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Can My Mental Health Condition Affect My Life Insurance?

publication date: Nov 10, 2020
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author/source: Emily Roberts

Image by Jerzy Górecki from Pixabay

Life insurance is something many of us consider after starting a family. Having people dependent on you makes you think about what is important and what would happen to your loved ones should the worst happen. However, with mental health conditions becoming more common, many people are putting off purchasing life insurance because they are concerned that their mental health could stand in the way of being accepted. Whilst awareness of mental health conditions is finally increasing, there are some things to consider before taking out insurance.

What Counts as a Mental Health Condition?

There is an extensive list of conditions which can affect your mental health, including:

  • Anxiety
  • Depression
  • Bipolar disorder
  • Post-Traumatic Stress Disorder (PTSD)
  • Obsessive Compulsive Disorder (OCD)
  • Borderline Personality Disorder (BPD)
  • Eating disorders
  • Schizophrenia

This is not an exhaustive list, and there are many more recognised conditions which can impact a person’s mental health. Each person living with a mental health condition will be affected differently depending on the severity of their condition, their personal circumstances and whether they are receiving treatment, so it is not always easy to know the impact a condition will have on each individual.

Do I Need to Disclose My Mental Health Condition?

Yes. Just like a physical health condition, you should always disclose your mental health condition when making an application for life insurance. Insurance companies need accurate information to assess your application, so that if they can offer you cover, they can provide the right cover for you. If you withhold information, this may affect your ability to claim if the need arises.

If you are unsure how your condition may affect your ability to take out life insurance, you should contact a specialist in mental health life insurance. Sites like I’m Insured are a great resource to use, since they enable you to compare different mental health life insurance quotes. I’m Insured works with reputable UK insurance providers, and using their service is fast and free.

How Will My Condition Affect My Application?

Thanks to the Equality Act of 2010, it is now illegal for insurance companies to discriminate against you because of a mental health condition. However, this does not mean they cannot refuse your application if they believe you are more likely to make a claim. If you are accepted, there is a chance, as with other medical conditions, that your insurance policy will cost more.

When obtaining quotes, the life insurance company will require certain details from you in order to assess your claim effectively. Such details include which condition you have been diagnosed with, the date of your diagnosis, details of any medication you take, and how your conditions affects you, including any specialist referrals of hospital admissions.

The process of taking out a life insurance policy with a mental health condition may seem daunting, but don’t be put off. Life insurance is important for many people, and there is much support available to individuals with mental health conditions who wish to start this process.