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Having depression doesn’t mean you can’t secure affordable life insurance to protect your loved ones in a worst case scenario.
1 in 4 adults suffer from a mental health problem every year in the UK, which means insurers understand the need to provide cover for these individuals and their families.
Getting in touch with an expert, such as Reassured, will help you save time and money finding the most suitable cover to meet your specific needs.
Our award-winning team are on hand to source the best quotes for you free of charge.
In this 2021 guide, we answer many common questions regarding depression life insurance, including:
We also cover life insurance and mental health conditions including anxiety and bipolar disorder.
Depression life insurance is simply a standard life insurance policy that covers someone with depression.
Most life insurance providers are able to offer standard terms to those who’ve been diagnosed with depression.
Life insurance protection provides your loved ones with a cash pay out should the worst happen to you.
Yes, you can obtain life insurance if you have depression or have suffered depression previously.
The presence of a mental health condition, such as depression or anxiety, isn’t necessarily a red flag for insurers, but they may want to know more about your condition before proceeding with your application.
For the best part, people who suffer from depression can secure cover on standard terms with standard pricing.
However, other factors will also determine the outcome of your application such as your age, physical health and lifestyle choices.
If your mental health hasn’t been perfect in the past, and you’d like to arrange financial protection for your family, then get in touch with Reassured.
One of our life insurance experts can talk you through your policy options and present you with the insurers who’re most likely to offer you cover based on your circumstances.
Yes, when it comes to life insurance, depression is considered a pre-existing condition.
A pre-existing condition is any diagnosed condition, whether mental or physical, that you already have when you apply for life insurance.
Insurers need to know about existing conditions, including mental health issues, as it allows them to understand the associated risks and provide you with cover accordingly.
Reassured has helped thousands of people with pre-existing conditions secure affordable financial protection - get in touch today for your free quote.
Depression and anxiety can affect life insurance depending on several factors which are taken into account during the underwriting process.
These factors include:
Using the above information, the insurer is able to assess the level of risk you may pose and determine the outcome of your application.
The outcome of your application will vary between insurers, as they each have their own underwriting process and assessments of risks.
This also means they’ll charge varying premiums for the same type of cover, based on the specifics of your condition.
For this reason, it’s sensible to compare multiple quotes using an FCA-regulated broker, such as Reassured.
Yes, when applying for life insurance, mental health conditions including depression or anxiety must be disclosed.
Whilst it may not be easy to share such information, it’s really important to be open and honest about your diagnoses.
Our life insurance experts aren’t here to judge, we simply want to ensure that we’re arranging the right policy for you.
Being untruthful on your application is known as ‘non-disclosure’. Any form of non-disclosure could invalidate your policy and it may not pay out.
When you apply for life insurance, you’ll need to answer some standard questions regarding your health and lifestyle.
If you have depression or have had depression in the past, then you may also be asked more questions specific to your condition.
It’s not easy discussing a mental health issue but it’s important that you provide as much detail as you can.
The questions you may be asked include:
At Reassured, we can present you with quotes from insurers who can offer you cover, so you can choose the one with the best terms for your unique circumstances.
The best life insurance policy for you will depend on your personal circumstances, available budget and what you need it to protect.
The types of life insurance depression and anxiety sufferers can secure include:
Term life insurance (level or decreasing term)
The most common type of life insurance. Provides cover for a set period of time, usually up to 40 years, and will pay out a cash lump sum if you pass away during this time.
Family income benefit (FIB)
Different to traditional life insurance, family income benefit will pay out in the form of tax-free monthly payments if you pass away during the policy term.
Whole of life insurance
Guarantees a cash lump sum pay out when you pass away. Usually best suited to applicants who’re in the later stages of life and are still in good physical health, as it’s possible you could pay more in premiums than the policy will pay out.
Over 50 life insurance
Guarantees a cash lump sum pay out when you pass away, but the cover amount (or sum assured) is much lower than whole of life (typically up to £25,000).
No medical information is required and acceptance is guaranteed to applicants aged 50-85.
Terminal illness cover
All term-based life insurance policies arranged through Reassured come with free terminal illness cover as standard.
This means if you’re diagnosed with a terminal illness and expected to die within 12 months, you can make an early claim on your policy.
Let Reassured help you find the best life insurance policy for you. We provide all the information you need to make a fully informed decision - and we don’t charge you a fee.
As with all life insurance, the cost of your monthly premium is calculated based on the likelihood of a claim being made.
As a result, when applying for life insurance all standard risk factors are considered.
As mentioned, if you disclose depression, then specifics of your condition may also be taken into account to calculate the cost of your life insurance premiums:
Whilst there are many factors to consider, having a mild and/or well-managed form of depression is unlikely to increase the cost of your premiums.
However, the cost of life insurance for those with depression will also vary significantly between insurers.
Highlighting the importance of comparing multiple quotes from a variety of insurers. At Reassured, we can do exactly this, saving you time and money.
Yes, it’s possible to be declined life insurance for depression, but it’s very unlikely.
By law, insurers can’t refuse your application for life insurance simply due to the presence of a mental health condition.
There must be a certain level of risk, supported by reliable and relevant sources, which allows them to decide whether or not to offer you cover.
In some cases, insurers will postpone an application instead of refusing cover altogether.
This allows them to gather more information regarding the individual’s condition before making a decision.
Insurers are more likely to decline or postpone an application for life insurance in the following scenarios:
If you’ve been declined cover in the past due to depression or anxiety, then all is not lost.
Reassured’s specialist impaired risk team has helped 45% of people who’ve been declined elsewhere secure affordable life insurance.
Can you get life insurance with anxiety? The simple answer is yes, you can.
When arranging life cover, disclosing anxiety or panic attacks is unlikely to impact your ability to secure a policy.
You’re also unlikely to experience inflated costs as a result of these conditions.
The exception occurs if you’ve had suicidal thoughts, attempted suicide, self-harmed, hospitalised or had time off work due to your anxiety.
The insurer may require more information in this instance.
For example, when you were hospitalised and the circumstances that led you to be hospitalised.
There may be other underlying issues that’ve not yet been diagnosed.
Can you get life insurance with bipolar? Yes, it’s possible to obtain life insurance if you have bipolar disorder.
Similar to depression, bipolar disorder can result in particularly low periods meaning the disease also correlates with poor physical health and the increased likelihood of self-harm.
As a result, inflated premiums and straight through approval will be dependent on the individual’s history and severity.
Even if you suffer from bipolar disorder, it’s still possible to secure affordable cover to protect your family should the worst happen.
At Reassured, our specialist team understand the different underwriting processes and criteria of each insurer. Therefore, we’re able to present you with the insurers who can offer cover to meet your individual needs.
If you’ve previously attempted suicide and you want to secure life insurance protection for your family, then it’s still possible to get the cover you need.
When disclosing a suicide attempt as a result of depression, your application may require further investigation before the insurer can offer you cover. You may also be charged with increased premiums.
A suicide attempt that’s happened recently or multiple suicide attempts can affect your life insurance eligibility.
However, if you’ve been receiving treatment and a reasonable amount of time has elapsed since the incident, you should still be able to get life insurance protection.
Yes, life insurance will typically cover suicidal death, as long as the policy has been in place for at least one or two years (depending on the insurer) before the death occurs.
This is called the ‘suicide clause’ and is designed is to protect vulnerable individuals from committing suicide after buying a policy for the purpose of a pay out.
Unfortunately, self-harming is a common symptom of depression and other mental illnesses.
It can affect both the cost of your premium and your ability to obtain life insurance.
Upon application, an insurer is likely to take into account the individual circumstances of the event, such as:
Depending on this assessment, your application may be referred to a specialist insurer, like The Exeter, or declined altogether.
As mentioned, the team at Reassured work with specialist insurers that can provide affordable life cover for applicants with mental health conditions.
And even if you’ve been declined cover in the past, we might still be able to help.
Critical illness cover (CIC) provides a lump sum pay out if you’re diagnosed with a life-changing, yet not terminal illness.
It can be added alongside a life insurance policy for an additional cost or could be taken out as a standalone policy.
Depression isn’t one of the serious illnesses covered by CIC.
But having depression won't affect your ability to add CIC to your life insurance, nor will you experience inflated CIC premiums.
It’s an unfortunate fact that depression, and other mental health conditions, can correlate with poor physical health.
As a result, when arranging your life insurance, it may be beneficial to include critical illness cover.
The pay out could be used to cover a lost income, fund private medical treatment or even make necessary adaptations to your home.
Get in touch with our award-winning team at Reassured to discuss arranging critical illness cover with your life insurance.
Regardless of what mental illness you suffer from, at Reassured we have an impaired life insurance team who specialise in arranging life insurance for those who may otherwise struggle.
Our specialists can put you in touch with the insurers most likely to accept your application.
We can also help you through the entire application process, ensuring you feel comfortable about your cover every step of the way.
Whilst depression may have an impact on your day-to-day life, it’s unlikely to affect your ability to secure suitable cover.
Furthermore, suffering from a mild and/or well managed form of depression is unlikely to increase the cost of your premiums.
Regardless of your mental health condition, life insurance premiums vary significantly between insurers. Therefore, to ensure you get the best deal it’s essential to compare quotes.
At Reassured we can source quotes for you, so you can compare cover from a range of the UK’s leading insurers.
And the best part is our award-winning broker service is completely FEE-FREE.
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