We understand that having a mental health disorder, can be difficult to handle. You may find that you can control your condition by doing feel good activities, others may need medication or therapy, some may find that living with their mind as it is feels like to much to handle. Whatever your situation is, we are here for you. Our advisers will listen to your story and find an insurer who will listen to your circumstances, getting you the insurance that you need.
Things we need to know:
Having a mental health disorders may have an impact upon a Life Insurance policy, but it is important to know that insurers are getting better at supporting people with mental health conditions. Insurers are particularly interested in knowing the severity of your symptoms, so that they can establish if they can offer you Life Insurance. Your Life Insurance may be offered at normal rates, non-standard terms or declined on the standard insurance market. It is important to know that insurers view conditions differently, where one may decline you Life Insurance because of your mental health, another may be able to offer you the cover with no issues.
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 the severity of symptoms and chosen treatment plans. Other conditions such as schizophrenia, post traumatic stress disorder, a previous history of suicide attempts and bipolar disorder will almost certainly require a report from your GP Surgery. Such reports are common place with Life Insurance applications and allow the insurer to fully understand your previous and present overall health, before they offer you Life Insurance.
To get an idea of the what you can expect when you apply for Life Insurance when you have a mental health conditions please use the links below.
Applying for Critical Illness Insurance with a mental health disorder, is no more challenging than applying for Life Insurance. As with Life Insurance, mental health disorders that are considered to of a low severity, can be accepted quickly, often without price increases.
Insurance providers are often fighting to provide the best terms for clients, regardless of existing conditions. This means that many insurance providers are now offering favourable terms to people with mental health disorders, that were previously declined Critical Illness Cover altogether. Please use the links below to look for your mental health condition and see more specific details about what you can expect when you apply for insurance.
Income Protection can be a relatively simple insurance to arrange when you have a mental health disorder. 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 likely to have an exclusion placed on your policy for claims relating to your condition. There are some Income Protection policies that you can arrange that will cover you for claims related to your mental health, but the acceptance criteria is quite strict.
When you plan on travelling abroad it is a good idea to make sure that you travel insurer knows about your mental health. You want to have the security of knowing that should something happen while you are on holiday, that your insurance will kick in and help you. You will probably need to tell the travel insurance company about any medication that you take and if your mental health condition has caused you make a claim, or cancel any holidays in the past. To speak with a specialist travel insurance broker, please visit our dedicated page here.
What is Mental Health
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.
Mental Health Conditions
Below is a list of mental health disorders that need to be disclosed on any Life Insurance, Life and Critical Illness Cover and Income Protection application:
Further Reading and Research
By clicking on the link(s) above you will be departing from the regulatory site of Special Risks Bureau. The Special Risks Bureau (Cura Financial Services) is not responsible for the accuracy of the information contained within the linked site(s).
1. I tried to commit suicide as a teenager. Can I get insurance?
Yes you can. There are a number of options for you and the choices that you have will depend on your circumstances. To give you clearer advice we would need to know how long ago it was that you tried to harm yourself, if there was a specific trigger for your actions and how your overall health is now. It is possible that you will be refused life insurance with some insurers, until you are a number of years since you self-harmed, which is when we can step in and direct you to an insurer that suits you. You may be able to get insurance on the standard market, but if need be there will be specialist Life Insurance, Critical Illness Cover and Income Protection policies available to you.
2. I've been declined insurance already. What makes you so special that you can do what the last adviser couldn't?
We are able to access the whole of the market to find you the insurance that you need. Having a mental health condition, can mean that some insurers will not over you Life Insurance, Critical Illness Cover or Income Protection. It could be that your previous adviser only had access to a limited amount of insurers and could not put your application with a more appropriate insurer; this happens a lot. As well as being a whole of market broker, for standard and specialist insurers, we have developed a bespoke Life Insurance policy that can be used by people who have been declined elsewhere. The way we see it, there's no hardship in letting us have a go for you!
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Review by Sarah on 26th January 2018
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