Applying for Life Insurance with Mental Health Conditions

Don’t shy away from applying for life insurance due to mental health conditions.

I am writing on this topic because almost every time I get to the health underwriting section of an application, people nearly whisper their mental health history and I want to make two main points:

1. Your broker and the life company underwriters have already heard every scenario you might imagine and hold all information in the strictest confidence. All health information is held to the highest data protection standards.With more and more people seeking care, mental health diagnoses such as anxiety and depression are far more common than many realise.

2. Most people with anxiety and/or depression receive standard health rates. Many people worry that they will be declined or that it will be unaffordable- this is not the case for most.

So how does the underwriting work?

Each life company has a slightly different underwriting “ethos” and your broker will know who to apply to if you discuss your diagnoses early in the process.

All providers will generally apply standard health rates to cases of anxiety and depression that have been diagnosed for 2 years or more where symptoms are controlled through therapy and/or medication.

If you have a recent or more complicated mental health history there is one provider I go to first as they have routinely offered lower rates for such cases.

Mild cases can be accepted immediately but many cases will require a short report from your GP or specialist on the status of your health -this report is at no cost to you and will be sent directly to your GP from the life company, all answers are returned directly to the underwriter and not shared with anyone else including your broker.

Don’t be alarmed if a report is requested, many cases will still return standard health rates. In some cases the underwriter will apply a “rating”. A “rating” is an additional premium applied to the standard rate. In rare cases, you may be postponed cover until some time passes where your health has stabilised.

Again, don’t get hung up on your mental health, talk with a broker, we are here to help.

If you have query on the above or would like to discuss your circumstances, contact me anytime, always in the strictest confidence.

Rachel O’ Shea, Protection Manager

021 4521328 roshea@olearylife.ie