Life Insurance with Mental Health Conditions

Mental Health and Life Insurance: what you need to know

For people diagnosed with mental health conditions, finding life insurance can be more difficult, feel more daunting and sometimes be more expensive. 

However, this does not mean that the option is not there - there are providers who will offer suitable life insurance to people with mental health conditions.

Whilst you may worry that having a mental health condition will make finding suitable life insurance cover an incredibly difficult, drawn-out process, that is not always the case. As with other pre-existing medical conditions, insurance providers will assess your individual needs and condition to create a suitable policy.

Here at I’m Insured, we’ve used our years of experience and industry knowledge to create a quick, efficient, hassle-free process for you to get mental health life insurance quotes. 

What is a mental health condition?

‘Mental Health Condition’ is a term that refers to a number of conditions that can be diagnosed, the term is broad as there are many different kinds of types, ranging in severity and symptoms. 

Some examples of mental health conditions are;

• Depression
• Anxiety
• Bipolar disorder
• Obsessive-Compulsive Disorder (OCD)
• Post-Traumatic Stress Disorder (PTSD)

These are just a few of the conditions that can affect your mental health. In the UK, 1 in 4 adults and 1 in 10 children suffer from a mental health illness, making the diagnosis of mental health conditions a very common one. 

In the UK, mixed depression and anxiety is the most common condition that people face, however, the spectrum of mental health is wide-ranging. This includes bipolar disorder, borderline personality, and obsessive-compulsive disorder. Additionally, eating disorders and phobias are also types of mental health conditions.

Due to the many types of mental health issues and how they can affect each person individually, treatment for mental health conditions is dependent on the person and the severity of their condition. However, medication and/or therapy are common methods of treating most mental health problems.

Can I get life insurance with a mental health condition?

Yes, it is possible to get life insurance with a mental health condition. However, it must be considered that the process can be more difficult or expensive. Insurers will consider your condition and your recent medical history when creating a quote for your policy.

Mental health conditions are protected by the UK Equality Act of 2010, meaning that it is illegal for insurers in the United Kingdom to discriminate against those with a mental health issue. However, it is still possible for insurers to turn applications down or apply an exclusion to your insurance policy as they may feel you are more likely to claim.

Having a mental health condition doesn’t affect the cover itself as in most cases, you will be covered for all the same things as you would be with another policy, it is generally only the process of getting a quote and the price that may differ, whilst the provider gathers all relevant information needed.

It is worth noting that most life insurance policies do not pay out for claims related to suicide during the first 12 or 24 months, however, this is a general exclusion and does not relate specifically to a mental health condition. 

What do insurers need to know about my mental health condition? 

For each insurer, the level of information they require about your mental health condition will vary. You will be generally asked to provide information specific to your condition, which is likely to include questions about your medical history and how your condition pertains to day-to-day life.

• The name of the condition you have been diagnosed with
• The date you were diagnosed
• Information regarding hospital admissions
• Specialist referrals (e.g. psychiatrist, psychologist, specialist pharmacist, nurse or social worker)
• Medication and the date you started taking this for your condition
• Details of how it affects your everyday life, (e.g. absences from work)

I’m Insured are an experienced and independent life insurance broker, with specialist knowledge on helping those with mental health conditions find the most suitable life insurance cover. To find out more about life insurance for specific mental health conditions, see the menu below and click on each block for further information.