Mental Health and Life Insurance
At Pre Existing Conditions we are pleased to provide you with this useful guide to finding life insurance if you have issues with your Mental Health. Within this guide we aim to answer some frequently asked questions about Mental Health Life Insurance such as:
- Can I obtain life insurance with a Mental Health issue?
- What questions will I be asked about my Mental Health?
- Do all Insurance companies charge the same for such issues?
- How do I find the best deal for Mental Health life insurance?
- What is Mental Health?
If you just want to be put in touch with a Mental Health Life Insurance Expert and receive a Quote please feel free to click the button below to make contact with a Specialist. We would however suggest that you read all this article together with our guide to Life Insurance for pre existing conditions first.
Can I obtain life insurance with a Mental Health issue?
No matter how difficult your Mental Health case is, you should be confident that some life insurance provider will offer you cover except in the most exceptional circumstances.
The majority of providers will write to your local doctor in order to acquire more information on the state of your Mental Health. They will also analyse your answers to their questionnaires/applications in order to determine what kind of cover they can offer you and at what price.
As the spectrum of issues is so large it is impossible to cover all scenarios in this short article. Some people with Anxiety issues or mild depression could secure cover at ‘normal’ rates while others with more severe issues may find their policies increased by a significant amount. Some life insurance providers will include an exclusion within your contract, detailing that the policy will not be paid out as a result of suicide.
Those with mild symptoms should experience no problems when seeking life insurance cover, with it becoming increasingly difficult the more prevalent your issues are. However, we are here to ensure that you find the very best cover for you by putting you in touch with experts in the field of Mental Health Life Insurance.
What questions will I be asked about my Mental Health?
There are a number of different questions that a life insurance provider will likely ask you upon applying for cover. They do so to gauge what kind of risk you pose to your own physical health, thus allowing them to provide a cost of insurance. These questions may include, but are not limited to:
- What is the current state of your Mental Health?
- When were you diagnosed with a Mental Health condition?
- Do you currently take any medication for your Mental Health?
- Are you currently receiving therapy?
- Have you ever received therapy?
- Have you seen a counsellor or community Mental Health team?
- Have you ever self-harmed?
- Have you ever tried to commit suicide?
- Have you ever stayed in hospital due to the state of your Mental Health?
- Have you ever taken time off work due to your Mental Health?
Do all life insurance companies charge the same for Mental Health issues?
Different life insurance providers will offer different prices when it comes to Mental Health Life Insurance. However, the entire concept behind our website is to ensure that you have access to the very latest Mental Health life insurance information, allowing you to source the very best deal for you and your personal situation.
If an insurance company believes that the state of your Mental Health could result in an early death, then they will likely increase the cost of your cover. This process is referred to as ‘loading’, with the price charged depending on the person and condition.
Cost for cover is determined on a case-by-case basis, with particular attention paid to your current health and your mental history. You should always be honest about your condition when applying for life insurance, as well as updating the provider if any details change.
How do I find the best deal for Mental Health life insurance?
You will be able to locate specialist brokers who have experience in dealing with issues relevant to yourself by using the tools found on this website. Step one, check whether you currently have a policy with guaranteed insurability. Step two, investigate whether your current employer lets you take out insurance through work. Step three, contact a specialist. Step four, look into ‘last resort’ policies if you are still unable to find anything.
You can read the full step-by-step guide HERE
What is a Mental Health?
The term Mental Health refers to the state of a person’s condition regarding their psychological and emotional well-being. However, the term encompasses a wide range of different conditions, each affecting the sufferer in different ways. Some of the most common Mental Health disorders include depression, eating disorders, obsessive-compulsive disorder, bi-polar, schizophrenia, borderline personality disorder, and post-traumatic stress disorder. In any given year, 25% of all people will experience some form of problem. Unfortunately, 90% of these suffers will go on to experience some form of negative discrimination as a direct result of their Mental Health. Only three-quarters of sufferers who need help will discuss their Mental Health with a GP. Each year, 70 million workdays are lost due to the Mental Health of workers.
The causes of Mental Health disorders vary from person to person. Some are triggered by traumatic life events or a number of contributing factors built up over a period of time. Physical injuries, such as a blow to the head, can also result in Mental Health problems, while other disorders can be genetically inherited. Diagnosis and treatment of Mental Health disorders again depends on the individual case in question. The doctor will likely listen to the symptoms and prescribe either talking treatments such as therapy and counselling, or medication. Alternative therapies can include acupuncture, massages, and even hypnotherapy.
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