Depression life insurance

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.

Depression and anxiety can affect life insurance depending on several factors which are taken into account during the underwriting process.

Using the above information, the insurer is able to assess the level of risk you may pose and determine the outcome of your application.

1. If no risk-factors are identified, and your condition is well-managed, then it’s likely that your application will be accepted immediately and at standard pricing
2. If there have been instances of suicide attempts or suicidal thoughts, self-harm, hospitalisation, or time off work then your application may be accepted but with loaded premiums. It’s possible that the insurer will delay your application whilst they acquire more information. With your permission, they may request an in-depth medical report from your doctor
3. If there’s been a recent escalation in the severity of your condition, such as a suicide attempt, self-harm, hospitalisation and time off work, then the insurer may decline 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.

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.

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.

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.

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.

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.

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:

• When the self-harming occurred?
• Whether you were hospitalised?
• How your mental health is being managed now?

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.

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.

[1] https://www.mind.org.uk/information-support/types-of-mental-health-problems/statistics-and-facts-about-mental-health/how-common-are-mental-health-problems/

[2] https://www.mentalhealth.org.uk/statistics/mental-health-statistics-uk-and-worldwide