Life Insurance with depression can often be secured at standard terms if there is no recent self harm, hospital admission or psychiatric treatment. Depression Life Insurance can often be accepted immediately by a number of insurance providers without the need to write to your doctors so long as the condition is well controlled. Life Insurance after depression may come with small premium increases if the condition was present within the last few years.
Bipolar disorder, PTSD, schizophrenia, suicide and Life Insurance applications are treat more seriously and may result in your policy premiums being loaded. These disclosures will likely result in the insurer wishing to see a medical report from your GP to determine the extent that the condition has affected, or currently affects, your life. Where your condition is viewed to be too severe your application may have a suicide exclusion placed on the policy or be declined.
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Critical Illness Cover
Critical Illness Cover for people with depression is underwritten in the same manner as Life Insurance. If you are symptom free or symptoms are well controlled, with no recent self harm or hospital admission, then you should be able to secure Critical Illness Cover at standard terms. If there has been hospital admissions, self harm or alcohol abuse then a premium loading is more likely. Depression and Critical Illness Cover applications are treated with the utmost sensitivity but please bear in mind that you may be asked about the cause of the condition and if there have been suicide attempts, so that the insurer can gain a complete picture of your health.
It is unlikely that there would be any mental health exclusions placed on critical illness cover due to depression, however if you opt for Total and Permanent Disability it may be excluded from this part of the plan.
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When you apply for Income Protection Insurance, depression must be disclosed to the insurer so that they can determine the acceptance terms that they are willing to provide you. It is more than likely that your policy will be underwritten with exclusions on any claim related to your depression, if you have had symptoms of the condition within the last few years.
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You may decide that the terms available with Income Protection for people with depression are not suitable to your needs. If this is the case it is worthwhile considering Accident, Sickness and Unemployment Cover as the policy is not medically underwritten and your depression will not impact upon the policy premiums. Please be aware that your depression will be excluded from claimable conditions on this policy.
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Some potential problems experienced by individuals who have depression include:
- Low mood
- Loss of appetite or comfort eating
- Inability to relate to others
- Low self-esteem
- Difficulty working
- Misplaced guilt
- Amitriptyline (Tryptizol)
- Citalopram (Cipramil)
- Clomipramine (Anafranil)
- Cognitive behaviour therapy
- Duloextine (Cymbalta, Yentreve)
- Fluoxetine (Prozac)
- Imipramine (Tofranil)
- Interpersonal therapy (IPT)
- Lithium carbonate
- Lithium citrate
- Lofepramine (Gamanil)
- Moclobemide (Manerix)
- Monoamine oxidase inhibitors (MAOIs)
- Nortriptyline (Allegron)
- Paroxetine (Seroxat)
- Phenelzine (Nardil)
- Selective serotonin reuptake inhibitors (SSRIs)
- Serotonin-adrenaline reuptake inhibitors (SNRIs)
- Tricyclic antidepressants (TCAs)
- Sertraline (Lustral)
- Venlafaxine (Efexor)