DEPRESSION
LIFE INSURANCE
Life insurance for people with
depression & other mental
health conditions.
Depression & Life Insurance 2023
Even if you suffer from depression, you can still find affordable life insurance to safeguard your loved ones in the worst case situation.
Insurers are aware of the need to provide coverage for these people and their families because 1 in 4 adults in the UK experience mental health issues each year[1].
Contacting a professional, like Life Expert, can help you obtain the most effective insurance to meet your unique needs while saving you time and money.
Our team is available to find the best quotes for you at no cost to you.
In this 2023 guide, we answer many common questions regarding depression life insurance, including:
- Can you get life insurance with depression?
- Do you have to disclose depression for life insurance?
- How does depression affect life insurance?
- What questions will I be asked about my condition?
- How much is life insurance for people with depression?
- Does life insurance cover suicide?
We also cover life insurance and mental health conditions including anxiety and bipolar disorder.
Can You Get Life Insurance With Depression
Yes, even if you are depressed or have previously been depressed, you can still buy life insurance.
While insurers may want more information before approving your application, the existence of a mental health condition, such as depression or anxiety, isn’t always cause for concern.
The nicest thing is that those who experience depression can obtain coverage with conventional terms and prices.
However, other elements, such as your age, physical condition, and lifestyle choices, will also impact the outcome of your application.
Contact Life Expert if your mental health hasn’t always been at its best and you want to set up financial protection for your family.
One of our life insurance specialists can go over your policy alternatives with you and show you which insurers are most likely to provide you with coverage given your situation.
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Is Depression A Pre-Existing Medical Condition?
Yes, depression is regarded as a pre-existing condition for life insurance.
Any diagnosed condition, whether mental or physical, that you already have when you apply for life insurance is referred to as a pre-existing condition.
Existing diseases, including mental health concerns, must be disclosed to insurers so they can assess the risks involved and tailor your coverage.
Get in contact with Life Expert today for your free estimate to see how we’ve helped thousands of customers with pre-existing conditions find reasonable financial protection.
How Does Depression Affect Life Insurance?
Depression and anxiety can affect life insurance depending on several factors which are taken into account during the underwriting process.
These factors include:
- Date of diagnosis
- Severity of the condition and frequency of symptoms
- Instances of self-harm, attempted suicide or hospitalisation
- Effect on behaviour
- Time off work due to condition
- Experience of other mental health conditions
- Current treatment including medication
The insurer can evaluate the level of risk you might pose and decide whether to approve your application using the data mentioned above.
- It’s likely that your application will be accepted right away and at standard pricing if no risk factors are found and your disease is well-managed.
- Your application may be approved but with higher premiums if there have been incidences of self-harm, hospitalisation, suicidal thoughts, or attempted suicide. The insurance can put off processing your application while they gather more data. They may ask your doctor for a comprehensive medical report with your consent.
- The insurer may reject your claim if there has been a recent increase in the severity of your condition, such as a suicide attempt, self-harm, hospitalisation, or time away from work.
Because each insurer has their own underwriting procedures and risk evaluations, the outcome of your application will differ depending on the insurer.
Additionally, depending on the particulars of your condition, they will charge different premiums for the same type of coverage.
It makes sense, then, to contrast several quotes using an FCA-regulated broker, like Life Expert.
Do You Have To Disclose Depression For Life Insurance?
Yes, mental health conditions like depression or anxiety must be disclosed when applying for life insurance.
Being open and honest about your diagnoses is really essential, even though it can not be simple to do so.
Our life insurance specialists aren’t here to pass judgement; rather, we just want to make sure we’re setting up the best policy for you.
‘Non-disclosure’ is the term for lying on your application. Any nondisclosure could render your policy void and prevent it from paying out.
What Questions Will Be Asked About My Condition?
You will be asked some common questions about your health and way of life when you apply for life insurance.
If you currently have depression or experienced depression in the past, you can also be questioned more about your condition.
Although talking about a mental health issue is difficult, it’s crucial that you give as much information as you can.
The questions you may be asked include:
- When were you diagnosed with a mental illness?
- Have you had any time off of work as a result of your condition?
- How frequent and severe are your symptoms?
- Are you taking any medication?
- Have you received any psychological help from a medical professional?
- Have you ever self-harmed or attempted to commit suicide?
- If yes, how long since the last occurrence and have you received any help?
- Do you suffer from any other mental health conditions?
At Life Expert, we can present you with quotes from our panel of insurers who can offer you cover, so you can choose the one with the best terms for your unique circumstances.
Best Life Insurance For Depression
The best life insurance policy for you will depend on your personal circumstances, available budget and what you need it to protect.
The types of life insurance depression and anxiety sufferers can secure include:
Term Life Insurance
The most common type of life insurance. Provides cover for a set period of time, usually up to 40 years, and will pay out a cash lump sum if you pass away during this time.
Family Income Benefit (FIB)
Different to traditional life insurance, family income benefit will pay out in the form of tax-free monthly payments if you pass away during the policy term.
Whole of Life Insurance
Guarantees a cash lump sum pay out when you pass away. Usually best suited to applicants who’re in the later stages of life and are still in good physical health, as it’s possible you could pay more in premiums than the policy will pay out.
Over 50 Life Insurance
Guarantees a cash lump sum pay out when you pass away, but the cover amount (or sum assured) is much lower than whole of life (typically up to £20,000).
No medical information is required and acceptance is guaranteed to applicants aged 50 – 85.
How Much Is Life Insurance For People With Depression?
Like all types of life insurance, the price of your monthly premium is determined by the likelihood that a claim will be made.
As a result, all common risk factors are taken into account when applying for life insurance.
These include:
- Age
- Smoking Status
- Physical Health
- Family Medical Historu
- Lifestyle
- Weight/BMI
As mentioned, if you disclose depression, then specifics of your condition may also be taken into account to calculate the cost of your life insurance premiums:
- Date of diagnosis
- Severity & frequency of symptoms
- Time off work
- Effect on behaviour
- Episodes of self-harm, suicide attempt or hospitalisation
- Experience of other mental health conditions
- Treatment
Although there are many things to take into account, it is unlikely that having a mild and/or well-managed form of depression will raise your premiums.
However, there are significant price differences between insurers when it comes to life insurance for people with depression.
Can You Be Denied Life Insurance Because of Depression?
Although it’s extremely unlikely, it is possible for life insurance to be denied due to depression.
According to the law, an insurer cannot reject your request for life insurance merely because you have a mental health condition.
To assess whether or not to offer you cover, there must be a specific amount of risk, supported by reputable and pertinent sources.
In rare circumstances, insurers will delay an application rather than outright deny coverage.
This enables them to learn more about the patient’s condition before making a choice.
Insurers are more likely to decline or postpone an application for life insurance in the following scenarios:
- If your diagnosis was recent
- If there’s been more than one suicide attempt
- If there’s been a recent increase in the severity of your condition (recent instances of suicide attempts, self-harm or hospitalisation)
- If you have other medical conditions which are affected by, or affect, your condition
If you’ve been declined cover in the past due to depression or anxiety, then all is not lost.
Anxiety Life Insurance
Can someone with anxiety purchase life insurance? Yes, you can, is the clear-cut response.
It is doubtful that revealing anxiety or panic attacks when arranging life insurance will affect your ability to obtain a policy.
These circumstances are also unlikely to lead to increased expenditures for you.
The only exception is if you have ever tried suicide, experienced suicidal thoughts, self-harmed, been hospitalised, or missed work because of anxiety.
In this case, the insurance could need more details.
Consider the time you were hospitalised and the events that brought you there.
There might be further underlying problems that haven’t been identified.
Life Insurance After Suicide Attempts
It is still feasible to receive the coverage you require even if you have made an attempt on your life in the past and want to safeguard your family with life insurance.
If you disclose a depression-related suicide attempt on your application, the insurer might need to conduct additional research before extending you coverage. Additionally, you might be assessed higher premiums.
Your eligibility for life insurance may be impacted by a recent suicide attempt or a pattern of suicide attempts.
However, you should still be able to obtain life insurance coverage if you’ve been receiving treatment and a sufficient amount of time has passed since the incident.
Does Life Insurance Cover Suicide?
Yes, life insurance will typically cover suicidal death, as long as the policy has been in place for at least one or two years (depending on the insurer) before the death occurs.
This is called the ‘suicide clause’ and is designed is to protect vulnerable individuals from committing suicide after buying a policy for the purpose of a pay out.
Does Critical Illness Cover Depression
If you are given a diagnosis of a life-altering condition that is not fatal, critical illness cover (CIC) pays out a lump payment.
It can be purchased separately or as an endorsement to a life insurance policy at an additional fee.
One of the major disorders not covered by CIC is depression.
However, having depression won’t prevent you from adding CIC to your life insurance and won’t result in higher CIC premiums.
Unfortunately, there is a link between poor physical health and illnesses like depression and other mental health issues.
For instance, serious depression is estimated to be the second most common disability in the world and a significant risk factor for both ischemic heart disease and suicide[2].
As a result, adding critical illness coverage to your life insurance policy may be advantageous.
The payout might be used to replace lost income, pay for private medical care, or even make your home more livable.