As with any diagnosed condition mental health disorders will have an impact upon a Life Insurance policy, it is the severity and type of condition that you have that will affect whether your policy is accepted at normal or special terms. Anxiety disorders, depression and obsessive compulsive disorders are all conditions that may be accepted at standard rates immediately upon application by some insurance providers, dependent upon severity of the condition and medication prescribed.
Other conditions such as schizophrenia, a previous history of suicide attempts and bipolar will almost certainly require a report from your GP Surgery. Such reports are common place with Life Insurance applications and are provided to allow the insurance provider to fully understand your previous and present overall health, before they offer you a policy. With Life Insurance for mental health conditions you are likely to receive a loading to your policy premiums and you can get an idea of what these could be by using the links below.
Some conditions such as post traumatic stress disorder and recent suicide attempts can be difficult to cover. Depending on the time since your last symptoms presented, cover can get declined or accepted with reasonably high premium increases.
Applying for Critical Illness Insurance with mental health disorders is no more challenging than applying for Life Insurance. As with Life Insurance, milder conditions can be accepted quickly without price increases.
Insurance providers are in a constant battle of one-upmanship as to who can provide the best terms for clients regardless of existing conditions. This means that within the last few years many insurance providers are now offering favourable terms to individuals with mental health disorders that were previously highly loaded or declined cover altogether. Please use the links below to establish the type of loading you could be looking at with your medical condition.
Applications for mental health Income Protection should be a relatively simple process. If you have been symptom free of your mental health disorder for a number of years then you may be able to secure Income Protection with no exclusions. However if you have had symptoms within three years, or if your mental health disorder falls within a high-risk category, you are more than likely going to have an exclusion placed on your policy for claims relating to your condition. This is a standard practice with Income Protection.
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Mental health disorders can be both lifelong and/or short-term conditions that affect an individuals ability to interact effectively within “normal” social activities. There can be a predisposition to mental health illnesses from familial medical history, but they can also be triggered by life events or a one-off genetic anomaly. Such conditions are treated with a mixture of approaches that include medicine, psychotherapy and counselling methods.
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