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Life Insurance for Mental Health update

Life Insurance for Mental Health

Following the recent Mental Health Awareness Day leading life insurance provider Royal London announced that it has been trialling a specialist life insurance policy for clients with severe mental health issues.

The new underwriting philosophy is designed to offer cover to clients who would under the present system be deemed uninsurable.

Obtaining Life Insurance for Mental Health issues has sometimes been problematic, especially if those issues are severe so any initiative that helps is very welcome.

The system is being piloted through three Brokers who specialise in finding life insurance for clients with pre existing medical conditions, Cura*, The Insurance Surgery* and Moneysworth.

The Insurer has offered cover to three quarters of applicants who would usually have been declined. It has provided cover for clients who live with Severe Post Traumatic Stress Disorder, Psychosis and Schizophrenia.

A spokesman for Royal London told Cover Magazine “we wanted to explore how we can provide cover for those with a severe mental health condition. Through the pilot we have successfully managed to offer protection to individuals who would traditionally be declined life insurance cover. ”

Figures from the Insurer show that approximately 10% of all life insurance applicants disclose a Mental Health issue and for the vast majority this doesn’t cause an issue with 95% being accepted for cover. The remaining 5% however would previously have struggled to be accepted. Hopefully this development will give them hope.

If you are affected by Mental Health Issues and you would like to see if Royal London can help please click below to contact one of the Pre Existing Conditions Specialist Brokers.

If after speaking to the Advisors above you still find that you are unable to secure life insurance please read our section relating to Guaranteed Acceptance policies.