If you’re suffering from mental health issues, you may be concerned about whether you’re eligible for life insurance if you don’t already have a policy. With more insurance options around than ever, it’s easy to be confused and overwhelmed when shopping around, and it’s even harder if you have a pre-existing condition.
In this guide, we’ll take you through everything you need to know about applying for life insurance with a mental health condition, including what insurers will ask you, the type of policies to keep an eye out for and whether your condition will affect your application.
Read on or click to a specific section below:
- What is considered a ‘mental health condition’ in insurance?
- Are mental health problems considered pre-existing conditions?
- Can I still get life insurance with a mental health condition?
- What to keep in mind when applying
- What could happen if I don’t disclose my condition when applying?
- How to get life insurance
What is considered a ‘mental health condition’ in insurance?
While ‘mental health condition’ is a relatively broad term, there are specific illnesses that insurance providers will list when you’re researching different policies. While the following is not an exhaustive list, it does give you a general view of what is classified as a mental health problem and how insurers classify them:
- Depression
- Anxiety
- Paranoia
- Phobias
- Psychosis
- Obsessive Compulsive Disorder (OCD)
- Post-Traumatic Stress Disorder (PTSD)
- Schizophrenia
- Bipolar Disorder
- Eating disorder
- Postnatal depression
- Stress
To get an official diagnosis, you’ll need to have seen a GP and have a note, as insurance companies will require official documentation in order to give you an accurate policy.
Are mental health problems considered pre-existing conditions?
Mental health conditions are indeed classed as pre-existing conditions, which means you’ll need to disclose any you’ve been diagnosed with when applying for a policy.
How much this affects the policy you’re able to get and your premium will depend on how serious the condition is and how long ago you were diagnosed. If it’s been a long time since you were diagnosed and you can provide proof that your health has improved, this will be beneficial when applying.
See also: Can I get life insurance with cancer?
Can I still get life insurance with a mental health condition?
The good news is that it’s very much possible to get life insurance with a mental health condition. 1 in 4 people in the UK struggle with their mental health*, meaning that insurance companies now consider it a normal part of a person’s health history. However, as previously mentioned, this does depend on the severity of your condition.
Under the Equality Act 2010, it is illegal for an insurer to discriminate against someone with mental health problems and can only ask you relevant questions, but this does not stop providers from making exemptions based on your personal condition.
When shopping around for health insurance, it’s important to understand your personal needs, which will of course vary from person-to-person. Some policies will be more suitable for your situation than others, so make sure you get quotes from multiple different providers and even consider using a comparison site. Even if you get rejected, it’s likely there will be another policy that’s right for you.
What to keep in mind when applying
- Check if you’re already covered – Check with your employer to see if you’re already covered on a life insurance policy, as this is sometimes a benefit for employees in various companies. If you are, you don’t have to worry about taking out your own policy.
- Have your medical history ready – An insurer will ask you a number of questions about your medical history and your family’s medical history. These include,
:what you’re diagnosed with and when, your symptoms and any medication you take. This is on top of the standard questions that life insurers ask, and it’s helpful to have all this prepared. - Get help if you need it – Sorting out life admin can be stressful for anyone, so make sure you’re not tackling it alone if you feel like you need help. Whether this is a friend, family member, carer or colleague, having a second eye to look over everything can be very helpful.
What could happen if I don’t disclose my condition when applying?
As mental health issues are usually invisible illnesses, it might be tempting to not disclose them when you’re applying for health insurance. If you’ve been specifically diagnosed, however, this is probably a bad idea.
If an insurance company discovers that you have withheld information:
- Your policy could be invalidated
- The company might not pay out a claim in the event of your death
- You could be charged a penalty fee
- You could face prosecution in extreme circumstances
See also: Can I get life insurance after a heart attack?
How to get life insurance
We’ve partnered with Pulse to get life insurance into the hands of those who need it the most. Pulse are specialists in offering insurance to people who have pre-existing conditions, including mental health problems, meaning you can find a policy that works for you specifically.
Outside of Pulse, the main rule of shopping for insurance is to compare every policy you come across to what the wider market is offering. You can do this manually or use a comparison site but be aware that some providers only offer policies when you go to them directly.
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