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.