As with other pre-existing medical conditions, Mental Health life insurance rates can vary dramatically from one insurance provider to another depending on their own attitude to risk for this type of condition.
It is possible to get Mental Health life insurance and terms can range from standard rates for mild symptoms with no additional medical disclosures all the way up to decline for more severe cases (e.g. multiple suicidal attempts).
Some of the main factors which would be taken in to consideration by underwriters for any application for Mental Health life insurance are:
- Your age when you were first diagnosed
- What was the cause of your mental health problems
- Have you ever had any suicidal thoughts, attempts or self harm
- What type of medication or treatment
- Have you ever been hospitalised due to your mental health
It can be a stressful experience applying for Mental Health life insurance so our specialists have a vast amount of experience to make your application as simple and hassle free as possible. We understand exactly how insurance underwriting works for Mental Health life insurance so we can take the information that will be required as well as explain the whole process to you.
For some more severe types of mental health, or for people with more frequent symptoms, you may find that premiums can increase to reflect the levels of risk involved. If you have previously applied for Mental Health life insurance and been declined cover or have been offered high premiums then speak to The Insurance Surgery who are here to help.