Life insurance with depression

As with all life insurance, the cost of your monthly premium is calculated from the likelihood of a claim being made.

As a result, when applying for life insurance all standard factors are considered.

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.

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 on your behalf, saving you time and money.

Life insurance arranged through Reassured starts from 20p-a-day.

You may be unsure as to whether it’s necessary to declare that you suffer from depression when applying for life insurance.

Especially as the likelihood of its presence won’t affect your cover.

But generally speaking, if you’ve been diagnosed with depression by a medical professional, evidence of this will be on your medical records.

Therefore, regardless of whether you pass away as a result of your depression or not, the insurer could refuse a pay out due to the non-disclosure of your condition.

According to research, 24% of women and 13% of men in England are diagnosed with depression in their lifetime.*

However, some people who suffer with depression haven’t officially been diagnosed or received any form of professional help.

As a result, no record of their illness exists and declaring the condition is not mandatory.

To be safe, it’s always recommended to discuss your condition during the application, to ensure your policy is valid and your loved ones are not denied a claim.

Unless you have recent instances of suicide attempts or self-harm, it’s unlikely your application will be declined as a result of your depression alone.

For the most part, applications will be accepted immediately if no high-risk factors are identified and your condition is well managed. In this instance, you’re also not likely to pay inflated premiums.

If previous suicide attempts or self-harming have taken place, or your depression has resulted in time off work or hospitalisation, it’s likely your application will be referred.

Referring your application allows the insurer to obtain more in-depth information from your GP or medical records.

In order to do this, they’ll be required to obtain your permission.

In most referral cases, at Reassured we’re able to get back to you within a week of your application with a decision.

Also, we’ve helped over 45% of applicants declined elsewhere, secure cover with us.

Depression is a mental health condition, and so the process to obtain life insurance for those who suffer with a mental health condition will be much the same.

Like with depression, most mental illnesses are likely to have an impact on your daily life, but won’t affect your life expectancy.

Even mental illnesses which could have a negative affect on your life expectancy, as a result of self-harming and suicide attempts, may not affect your premiums or your ability to get cover if you’re managing the illness accordingly.

Get in touch with our award-winning team to discuss your life insurance options.

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 life insurance.

At Reassured, our specialist team understand the different underwriting processes and criteria of each insurer, so that we’re able to identify the right insurer for you.

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.

On application, an insurer is likely to take into account the individual circumstances of the event, such as when the self-harming occurred, whether you were hospitalised and how your mental health is being managed now.

Depending on this assessment, your application may be referred to a specialist insurer 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.

Depression is not considered a life-altering serious illness, and therefore, won’t be covered by CIC.

But having depression will not affect your ability to add CIC to your life insurance policy, nor will it negatively impact the cost of your premiums.

It’s an unfortunate fact that depression, and other mental health conditions, correlate with poor physical health.

For example, drug use or alcohol misuse can lead to a multitude of serious illnesses.

As a result, when arranging your life insurance, it may be beneficial to include critical illness cover.

Although, if you’ve experienced a serious mental illness, such as psychosis, then symptoms of this illness may be excluded from the 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 with, at Reassured we have an impaired risk 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 go through the whole process on your behalf, ensuring you feel comfortable about your cover every step of the way.

Whilst depression can have an impact on your daily life, it’s unlikely to affect your life expectancy and therefore, won’t affect your ability to secure suitable cover.

Furthermore, suffering from mild and/or well managed form of depression is unlikely to increase the cost of your premiums.

Regardless of your medical condition, premium costs can vary significantly between insurers, therefore, to ensure you get the best deal it’s essential to compare quotes.

At Reassured we can do all the hard work for you, comparing cover from a wide range of the UK’s leading insurers.

We can also help you write your life insurance in trust, avoiding 40% inheritance tax on your pay out proceeds.

And the best part is our award-winning broker service is completely FREE-FREE.