Can You Get Life Insurance with a Mental Health Condition?
Mental health conditions are, unfortunately, on the rise in the UK, but luckily, so is awareness and understanding. Many people who have, or have previously had mental health conditions, put off taking out life insurance as they are think that it may mean they cannot get cover. While it can make the process a little more complicated, it may still be possible, but there are some important things to consider before completing your application.
There are a large number of diagnoses which are classed as mental health conditions. These include a very wide range of illnesses such as:
- Bipolar disorder
- Obsessive-compulsive disorder
- Eating disorders
- Borderline personality disorder
- Post-natal depression
- Self-harm, and more.
Although all these conditions have different causes and affect people differently, they are all classified as disorders which affect a person’s mood, behaviour or thinking, and can have a varying effect on psychological wellbeing. Your historical mental health will be taken into account when applying for life insurance, and more importantly, any recent conditions or diagnoses.
The Information the Insurer Needs
When applying for life insurance with an existing mental health condition, it is important to be prepared for questions relating to that condition, which could be uncomfortable. By knowing what to expect beforehand and having all the information you will need to hand, this process will be much easier.
You should also make sure that you answer all questions honestly and as accurately as possible otherwise, if your application is accepted, you may find that it affects any claims you attempt to make in the future, or you could have your policy cancelled altogether. Information you may need to provide the insurer with include details of which condition you have been diagnosed with and when diagnosis occurred, your symptoms, how your condition affects you and any treatment or medication you have had.
What Should You Expect?
Although it is possible to get life insurance when you have a mental health condition, it can affect your ability to take out cover. Even though it is illegal for insurers to discriminate against you because of a mental health condition thanks to the UK Equality Act of 2010, they can still reject an application if they believe you are more likely to claim. If you are accepted for cover, you may be charged a higher premium, or your policy may exclude claims related to your condition.
To see if you can get cover and make sure you are getting the best deal, use a site like I’m Insured. Companies such as I’m Insured specialise in helping people obtain mental health life insurance; this site has more information if you are looking into taking out a policy, but are unsure how to get started, or whether you are eligible.
With 1 in 4 adults in the UK suffering from a mental health illness, you should know that you are not alone. If you need support with your condition, make sure you reach out to someone you trust, or to a medical professional.