Life insurance mental health

Yes, in some cases having a mental health condition can affect life insurance applications.

Insurers will typically ask about your mental health history, which can include diagnoses, to better understand the associated risks with offering you a policy.

Generally, well managed mild conditions can have minimal impact on premiums. However, if an applicant has experienced severe or recent mental health challenges, the implications for their life insurance application can be more complex.

Insurers may view these conditions as higher risk, potentially leading to increased premiums or even exclusions from certain types of coverage.

When it comes to life insurance for those with mental health conditions, there isn't a one size fits all policy.

It’ll largely depend on your personal circumstances. If your condition is mild or well managed, you could still secure a standard policy. Although, it could be recommended to seek out insurers that offer flexible underwriting options or to consider specialised providers, especially if you have a serious condition or a history of hospitalisation that could affect your eligibility for securing cover.

Reassured can help you compare life insurance quotes with no obligation, as well as specialist insurer policies (through Reassured’s advised team) to help you find the right policy for your needs.

Your mental health history will be assessed, just like any other health and lifestyle disclosures that could affect your premium costs.

The management and severity of your mental health condition can significantly influence your insurance premiums. If you maintain good mental health and show no symptoms, you might qualify for a standard policy. However, if you experience frequent relapses or have a more serious condition, you may encounter higher premiums or even face being denied cover.

It’s essential that you’re open and honest in your application, failing to disclose your mental health history can invalidate your policy, which could result in loved ones not receiving a pay out.

In the process of applying for life insurance with a mental health history, you’ll be asked a selection of questions surrounding your condition.

This is so the insurer can gain a greater understanding of your mental health and the risk associated with it. This helps them decide on cover, pricing and eligibility.

You may be asked questions such as:

If necessary, you may be asked further questions and, in some cases, may be requested to provide a medical exam from your GP (please note, insurers can’t access information from your GP without your permission. However without your permission, insurers will be unable to process your application).

If you’ve been turned down for life insurance in the past, it doesn’t mean you can’t find some form of cover in the future.

Different insurance companies evaluate the risk of insuring you in various ways, so not every insurer will have the same opinion.

If an insurer postpones your life insurance cover at the time of application (instead of outright denying it), you may be able to reapply after a designated period of stability.

Reassured advised’s team offers a specialised impaired risk service, who can help those who have been previously declined in obtaining some form of cover.

We can also compare quotes from a variety of insurers, to help you find those which may offer you the right cover for your needs.

Mental health conditions cover a wide range of diagnosis, conditions and experiences.

Common examples in securing life insurance with a mental health condition is:

Insurers will usually ask you about any diagnosis that you have in the application and any information surrounding that (including diagnosis, medication, treatment and how well managed it is).

If your situation seems complicated or you're uncertain about the potential costs and eligibility of your policy, consulting with our team of specialists can provide you with the reassurance you need. They can assist you in finding the right coverage that suits your needs.

^{[1] https://www.mind.org.uk/information-support/types-of-mental-health-problems/mental-health-facts-and-statistics/#References}