If you’re suffering from anxiety or depression you may struggle to find a cheap life insurance policy. We’re experienced in helping you find the right policy.
One in four people will experience some kind of mental health problem during the course of each year in the UK, with the most common conditions experienced being anxiety and depression *. As well as these two conditions for which there can be vastly differing degrees of severity, we are also talking about other mental health conditions such as stress or panic attacks, chronic fatigue, schizophrenia or bipolar disorder, anorexia or bulimia.
Treatments may vary from medication such as anti depressants like Fluoxetine or Citalopram, to requiring the expertise of heath professional such as a psychiatrist or psychiatric nurse. With conditions like these being so common it’s worth knowing what implications they may have on a life insurance application.
As with most medical conditions, the insurer will invariably ask for more information about how your condition affects your daily living. In many cases however, suffering from either anxiety or depression or indeed both for example, can have little or no affect on the premium of your policy if you select the most appropriate insurer.
The reason for this is that not all insurers are the same in terms of the way they decide what emphasis they attribute to a medical condition and therefore who they will accept to insure and indeed how much they will charge that person for the cover.
Now to put things into perspective, we’re not trying to suggest there are insurers out there who will accept everyone regardless of their individual circumstances. There are a number of considerations that will have an impact on a person’s prospects of getting life insurance and/or critical illness cover and far too many to list in detail here.
The point is, there is a large spectrum of severity and indeed variations of mental health conditions. The less severe a condition is, the greater the chance of it having no effect on a person being granted the same terms as someone who does not suffer any such conditions.
In the more extreme cases there is of course more chance that an insurer will increase the cost of any cover they offer or indeed choose not to offer any cover at all. However, its often the middle ground where we often see the largest degree of differences in outcomes from provider to provider.
So what does this mean in a practical sense? Well let’s say person ‘A’ has a history of depression caused by a divorce and has been taking a course of fluoxetine to relieve the symptoms for a period of a few months. Perhaps, person ‘A’ took a couple of weeks off work that was attributed to depression.
Now, although person ‘A’ feels that their condition is in a state they would describe as controlled, they would not consider themselves as recovered and both they and their GP still feel there is a need to continue with the medication they are using.
Person ‘A’ has a need to source a life insurance policy, perhaps because they are getting a new mortgage. They shop around online and find a quote they are happy with. They decide to apply and find that after the application process the original price has changed, in fact its jump to an amount significantly higher than what it started out at. So, person ‘A’ decides they will try the next insurer down the list, going through the entire application process again, and the same thing happens. At this point person ‘A’ assumes that because of their mental health condition, it will be the same with every insurer and it’s just a fact that they will have to pay more for their life insurance.
Unfortunately, person ‘A’ may well be completely wrong in the conclusion they have arrived at. And, they may well have spent a good deal of time getting to that conclusion. If person ‘A’ had approached a company that has access to as wide a panel of insurers as possible and is willing to take the time to understand person ‘A’s individual circumstances and do the background work to find the best solution, they may well have found an insurer that took a less costly outlook on when assessing their personal circumstances.
That’s why it can be beneficial to us an independent broker such as I’m Insured to look at all the options for you. We have access to a full market range of life assurance providers and can tailor a plan that fits your personal circumstances by doing the leg work for you and explaining the options that are available, allowing you to make an informed choice. Then if you choose, we can guide you through the application process that will ask for details about your condition to allow for an instant decision in many cases. You will also benefit from our discounted rates when you apply via I’m Insured.
It’s also worth mentioning at this point that some of our existing customers have told us they found it easier to talk to a person over the phone about their personal circumstances rather than a face to face meeting with an IFA or mortgage broker they have used in the past due to the nature of some of the topics that are discussed.
In short, this is what we want to do for you. To listen to what you want. Understand your personal circumstances. Find out the effects, if any, this may have and then present you will the facts so that you can chose the right insurance plan for you. Simple really!