Can you get life insurance if you have PTSD?

It could be possible to secure life insurance if you have Post Traumatic Stress Disorder (PTSD).

There isn’t an actual product called ‘PTSD life insurance’, simply it is a term used for those with the condition, applying for a standard life insurance policy.

When applying for a standard policy, such as term life insurance, insurers will ask to review your medical records to calculate the cost of your premiums.

Insurance providers usually assess the severity of the condition rather than having a blanket policy of automatic rejection based on PTSD.

This means your personal circumstances will be considered carefully before a decision is made on your application.

On estimate, 1 in 10 people in the UK are likely to experience PTSD at some point in their lives, that's around 6,665,000 people[1]. The condition is particularly common among military personnel and police officers who are often exposed to traumatic experiences.

In some cases, those with PTSD are able to secure a policy with a standard price. However, other factors can also affect your eligibility and the cost of your premiums.

If you’re concerned about applying for life insurance with PTSD or how your condition may affect your chances of securing a policy, get in contact with one of our friendly professionals.

At Reassured we offer free, no-obligation life insurance quotes.

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Does having PTSD affect my life insurance?

Having PTSD could affect whether you’re able to secure life insurance and the cost of your premiums due the potential risks.

However, it will depend on various factors such as the severity of your condition and the symptoms you’re experiencing.

Insurers may request to see a medical report from your GP while assessing your application so they can understand more about your PTSD.

For this to happen, they’ll need your permission. However, your application will not be able to continue if you do not provide this, as the insurers will not have the information needed to underwrite your policy.

Insurers will also calculate life insurance premiums based on other key details about yourself and your chosen policy, such as:

If your PTSD is severe, insurers may increase the cost of your monthly premium based on this, while others may decline. However, you may be able to apply to a specialist insurer.

In some cases, it’s possible to secure life insurance at the standard price. However, this will depend on your own personal circumstances and the severity of your condition.

When applying for life insurance through Reassured, our friendly agents can talk you through the entire process and make sure you're fully informed.

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Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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What policy options are available?

When you apply for life insurance with PTSD, you may have access to a variety of policies. Some of the most popular being:

Level term life insurance

  • Term lasts for a set period of time (up to 40 years)
  • A fixed lump sum pay out if you pass away during the term
  • Pay out can be up to £1,000,000
  • Medical information is required in the application
  • Free terminal illness cover

Decreasing term life insurance

  • Term lasts for a set period of time (up to 40 years)
  • Pay out provides a lump sum pay out which decreases over the term
  • Medical information is required in the application
  • Free terminal illness cover

Over 50s life insurance

  • The policy will last for the rest of your life
  • Must be a UK resident aged 50 - 85
  • Guaranteed pay out up to £20,000 (after the 12 - 24 month waiting period)
  • No medical information required and therefore will not affect your policy

Whole of life insurance

  • The policy will last for the rest of your life
  • Pay out can be up to £1,000,000
  • Medical information is required in the application
  • Guaranteed pay out when you pass away

Term-based life insurance policies through Reassured offer free terminal illness cover as standard.

Please note you must be 18 or over to apply for a life insurance policy through Reassured.

We can compare quotes from all policy types listed by some of the UK's top leading providers to help you find the right cover.

Is PTSD considered a pre-existing condition?

Yes, your mental health condition will be considered a pre-existing condition.

Nevertheless, this should not deter you from seeking out affordable life insurance coverage. Approximately 1 in 4 individuals in the UK experience mental health issues[2], indicating a high prevalence among potential policyholders.

It’s important to disclose any health conditions during the application, as this makes sure your policy is valid.

If you don’t then you risk your loved ones not receiving a pay out (due to non disclosure).

What questions will I be asked during the application?

Some questions you may be asked about your PTSD when applying for life insurance is:

  • When were you diagnosed?
  • What are your symptoms?
  • Do you take medications / attend therapy?
  • Have you had to take time off work?
  • Have you ever been admitted to hospital?
  • Have you ever tried to harm yourself/attempt suicide?

The purpose of this is for the insurance company to assess the extent of your PTSD and determine the level of risk you present (and the cost of your monthly premium if they are able to offer you the cover).

Life insurance for veterans with PTSD

Research from 2018 shows that 7.8% of veterans (of all conflicts) are living with PTSD, compared to 4% of the general public[3].

As a veteran, there may still be life cover options still available to you.

If you're between the ages of 50 - 85 you could secure an over 50s policy, as you will not be asked about your disorder.

It could be possible to secure traditional life insurance. However, depending on the severity of your PTSD, you could face inflated premiums or being declined.

Will I be declined for having PTSD?

If your condition is well controlled and symptoms are mild, you may not have any problems applying.

In certain situations and depending on your personal circumstances, it is possible that an application may be denied or delayed for a period of time. This is where after a time frame stipulated by the insurer you may be able to apply again.

Alternatively, if being previously declined standard life insurance and you are a UK resident aged between 50 -85, you could consider over 50s life cover.

Due to no medical questions asked for this policy, you won’t even need to inform your insurer of your disorder and acceptance is guaranteed.

Reassured offer a specialist impaired risk service that specialises in helping applicants who have been previously declined life insurance (or are worried they may be refused) find some form of cover to protect their family.

FAQs

Why may I need life insurance?

Taking out life insurance can help protect your loved ones financially when you're no longer around. It can help cover costs such as:

  • Mortgage / rent payments
  • Childcare & future education costs
  • Household payments & bills
  • An inheritance
  • Medical costs
  • Any other financial commitments

Can I arrange life insurance for someone who has PTSD and doesn’t want to discuss it?

Unfortunately, not, you can't arrange life insurance for anyone but yourself.

We understand it can be a delicate subject and our agents will make sure to approach questions with care.

If you were worried and felt the need for extra support whilst applying, Reassured’s specialist impaired team are there to help you find our best deal that suits you.

Can I secure critical illness cover with PTSD?

The same rules apply when it comes to critical illness cover (CIC) as it does with life insurance with PTSD.

However with CIC, any pre-existing conditions may be excluded from the policy, so it’s important to check exactly what you are covered for in your policy documentation.

If you're able to secure a life insurance policy, for a fee you can usually add on CIC which offers a pay out to you if you’re diagnosed with a serious illness (as long as it’s listed within the policy).

What is PTSD?
  • Post Traumatic Stress Disorder (PTSD) is a mental health condition caused by very stressful, frightening or distressing events[4]
  • A common symptom is suffering with lack of sleep (insomnia)
  • Symptoms can be so severe that it can affect the person’s day to day life
  • PTSD can originate from events such as: serious road accidents, violence, assault, health issues and anything that may be traumatic
  • There are different types of PTSD such as ‘Complex post-traumatic stress disorder’ which can occur in people who repeatedly experience traumatic situations
  • Many people who experience PTSD also experience associated conditions such as depression, anxiety, and suicidal feelings.

You should visit a GP if you're still having problems about 4 weeks after a traumatic experience[4].

PTSD help & support

For more information and support you can visit:

Compare PTSD life insurance quotes

Depending on your circumstances, having Post Traumatic Stress Disorder (PTSD) may not mean you’re unable to secure life cover.

By comparing life insurance quotes you can explore your options from a variety of insurers and see what options could be available to you.

At Reassured, we can help you with this task, free of charge.

One of our experts could assist you in finding a suitable policy and support you throughout the entire application process.

Simply get in touch today to begin your journey and help protect your loved ones.

Compare Life Cover Quotes »

Sources:

[1] https://www.ptsduk.org/ptsd-stats/

[2] https://www.mind.org.uk/media-a/2958/statistics-facts-2017.pdf

[3] https://combatstress.org.uk/new-research-reveals-higher-rate-ptsd-among-veterans

[4] https://www.nhsinform.scot/illnesses-and-conditions/mental-health/post-traumatic-stress-disorder-ptsd/

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