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According to research from The World Health Organisation (WHO) the COVID-19 pandemic has triggered a 25% increase in anxiety and depression worldwide.
This significant rise in mental health conditions has occurred at a time when there has been a spike in life insurance applications as those with dependants seek to protect their loved one’s financial future.
But how do life insurance providers view mental health illness in a post-COVID world?
- Will my monthly life insurance premiums be inflated?
- Do I have to inform the insurer of my condition?
- Will my condition affect a future pay out?
- What are the best policy options?
- What is the best way of purchasing life insurance cover?
In the following article we collaborated with leading UK life insurance broker Reassured to help answer the key questions.
Can I get life insurance if I have depression?
The simple answer is, yes, you can get life insurance if you have depression. Although if you decide to apply for life insurance then the outcome of your application will depend on some key factors which are outlined in this article.
Generally, if you have mild depression which is being well-managed, then you shouldn’t have a problem securing the cover you need at a good price. If you have severe depression which greatly affects your daily life, then it may be more difficult.
While having a history of depression can affect your application, life insurance providers will also take into account other factors such as your age, health and lifestyle to work out the risk of insuring you. If you’re not suffering from other medical conditions and you don’t smoke, take drugs or drink a lot of alcohol then your risk factor reduces.
Fortunately, the life insurance industry is a lot more accommodating these days for people with mental health conditions. According to the insurer, Scottish Widows, 95% of their applicants who have a mental health condition are approved for life insurance and 78% are of their applicants are able to secure a policy on ‘standard terms’ (which means premiums aren’t increased).
Why should I get life insurance?
Taking out life insurance allows you to protect your family from financial hardship should anything happen to you. It’s hard to contemplate such a tragic event (especially when you’re trying to channel positive thoughts right now) but if you passed away unexpectedly would your family be able to afford the following costs:
- Mortgage or rent payments?
- Household bills such as gas, water, electric and council tax?
- Debts such as credit card bills and loan repayments?
- Childcare (full-time childcare is £263 a week per child)?
- Funeral costs (average cost of a funeral is £4,056)?
Life insurance provides a cash lump sum pay out which can be used to help cover these vital expenses and allow your family to continue their current lifestyle.
Do I have to tell an insurer I have depression?
Yes, when applying for life insurance, it’s important to tell an insurer about any current medical conditions that you have. This includes diagnosed mental health conditions such as depression, anxiety, and bipolar disorder.
Don’t be afraid to provide as much as detail as you can. This will ensure that you get the right type of cover. Not being fully honest about your mental health condition is known as non-disclosure and this could void your policy. Meaning that, when you pass away, a pay out would be refused and your selfless investment would be lost. If an insurer requires more information about your health, then they might ask to see a medical report from our GP, with your permission.
Factors which affect your life insurance application
As mentioned, life insurance providers consider a variety of key factors when determining if they should offer you a policy and how much your premiums should be.
Although, it’s important to bear in mind that every insurer has a different underwriting process (the process of measuring risk) and therefore, the outcome of your application and the cost of your premiums would vary between them.
The following factors will affect your life insurance application when you disclose that you have depression:
Age of diagnosis – when you were diagnosed with depression will help the insurer understand more about your current circumstances.
Frequency and severity of symptoms – whether your symptoms are mild, moderate or severe, and how often you experience symptoms will be taken into account.
Medication and treatment – you’ll be asked whether you’re taking any medication and if you’re receiving any treatment such as therapy or counselling.
Self-harm, suicidal thoughts or suicide attempts – you can still get life insurance if any of these events have occurred, but it will depend on when the event took place and if there’s been more than one occurrence.
Time off work – if your depression hasn’t led to any time off work then this will help with your application
Other personal factors – your age, physical health, smoking status and other lifestyle factors are also taken into account to determine the level of risk you pose.
What types of life insurance can I get with depression?
You can apply for any type of life insurance when you have depression. There’s a choice of policies to suit different needs, but it’s important to compare multiple quotes to find the best price.
Types of life insurance include:
Term life insurance
Covers you for a specified period of time (the term) and will pay out if you pass away during that time. The application will include medical questions which means you’ll need to disclose that you have depression. The cost of your premiums will depend on the severity of your condition.
Whole of life insurance
Covers you for the rest of your life and will pay out when you pass away. The application also includes medical questions and premium payments are required until you pass away. For this reason, this type of policy will be better suited to older applicants who have mild depression as paying inflated premiums over a lifetime could become costly for younger applicants.
Over 50s life insurance
Covers you for the rest of your life and will pay out when you pass away. This policy guarantees acceptance to UK applicants aged 50 – 80 (sometimes up to 85) and the application doesn’t include any medical questions. If you’re within this age group and your depression is severe and ongoing, then you might consider an over 50s plan (as your condition won’t affect the price you pay for your cover).
How to get life insurance with depression
Hopefully this article has assured you that it’s possible to get life insurance if you have depression.
Sorting out financial protection is essential if you have a family who depend on you financially (and it shouldn’t be delayed until later in life when prices will be higher).
As mentioned, the best way to find out your available options and how much your cover will cost is to compare quotes.
It can be quite daunting going to each individual insurer for a quote, especially having to answer questions about your condition multiple times.
To avoid this laborious task, you could use a fee-free broker. When using a broker, you only have to explain about your condition once and then they do the rest of the hard work for you.
Leading life insurance broker Reassured has helped many people with depression find the life insurance they need.
An FCA regulated brokers’ in-house experts can compare multiple quotes from mainstream insurers as well as specialist insurers, allowing them to pair your application with the most suitable providers.
