Anxiety life insurance
Someone can suffer from anxiety for many reasons and the effects can vary depending on you or your situation. A recent example is the recent global pandemic, which caused a major spike in the number of people suffering from anxiety.
Life insurance with anxiety is usually fairly simple, aside from the fact that you might not want to talk about your anxiety which is understandable.
According to Anxiety UK, the Top 5 anxiety conditions are:
1. Generalised anxiety disorder
2. Mixed depression and anxiety
3. Health anxiety
4. Social phobia
There are many different types of anxiety, that have different symptoms and affect people in very different ways.
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Anxiety and coronavirus statistics
A recent report by the Office for National Statistics (ONS) suggested that nearly half (49.6%) recorded high levels of anxiety at the beginning of lockdown (March 2020).
Coronavirus is the biggest single event to impact people across the globe since World War II. Levels of anxiety amongst people in the UK increased from an average score of 3.0 out of 10 up to 4.0.
Anxiety and life insurance
Some of the answers to the questions that we get asked about what life insurance does for people with anxiety.
Does life insurance payout for anxiety?
YES – if you’ve been diagnosed with anxiety and you need to claim on your life cover then your claim should be paid.
The only exclusion that may apply for anxiety and life insurance, is suicide in the first 12 or 24 months.
More about suicide life insurance
Your family should receive a cash lump sum if you pass away due to anything related to anxiety. Life cover is designed to protect your family financially in the event of death which can include mental illness.
More about LIFE INSURANCE
Does critical illness cover payout for anxiety?
Generally, you won’t be able to claim on a critical illness cover policy for any mental health condition. This type of cover is designed to protect you if you are diagnosed with a serious illness, such as cancer, heart attack, or stroke.
There are some critical illnesses connected to anxiety that may be covered by a critical illness cover policy.
- Heart attack
- Heart failure
Critical illness cover doesn’t provide specific cover for anxiety but can be extremely useful for many other reasons. If you can afford to take some critical illness, then it’s definitely worth considering to give you a higher level of protection.
Over 70% of all critical illness cover claims are related to cancer so this should help to explain why this type of cover is useful.
More about CRITICAL ILLNESS COVER
Does income protection cover you for anxiety?
If you need to take time off work because of anxiety then an income protection policy should payout. Most income protection policies won’t exclude mental health-related issues unless they are pre-existing.
If you are concerned about having to take time off in the future because of anxiety, then it’s definitely something to consider.
As long as you haven’t already been diagnosed with anxiety, or received any treatment for it then full cover should be available. Most policies have some exclusions for any conditions that you’ve either had in the past, or you have currently.
A standard income protection policy should also provide you with support to help you to get back to work. This can include things like counseling services, payments for support, and other services to help you to return to work.
More about INCOME PROTECTION
Life insurance with anxiety
There are many things to consider when looking for life insurance with a pre-existing condition, like anxiety.
Mental health problems can make applying for life insurance seem more difficult, mainly because of having to discuss very personal information with a stranger. It’s important to speak to someone that understands your situation and your needs.
Can I get life insurance if I have anxiety?
YES – it’s usually fairly straightforward to be able to get a new life insurance policy if you’ve been diagnosed with anxiety.
The most difficult part of getting life cover with anxiety is choosing the right insurer and paying a fair price. Premiums can vary between insurance companies which can make things slightly more complicated.
Some insurance experts will have access to multiple insurers so you’ll have a better chance of paying less this way. This can be called ‘whole of market’ which means that they can search all insurers for you, without the hassle of applying several times.
The only potential issues with applying for life insurance with anxiety is where:
- Suicide attempts or thoughts
- Self-harm or thoughts about it
You’ll be asked about this on your application which can be distressing but try to be as open and honest as you can.
Some other questions that you might be asked when applying for life cover with anxiety:
- Apart from regular appointments, are you waiting to see a specialist?
- When did you first experience symptoms?
- In the last 5 years have you seen a therapist, specialist, psychologist, or any other counseling service?
Does anxiety affect life insurance?
NO – the cover will be exactly the same with or without anxiety so there’s no difference in the cover.
Standard life insurance does not have any exclusions apart from suicide in the first 12 or 24 months (depending on the insurer). There are other policies available that might be more suitable for you if you’ve had suicide attempts or self-harm in the past.
Denied life insurance for anxiety
If you’ve applied for life insurance in the past and been declined, don’t worry because there are plenty of options.
There are several reasons why you might have been denied life insurance because of anxiety.
- Wrong insurer: some insurance companies are less suitable than others for certain medical conditions. It is very likely that another insurer might consider cover even where you’ve been declined elsewhere in the past
- Bad timing: it is actually important to consider the right time to apply for life insurance, especially with pre-existing conditions. For example, if you’ve just been diagnosed can be the wrong time to apply.
There are also other options for cover (see guaranteed life below)
Guaranteed life insurance for anxiety
Some specialist insurers offer life cover for people who struggle to get it, and this can be a great alternative.
The main difference with this type of life insurance policy is that exclusions may apply for pre-existing conditions. If you’ve had anxiety in the past or you currently suffer from anxiety then this is definitely an option.
Guaranteed life insurance also offers cover with no medical questions so you won’t need to discuss your anxiety.
Best life insurance with anxiety
Life insurance comes in several different forms or types of policies, so you just need to think about what you want to protect.
Term life insurance for anxiety (family protection) is the most common and well-known type of life cover. You should be able to get family life insurance if you have anxiety in most cases and you should have options from several insurers.
Mortgage life insurance with anxiety (decreasing term) is very similar to family protection apart from the amount of cover reduces over the years. This type of cover is specifically designed to protect a repayment (capital and interest) mortgage.
Critical illness cover with anxiety is also usually available through a number of insurers. The most important thing is to make sure that you pay a fair price and you get the best cover. It’s easier to get this type of cover with milder symptoms and no other medical issues.
Income protection with anxiety is also often available through most of the standard insurers. There are lots of options with income protection insurance so you’ll need to consider what you want and how much cover you need.
Whole of life insurance with anxiety is a slightly less common type of cover, but also should be available for you. The main thing with this type of policy is making sure that it’s affordable and suitable for you. Generally, this type of policy is designed for inheritance tax planning or legacy planning.
Family income benefit with anxiety is a great alternative if family protection isn’t affordable for you. This type of life insurance is less well-known but can be just as useful and you can get this cover cheaper because it pays out an income rather than a lump sum.
Does anxiety count as a pre-existing condition?
YES – most insurance applications will include several questions about mental health and anxiety. You’ll be asked some questions as mentioned above (questions about anxiety life insurance) and you should make sure that you answer all questions as honestly as possible.
If you disclose anxiety then you’ll just need to provide some extra information about your condition, and health.
Will I need a medical for anxiety life insurance?
It is normal for some insurers to ask for a medical (nurse screening) or to view your GP records when you apply for life insurance.
There are several reasons why an insurer might ask for further medical information, such as:
- Financial limits (the amount of cover is high)
- Your age
- Health or medical disclosures
- Previous applications (with the same insurer)
Some insurers might ask for a medical and some might not so always worth checking if this is the best option.
Common conditions linked to anxiety
There are several medical conditions that can be linked to anxiety and others that are often associated with anxiety.
- Heart disease
- Thyroid problems (e.g. hyperthyroidism)
- Respiratory conditions (e.g. Asthma and COPD)
- Drug abuse
- IBS (irritable bowel disease)
Anxiety has several different forms and it can vary dramatically depending on the severity of your symptoms.
Common questions about anxiety
Here are some of the most common questions that people ask about anxiety and what happens if you have anxiety.
What are the 5 symptoms of anxiety?
There are several tell-tale signs of anxiety, including feelings of:
- Fatigue or tiredness
What anxiety can do to your body?
Although anxiety is a normal emotion, short-term effects of anxiety can include an increased heart rate, rapid breathing, or more intense blood flow. This can have longer-term impacts on your body such as cardiovascular problems.
Does anxiety affect life expectancy?
If someone is under heavy stress for periods of time, there is research that suggests life expectancy is shortened by 2.8 years. This is based on research from a study by the Finnish Institute for Health and Welfare.
Useful resources for anxiety
Here are some of the resources and websites we have found that might be useful for more information about anxiety.
NHS Choices – generalised anxiety disorder in adults
Mind charity – anxiety and panic attacks
Anxiety UK – charity