Depression & Life Insurance

Being diagnosed with depression can bring a mixture of emotions, relief that there is a name for what you are feeling, and depression that you have depression.

For people with mental health conditions it can be hard to come to the realisation that you have a mental health condition, whilst you are in it, as symptoms can develop overtime without you even noticing it.

We work for you to make sure that your insurance is placed with an insurer who is supportive of your health.

Things we need to know:

• When were you diagnosed with depression?
• Do you take any medication to treat the depression?
• Have you seen a counsellor, psychiatrist or community mental health team?
• Have you ever self-harmed or tried to attempt suicide?
• Have you been admitted as an inpatient at hospital due to the depression?
• Have you required any time of work for the condition?

Many terms used to describe depression have negative tones such as ‘mental health issues’, ‘mental health problems’ and ‘mental illness’. You are living with a mental health condition and it’s important that the adviser you use and life insurance company that is approached for your cover, use terminology that you feel comfortable with.

Life insurance with depression can often be secured at standard terms if there is no recent self harm, suicidal thoughts, hospital admission or psychiatric treatment.

You will be asked if you have depression and anxiety, any other mental health conditions, your family history and your health in general.

When you have or have had depression, life insurance can often be accepted immediately by a number of insurance companies, so long as the condition is well controlled.

When you apply for life insurance, having had depression means that you will be asked questions about any significant time off work, self harm or recent psychiatric treatment. If this is something that you have experienced it is quite likely that the insurer will want to see a report from your GP about your overall health and your medical history.

This is a standard part of the application and underwriting process for many health conditions, please do not be concerned by it. The insurer arranges this at their own expense, only once they have your expressed permission to do so.

Medical conditions like bipolar disorder, PTSD, schizophrenia and suicide attempts, are viewed more cautiously by insurers. That is not to say that life insurance isn’t possible, or that it is going to be at a silly premium.

It means that it is incredibly important to search the market to find the right insurer for you. Some insurers might increase the premiums, postpone or decline the application.

This is why we are here, to do the research so you do not have to face being told no you cannot have insurance.

Where your depression is viewed to have a significant effect on your life, your application for life insurance may need to be placed with specialist insurers.

Critical illness cover pays out a cash lump sum of money, if you are diagnosed with a medical condition that is listed in the insurer’s claims set e.g. cancer, heart attack, stroke.

Critical illness cover for people with depression is underwritten in the same manner as life insurance. If you are symptom free or your symptoms are well controlled, with no recent self harm or hospital admission, then you should be able to secure critical illness cover at standard terms.

If you currently experiencing quite strong symptoms, there has been hospital admissions, self harm or suicide attempts, then a higher premium is more likely.

Depression and critical illness cover applications are treated with the utmost sensitivity, but please bear in mind that you are likely to be asked about the cause of the condition and if there have been suicide attempts during the application process.

These are standard questions with most insurers, for anyone regardless of if they have a mental health condition or not, so that they can gain a complete picture of your health.

This may feel quite intrusive If you speak to an experienced adviser, that you feel comfortable with, these questions can come across much more nicely than simply reading them in a black and white form.

It is unlikely that there would be any mental health exclusions placed on critical illness cover due to depression. However if you opt to include the claimable condition Total and Permanent Disability, mental health may be excluded from this specific part of the plan.

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Income protection pays you a replacement of your monthly income, if you are unable to work due to ill health.

When you apply for income protection insurance, depression must be disclosed to the insurer, so that they can determine the acceptance terms that they are willing to provide you.

It is highly likely that any offer of income protection will come with exclusions on claims related to your depression, if you have had depressive symptoms within the last few years.

It is possible to obtain income protection without an exclusion in some circumstance, but this would usually need to see you treatment and symptom free for a number of years.

Are you planning on a holiday? We work alongside a specialist travel insurance broker who can help you to find the best policy to meet your needs. Please visit our dedicated travel insurance page for more details, here.