Life Insurance Cover With Anxiety Or Depression 2024
In the UK, one in four people will experience some mental health issue each year, with the most common conditions encountered being anxiety and depression.
Anxiety Disorders Are Also Described As Anxiety States Or Phobic Disorders
Anxiety Disorders are commonplace in the life insurance industry, and we help people with anxiety or depression history daily. Some known Anxiety States are OCD or Obsessive Compulsive Disorder, generalised anxiety, panic disorders, and post-traumatic stress disorder.
Phobic Disorders include agoraphobia and social and simple phobias. With conditions as common as this, it’s worth knowing their implications on an anxiety or depression life insurance application.
Obtaining life insurance is possible even for people experiencing anxiety. Numerous individuals diagnosed with anxiety disorders successfully secure life insurance coverage without facing significant obstacles.
If you’re dealing with an anxiety disorder and seeking life insurance, the most effective approach is to communicate your condition to the insurer transparently.
Struggling With Anxiety Or Depression And Need Cover? Compare The Leading Insurers For Quotes
Does Anxiety Affect Life Insurance, and Have You Been Denied Life Insurance For Anxiety?
Individual life insurance firms have their underwriting protocols to adhere to.
You might have a health concern and find yourself with an inappropriate life insurance company, and you could pay more than you should for cover.
As with most medical conditions, the insurer will invariably ask for more information about how such conditions affect your daily living. In many cases, however, suffering from either anxiety or depression or, indeed, both can have little or no effect on the premium of your policy if you select the right insurer.
Anxiety Life Insurance: A Couple Of Points Worth Noting
1. Secure a copy of your GP’s notes. Check them over and be sure they don’t contain any errors.
2. Be upfront and don’t withhold past issues in your medical history. It will come out at some point, and it’s better to let us deal with it for you beforehand.
A Wide Range of Policies covering life insurance for stress, depression and anxiety sufferers
We have access to a full market range of life insurance providers offering anxiety life insurance. Furthermore, we can tailor a plan such as term life insurance for depression that fits your circumstances and guides you through the application process.
We will ask for details about your condition to allow for an instant decision in many cases. You will also benefit from our discounted rates when you apply via Insurance Hero.
Life Insurance And Mental Health History
Suppose you have been turned down for life insurance or had your premiums increased because of anxiety or depression-related conditions. In that case, it does not necessarily mean we cannot help.
Be sure to have the details of any conditions you may have suffered from over the last five years ready, for example, any medication you may have been prescribed during that time, as well as relevant dates such as when the condition first occurred or when you last experienced symptoms.
Please remember there is never any pressure or hard sell with Insurance Hero. All quotations relating to anxiety life insurance are obligation-free.
Anxiety and Depression Life Insurance FAQs
Can you get life insurance if you have anxiety?
As mentioned on this page, you can get life insurance if you have anxiety. Many people with anxiety disorders receive life insurance without any problems.
The best way to get life insurance if you suffer from an anxiety disorder is to be open and honest about your condition with the insurance company.
Provide as much information as possible about your diagnosis, the treatments you are currently undergoing, and how your anxiety affects your daily life.
If you are worried that having a diagnosis of anxiety will negatively impact your ability to get life insurance, don’t be.
Most insurers understand that mental health conditions are just as real and serious as physical health conditions. They will not deny someone coverage based on a mental health diagnosis alone.
Does anxiety count as a preexisting condition?
Anxiety is not technically a medical diagnosis. However, many people get anxious when they suffer from another medical condition or family history of mental health problems such as schizophrenia, bipolar disorder, and mood disorders.
So if you already have some psychiatric disorder, it might be appropriate to call your current issue an “in addition” preexisting condition (aka secondary).
Does having depression affect your life insurance?
Depressive disorders such as Major Depression and recurrent depression do not affect the life insurance premiums.
Someone with a significant unipolar depressive disorder will be charged according to their age without any explicit correlation to the diagnosis of depression.
The same is true for someone with recurrent episodes of major depression who has been free from symptoms for at least two years, even if those episodes occurred within five years before completing the application.
If you wish to discuss the details of your condition, please call us on 0203 150 1349 to speak to a specialist, or if you would prefer an immediate decision, click here to begin.
Life Insurance With Anxiety Disorder Case Study: John And Sarah
John and Sarah are a young couple living in Birmingham. They both work full-time jobs, have two children, and care for John’s elderly father, who moved in with them recently.
Like many, they feel the constant weight of their responsibilities. The stress was quite high, from the children’s needs to John’s father’s care to managing their jobs.
Eventually, Sarah’s former anxiety resurfaced. Unfortunately, when they tried to get life insurance coverage, Sarah was initially denied life insurance for anxiety.
Undeterred, they sought professional help, and Sarah was formally diagnosed with an anxiety disorder. Their financial advisor recommended they explore options for life insurance with anxiety and depression.
After extensive research, they came across Insurance Hero, with extensive experience providing life insurance for people with anxiety. We understand the unique needs of people living with these conditions and offer tailored policies that consider their circumstances.
Working closely with John and Sarah, we secured a comprehensive policy. The benefits of this policy reassured them that if anything happened to them, their dependent children and John’s father would be well-taken care of.
Moreover, the policy covered treatments and medications, which meant Sarah could pursue effective treatments for her life insurance anxiety disorder without worrying about the costs.
This not only brought them financial comfort but also emotional comfort. Now, they had a financial safety net that acknowledged and addressed their unique needs.
With their new life insurance policy, John and Sarah could focus more on managing their daily life while reducing their financial anxieties.
They were relieved to know that their children would be financially secure even in their absence, and John’s father’s care would be ensured.
This is a testament to the importance of finding the right life insurance policy tailored to individual needs and circumstances.
This case study of John and Sarah underlines that life insurance is not a luxury, but a necessity, especially for those with dependent loved ones.
Even if one has been denied before due to an anxiety disorder, it’s important to remember that life insurance options exist. The key is to find the right provider who understands and is willing to cater to these needs.
Anxiety And Life Insurance Video
Research resources:
- https://www.mind.org.uk/information-support/guides-to-support-and-services/insurance-cover-and-mental-health/getting-the-right-insurance/
- https://www.nhsinform.scot/illnesses-and-conditions/mental-health/anxiety
- https://www.mentalhealth.org.uk/explore-mental-health/a-z-topics/anxiety
- https://www.youngminds.org.uk/young-person/mental-health-conditions/anxiety/
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
