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Life Insurance with Depression

 

life insurance with depression

In today’s post, I’ll go through the procedure for applying for life insurance when you’re suffering from depression or where you had an episode of depression in the past.

You’ll be glad to hear you can avoid a medical report.

I’ll explain:

  • how the insurance companies define depression,
  • how depression affects life cover applications and
  • the kind of questions the insurer will ask when you apply

Depression / depressive illness / clinical depression / reactive depression is an illness.

It is very different from the common experience of feeling unhappy, miserable or fed up for a short period.

In depression, there may be feelings of extreme sadness that can last for a long time.

These feelings are severe enough to interfere with daily life and last for weeks or months rather than days.

The insurance companies categorise depression by how serious it is:

  • Mild depression – has some impact on daily life
  • Moderate depression – has a significant impact on daily life
  • Severe depression-  makes the activities of daily life nearly impossible.

People develop depression for different reasons, and it has many different triggers.

For some people, upsetting or stressful life events, such as bereavement, divorce, illness, redundancy and job or money worries, can trigger depression.

In most cases, GPs will help manage a patient’s depression. However, for some people, particularly those with more severe depression or where treatment is not successful, more specialised care, including a hospital stay, may be needed.

How does depression affect your life insurance application?

These are the factors that underwriting examine when reviewing an application for life insurance with depression:

    • The severity of depression?
    • If historical, how many episodes?
    • If current, is it chronic?
    • Any history of suicidal thoughts?
    • Any associated alcohol or substance abuse?

In cases of mild depression, it’s possible to cover at the standard rate. However, if depression is moderate or severe, it’s not unusual for the insurance company to increase your price by 50% to 150%.

And that’s where we come in – to make sure you get cover with the insurer offering the lowest rate. Why pay more than you need to?

We’ll ask you to complete a mental health questionnaire containing questions such as:

  1. When did you first consult a doctor about depression?
  2. What was the nature, frequency and duration of the symptoms?
  3. Provide details of the most recent symptoms.
  4. Have you been treated with drugs?
  5. Have you ever received hospital outpatient treatment?
  6. Have you ever been an inpatient at a hospital?
  7. Have you ever attempted to take your own life?
  8. Did any particular factor trigger the depression? (work stress, accident, bereavement)
  9. What is the exact diagnosis? (e.g. depression, schizophrenia, mania, neurosis).
  10. Have you been out of work with this condition? If so, please provide dates and duration.

We’ll then discuss your case anonymously with all five insurers to ensure you apply to the one that will offer cover at the lowest rate with the least amount of hassle.

Depending on your responses, a life assurance company may offer you cover based on the questionnaire alone. If they need more information to decide, they will write to your GP for a medical report.

Once the underwriters have received all medical evidence, they will decide to offer you cover, postpone their decision or decline offering cover.

Over to you…

Do you need life insurance or mortgage protection?

Would you like some help finding the most understanding insurer?

Complete this mental health questionnaire, and I’ll be in touch (alternatively call me personally on 05793 20836 if you’d like a chat first)

Choosing the most suitable insurer and correctly packaging your application is a very important first step.

We know the insurers who are more considerate when it comes to assessing life insurance with depression.

We’ll help you through the application process and advise the best course of action to obtain your life insurance at the lowest possible price, with the least amount of hardship.

I know it can be stressful answering personal health questions to a stranger, but I have arranged life insurance for many clients who have experienced periods of depression in their lives.

All of our discussions will be on a strictly confidential basis.

Link to an Irish Times piece I featured in (Feb 7 2017)

Talk soon

Nick

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