Depression and life insurance

It’s very possible to obtain affordable life insurance even if you suffer from depression.

For the most part, those suffering from depression can obtain cover on standard terms with standard premiums.

Although the severity of your depression and your individual circumstances will determine the cover you can secure (and the cost).

That’s why it's sensible to use an FCA regulated life insurance broker, such as Reassured, to compare quotes from both standard insurers and, if necessary, specialist insurers.

Our award-winning team are able to search on your behalf for the best quotes.

Get in touch with us today to get started - we don’t charge a fee for our service!

Continue reading to learn more about life insurance for depression...

Depression life insurance

Whilst this sounds like a life insurance policy specifically for people that suffer from depression, this is not the case.

Depression life insurance is simply a way of describing a life insurance policy that covers someone who suffers with depression, but it’s not a product in its own right.

Some insurers (and their underwriters) are more equipped to cover applicants with depression or those with pre-existing mental health conditions.

Whilst others won’t be so well equipped, and therefore may charge heightened premiums.

Luckily, at Reassured, our specially trained staff are able to identify the insurers most suited to your application, who offer the most competitive quotes.

Contact our FCA registered, award-winning team at Reassured today.

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.


£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.


According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.


The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.


You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.


According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.


If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.

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Your total cover estimate

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Let us find your best quote.

Does depression affect life insurance?

The prevalence of mental illness has increased dramatically over recent decades but fortunately, so has its ability to be managed.

As a result, obtaining affordable life insurance if you suffer from depression and/or any other mental illness has become much more achievable.

Generally speaking, the presence of depression alone won’t result in you being declined cover or being charged more.

However, insurers can become concerned if you’ve suffered negative side effects as a result of your pre-existing condition, such as self-harm, suicide attempts or hospitalisation.

In severe cases, depression can correlate with poor physical health, which can result in a number of fatal diseases.

All of these scenarios would most likely require further investigation before your application is accepted. What’s more, you could be charged with increased premiums.

But for the most part, those suffering from depression can obtain cover on standard terms with standard premiums.

Get in touch with Reassured - a member of our experienced team will be ready to discuss your policy options.

Cost of 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.

These include:

If you suffer from depression, then specifics of your condition will also be taken into account, including:

  • Date of diagnosis
  • Severity of depression
  • Effect on behaviour
  • Episodes of self-harm, suicide attempt or hospitalisation
  • Experience of other mental health conditions
  • Management of depression (medication)

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.

Undergoing a medical exam

When applying for life insurance it’s highly likely you’ll be required to provide information regarding your medical wellbeing.

Depending on your responses, an insurer may require more information via your medical records or a medical exam.

The less risk you pose to the insurer, the less likely your application will require further information before being approved.

Depression is unlikely to impact your life expectancy and therefore, just providing information regarding your condition is likely to be sufficient.

Further information is only likely to be requested if you’ve previously self-harmed, attempted suicide or been hospitalised.

Even if you’ve suffered any of the above, additional information may not be required if sufficient time has elapsed since the incident, which is why the insurer may request your date of diagnosis.


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.

What questions will I be asked about my condition?

When applying for life insurance the most important thing to remember is that our team are not there to judge.

The more information you provide about your condition, the more it empowers us to ensure your cover is suitable and the quote is cost-effective.

Typically, you’ll be asked to provide information on the following:

  • When were you diagnosed?
  • Have you had any time off of work as a result of your condition?
  • Are you taking any medication?
  • Have you received any psychological help from a medical professional?
  • Have you ever self-harmed or attempted to commit suicide?
  • If yes, how long since the last occurrence and have you received any help?
  • Do you suffer from any other mental health conditions?

These questions will help the underwriter to determine how well you manage your illness and the likelihood of a claim.

Get in touch with our dedicated team today to get started on your life insurance journey.

Will my application be accepted immediately?

When applying for life insurance, your application will have one of three outcomes:

  1. Immediate acceptance - Cover is in place
  2. Referral - Whilst additional information is obtained
  3. Declined - Insurer won’t provide cover

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.

Best life insurance for depression

The best life insurance for depression will depend on your personal circumstances and what it is you’re looking to cover.

There are a number of policy options such as:

  • Term life insurance (level or decreasing term)
  • Whole of life insurance
  • Over 50 life insurance

Term life insurance covers your life for a specified length of time, such as 25 years, and if you pass away during the policy, a pay out is made.

Many use term life insurance to provide cover during a mortgage or until their children are financially independent.

Whole of life insurance provides a guaranteed cash lump sum pay out to loved ones when you pass away, (not if).

Though this type of policy is suited to those in good health and in the later stages of life, as premiums can be more expensive and you could end up paying more into the policy than the sum assured.

Finally, UK residents between the ages of 50 and 85 can apply for over 50 life insurance (an over 50s plan), without disclosing any medical information.

This is because acceptance is guaranteed, regardless of your health.

This type of cover may be ideal if you’ve a recent history of depression that’s caused self-harm or attempted suicide.

An over 50s plan can provide cover up to £25,000 and guarantees a lump sum pay-out when you pass away.

At the start of over 50s cover, there is a 12-24 month waiting period, meaning if you pass away of natural causes or suicide during this period, a pay out will not be made.

Compare no-obligation quotes for term, whole of life and/or over 50 life insurance using our award-winning broker service to find the best life insurance for depression.

Life insurance and mental health

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.

To assess your application, the insurer will take into account the specifics of your condition, including:

  • Type of mental illness
  • Severity of condition
  • Effect on behaviour
  • Management of mental illness, (medication)

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.

Which insurance is best for mental health?

The best life insurance for mental health will depend on your personal circumstances, the severity of your condition and what it is you’re looking to cover.

The best life insurance for mental health will also depend on the insurer and what mental health conditions they perceive as a risk (or what level of risk the condition could pose).

In most cases, you’ll be accepted with standard terms with standard premiums.

But on the rare occasion, you may be referred to a specialist insurer.

Either way, at Reassured, a member of our dedicated team will help match your application with the most suitable insurer.

Get in touch today to get started on your life insurance journey.

Life insurance for bipolar applicants

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.

Can you be denied life insurance for anxiety?

As discussed, some mental illnesses, regardless of their severity, are unlikely to impact your life expectancy.

These include; anxiety and panic attacks.

Whilst very unpleasant to live with, they don’t danger your health and therefore, when arranging life cover, suffering from these illnesses 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 been hospitalised due to your mental illness.

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.

This uncertainty may not bode well with the insurer.

If necessary, your application could be referred to a specialist insurer.

At Reassured, we work with a specialist insurer, The Exeter, who can provide affordable life cover for applicants with mental health conditions.

Life insurance after self-harm

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.

If you’re suffering from the will to self-harm you’re not alone; there’s expert advice and helplines available:

Life insurance after suicide attempts

As discussed, it's possible to obtain life insurance if you've previously attempted suicide providing treatment was received and a reasonable amount of time has elapsed.

If you're suffering from suicidal thoughts, please reach out to someone; helplines can be found below:

Does critical illness cover depression?

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.

Denied life insurance because of depression

You may have been declined life insurance in the past, but 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.

To make use of our dedicated team, simply get in touch.

Arranging cost-effective protection is likely to be easier than you imagine.

Reassured’s impaired risk team

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.

Terminal illness cover

Regardless of your mental state, all term life insurance policies provided through Reassured come with terminal illness cover as standard.

This means that if you’re diagnosed with a terminal illness and are expected to die within 12 months you can make an early claim on your cover.

This can then be used to fund private medical treatment, allow you to make arrangements for your family’s future or simply to enjoy your final days with the ones you love.

Compare life insurance for depression sufferers

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.



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