variety of support options. If you’re dealing with mental health issues, these life insurance providers for Mental Health Issues will be there for you every step of the way.
In addition, if you aren’t feeling well, the Bupa mental health support team can listen, advise, and connect you with a mental health nurse. Alternatively, you can speak with the direct access team, who may be able to refer you to a specialist without requiring you to see a GP first.
Aston Lark
Call Aston Lark if you or a loved one has ever been denied life or travel insurance due to a mental health condition. They only work with professional insurance providers and will do everything possible to find you the best type of coverage.
Avanti
When you’re dealing with depression or other mental health issues, it’s critical to travel knowing you’re covered by travel insurance that’s tailored to your specific needs. Avanti allows you to personalize your travel insurance so that you feel safe from the start.
Cura
Cura insurance understands how difficult it can be to deal with a mental health disorder. You may discover that you can control your condition by engaging in feel-good activities; others may require medication or therapy, and still, others may find that living with their mind is too much to bear.
Cura is there for you no matter what your situation is. Their advisers will listen to your story and find an insurer who will listen to your situation and provide you with the insurance you require.
Insurancewith
When many other providers would turn them down, Insurancewith provides them with travel insurance.
For years, many people avoided disclosing illnesses like depression and anxiety – and thus did not receive the necessary coverage – largely because they were afraid of not being insured. In fact, until recently, many travel insurance policies barred claims based on mental health issues. With staff who have personal experience with mental health issues, Insurancewith understands how difficult it can be to travel.
The company treats your mental health in the same way that it treats your physical health. Their risk rating system assists them in understanding your situation by inquiring about your lifestyle, how you feel about yourself, and other questions.
Finding life insurance after being diagnosed with depression may appear to be a daunting task. Not only can it be a stressful process, but some people may be uncomfortable discussing past symptoms and their condition.
Finding comprehensive and appropriate life insurance for depression is becoming easier. However, im-insured.co.uk can help you find the best Life Insurance providers for Mental Health Issues.
Conclusion
If you’ve been diagnosed with depression or another mental health condition, you should expect to pay more for life insurance. But don’t be too disheartened. There’s a good chance you’ll be eligible for life insurance for mental health issues.
Your first step should be to look for life insurance companies that explicitly state that they welcome applicants suffering from depression. This immediately narrows your list. Get more specific from there. Before you apply, go over your situation with each insurer and inquire about how they will evaluate your risk.
FAQs about Life Insurance providers for Mental Health Issues
How Does Mental Illness Affect Life Insurance Cost?
It’s difficult to say how much of an impact mental illness might have on your life insurance rates. The impact is determined by other aspects of your medical history, such as whether you have a history of self-harm or have been committed because a medical provider believed you posed a risk to yourself or others.
What Questions Will an Underwriter Ask About My Mental Health?
Your mental health underwriter will want to know:
- When you were first diagnosed with mental illness
- The severity of your diagnosis — mild, moderate, or severe
- Any related conditions you’ve been diagnosed with, such as substance use disorder
- Any medications you’re taking to treat depression and related conditions
- Whether you’ve ever attempted suicide
How Can I Get the Best Life Insurance Rate if I Have Mental issues?
Look for life insurance companies that provide better terms to people who suffer from depression. Inform your insurer of any mitigating circumstances, such as recent childbirth or the death of a close relative.
You can also wait a few years if you’re still relatively young and your condition is well-controlled. Many insurers are more forgiving of medical issues that occurred more than five years ago, including serious events such as suicide attempts.
Can You Be Denied Life Insurance Due to Mental issues?
Yes. While well-controlled depression is unlikely to result in widespread denials, other mental health conditions such as schizophrenia and bipolar disorder may prove more difficult. This is true even if you are currently receiving treatment for those conditions.
A previous anxiety diagnosis, on the other hand, is less of a red flag for insurers. Even if you’re taking medication to control your anxiety, your life insurance rates may not be higher than those of an otherwise identical applicant who isn’t anxious.
