In this piece, we focus on some of the issues that our customers have faced when arranging life insurance with depression and anxiety. We discuss the strategies that will assist you in the search for the right policy and at the right price. Also, what you should bear in mind, if you have come to a dead-end in the past when applying for cover.
When it comes to mental health life insurance, we have come across a wide variety of scenarios. Our aim is to share our experiences with others who are finding the marketplace challenging or are considering taking their first tentative steps. So, if you suffer from depression or another mental health condition and are thinking about life insurance, read on.
Depression life insurance
There is a common misconception that it’s difficult to get life insurance with depression. This can often be because a specialist company for depression life insurance was not used. And not because an individual suffers from the condition itself.
Does depression affect life insurance?
If the condition and treatment for the condition is ongoing, or recent, then life insurance health and lifestyle questionnaires will almost always ask questions. These are around the subject of mental health to establish in detail the effects the condition has on the applicant’s wellbeing and lifestyle.
However, this does not mean that life insurance for depression sufferers is not still relatively simple to achieve. It just means that you need to explain to the insurer the details of your depression and what you’ve done about being able to manage it.
If you have been denied life insurance due to depression, it could be because you have approached the wrong insurers. Or because you have used a broker with limited or no specific knowledge of life insurance depression disorders.
We have helped many customers who have come to us because they have found depression to be an obstacle with some insurers they have approached directly.
Others feel they have been asked to pay more for their life insurance due to disclosures for depression. We are able to review their options for them to find a cheaper premium.
In both cases, we are very often able to secure life insurance with depression disclosures with our panel of UK insurers at the same or similar price to people who do not suffer from mental health issues.
We are able to do this because we have built up an understanding, via our customers, of what depression is like to live with. So we can talk in detail about how it affects an individual.
This then makes us able to provide options for the providers and products that will suit a personal set of circumstances in order to get the best possible outcome. Rather than trying to make a square fit in a round hole, we find the best fit for our customers’ needs with what is available from our panel and simply put the two together.
UK life insurance providers are developing and updating the ways they underwrite applications for life insurance with depression sufferers constantly. This is good news for many as it means that insurers can now make many more decisions based on specific and personal circumstances surrounding life insurance depression disorders, rather than a more general approach that they have used in the past. However, not all insurers are the same as they often have different strategies and systems depending on which provider you approach. This means there can be vastly different outcomes from provider to provider for the exact same set of circumstances. In some cases, this can be as extreme as one insurer being happy to accept an application for life insurance with depression from a customer at standard premiums whilst another could decline the application all together!
Anxiety life insurance
As with depression, people often wrongly assume that living with an anxiety disorder will have the added annoyance of causing issues when attempting to obtain life insurance with anxiety. Again, it simply does not have to be the case that life insurance for anxiety sufferers looking into protection should not consider their prospects of successfully acquiring the cover they want and need as extremely healthy.
Does anxiety affect life insurance?
It would be untrue to suggest that some may find they are denied life insurance because of anxiety. But, this can often be down to reasons like timing, approaching the wrong insurer, disclosing the wrong information as part of an application or using a broker who does not have the knowledge or resources to look more deeply into your options.
If you have been denied life insurance due to anxiety, don’t give up, and do not think that you are somehow excluded from the life insurance market because of your condition.
Life insurance anxiety applications can often be more complex than for those who do not suffer from a mental health condition. Many brokers, especially the larger ones who advertise the most, are set up primarily to process as many applications from start to completion as possible on any given working day.
They are not set up, nor do they have the knowledge base to deal with anxiety and life insurance cases. It’s due to this general lack of knowledge regarding life insurance for anxiety disorders, as well as an unwillingness to find the best life insurance companies for anxiety suffering customers, which can often leave those affected with a negative impression of the market.
Using a specialist firm like depressionanxietylifeinsurance.co.uk to help find the most appropriate life insurance with anxiety policy is a vitally important part of the process for two main reasons. Firstly, it allows the individual to discuss their anxiety and life insurance situation and requirements in detail with a single point of contact who is able to ask all the relevant questions in order to assess and provide all the relevant options. Secondly, it takes away all of the repetition required when a person approaches each insurer individually and has to start from scratch each time to explain their situation and try to assess the best fit from the numerous options, from many phone calls and having conversations with many different people. As well as hugely time consuming, this process can become demoralising and confusing. If you have been down this path and been denied life insurance due to anxiety, there is a strong possibility you just had the misfortune to look in the wrong place.
In Summary – depression and life insurance & anxiety and life insurance
There are reasons to reconsider either your approach to how you might go about arranging a life insurance policy with anxiety and depression if you have taken on the role of broker yourself in the past. We offer a no obligation service and will talk you through your options in the context of life insurance for mental health sufferers and provide you with details of quotes and product information via email which you can read and consider in your own time.
Similarly, if you have an existing policy that you feel has unfairly penalised you for mental health life insurance disclosures, then let us compare what you have with what the market can offer with our expert knowledge and understanding of our wide panel of UK insurance providers. We have had great success in finding cheaper premiums for people who search for life insurance with anxiety and life insurance depression disorders. Don’t think that because that’s what you have been offered in the past, that that is the only price available to you.
Finally, if you have been denied life insurance because of depression or denied life insurance due to anxiety, don’t think that that is the final decision. It may have been down to timing e.g. you approached the subject of life insurance shortly after diagnosis or after a recent flare-up of the condition.
Perhaps your medication had been increased to improve control of your depression or anxiety and since then you have managed the condition more easily. Or maybe you talked to someone who just didn’t have the time or the inclination to listen and inadvertently got fobbed off!
If any of these scenarios apply to you, or indeed if you are just wanting to understand a little more about what options you have for a life insurance anxiety or life insurance depression-related policy, then get in touch and let us talk you through your choices.
To begin the process of getting the information you need regarding life insurance with mental health issues, firstly complete your details and send them to us via the ‘get a quote’ tabs and let us know when it’s convenient for you to talk.
You will always speak to the same person who will be assigned to your case as a dedicated point of contact. It will be their job to guide you through the whole process; including an initial contact to find out details surrounding your personal circumstances and what you require from a life insurance for mental health policy, through to quoting your options and sending them over for your consideration, to finally completing your chosen insurance application up until its completion. Our aim is, and will always be, to make the job of arranging life insurance as simple and easy as possible.