Anxiety and Life Insurance
If you’ve been diagnosed with anxiety, the thought of applying for life cover can be quite intimidating. You might find it difficult to talk about very personal events or the reason for your condition which is a big part of mental illness.
The main thing is that you need to get the right life cover to protect your family and you want to do it as quickly as possible. Life insurance is the best way to protect the people you love and make sure that they’re financially secure.
Life insurance for someone with anxiety can be sorted quickly and can be very affordable as long as you know which company is right for you.
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The facts about getting life insurance with Anxiety
We understand that applying for anxiety life insurance can seem overwhelming at first. People with anxiety are often able to get life insurance quickly and should not need to pay more for cover.
Here we explain more about the best ways to get life insurance with anxiety as quickly and easily as possible. If you’ve got any other questions then please feel free to give our team of experts a call on 0800 009 6559.
What does Anxiety life insurance cost?
The cost of your life insurance will depend on how severe your anxiety symptoms are. Some questions underwriters might ask regarding your mental health issues are:
- When were you diagnosed?
- Do you experience panic attacks and how regularly?
- Have had any suicidal attempts or self-harmed?
- Do you take any medication or receive counseling?
- Have you ever been hospitalised or taken time off work due to anxiety?
Your premiums for life insurance will be based on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life, etc.)
Another thing that can influence the cost of your life cover is the company that you take a policy with. Each insurance company has its own pricing structure, so you might be able to get a cheaper policy through another company.
The cost of life insurance for someone with anxiety can be dramatically cheaper through a provider that understands the condition. Underwriting for life insurance can also make the price difference so you’ll just need to make sure that you apply to those with the best underwriting philosophy.
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What if I’ve been declined life insurance because of anxiety?
Lots of people with mental health problems and other medical conditions get declined when they apply for life cover. This can be because you’ve applied to the wrong insurance company or that you might not have timed your application quite right.
If you’ve been refused life cover in the past because of your mental health or anxiety, then you can still get protected. It’s important to understand that every company has its own criteria so some might offer cover where others decline.
When you apply for life insurance, your application or information is not shared with other insurers so it doesn’t matter if you’ve been declined elsewhere.
There are also insurers who will offer guaranteed life insurance which doesn’t require medical information for you to get covered. These products are different so you need to check the terms and conditions as you will probably not be covered for any pre-existing medical conditions.
Can I still get life insurance if I’ve had suicidal thoughts?
One of the biggest challenges for someone with anxiety is managing things like suicidal thoughts or self-harm. This can have an impact on your options for getting life insurance with anxiety and other types of mental illness.
This is an incredibly sensitive area for a lot of people and can be extremely difficult to talk about. You’ll want to speak to someone who understands your circumstances to make the process as simple as possible.
Will there be any exclusions on my cover because of my anxiety?
When applying for anxiety life insurance, there is a chance life insurance companies may apply mental health condition ‘exclusions’ to your insurance plan. Most people with anxiety are unlikely to have ‘exclusions’ added to their life insurance policy, however, this may apply to sufferers from anxiety with more severe medical conditions.
A mental health condition ‘exclusion’ prevents life insurance policyholders from claiming due to their mental health problems. This could also impact eligibility for additional insurance plan benefits like Total and Permanent Disability, Waiver of Premium, and Guaranteed Insurability.
How much life cover do I need?
The amount of life insurance you need depends on your individual circumstances. Although we can’t tell you how much financial protection you will need, there are some guidelines we can provide to help your life insurance application go smoothly.
You should keep in mind when making any life insurance application your life insurance rates could increase during the application process. This will usually happen after underwriting and could affect how affordable your policy may be.
Anxiety life insurance amounts of cover
- The amount left to pay on your mortgage.
- Any outstanding debt (e.g. Loans, second charge, credit cards, and others)
- Spouse or Partner
- Annual Income (after Tax)
- Any financial assets (e.g. car, house, business, etc.)
If you feel unsure or require more information to decide how much anxiety life insurance you will require to secure your family and home, see our iam|INSURED life insurance policy calculator.
Anxiety critical illness cover amounts
Critical illness cover will provide a tax-free lump sum if you become unable to work. People with anxiety and other mental health problems are often able to obtain critical illness cover on standard terms.
If you have experienced major health issues such as suicidal attempts, hospitalisation, and time off work you may find ‘loading’ or ‘exclusions’ added to your critical illness insurance plan.
If you’re considering a critical illness life insurance policy, you should account for:
- Your annual income (after Tax)
- Mortgage/rental payments (annual)
- Cost of living (annual)
- Any other potential costs (e.g. medical treatment or adaptations)
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Anxiety income protection amounts of cover
The application process or an income protection insurance plan will often be very similar to critical illness. With an income protection life insurance policy, you will receive regular payments should you become unable to work due to health issues.
Like critical illness suffers from anxiety can expect standard cover if they have a generalised anxiety disorder or their mental health problems are well controlled.
If your mental health condition is more severe you are likely to be offered high life insurance rates and mental health condition ‘exclusion’. When thinking about the amount you will need your income protection insurance plan to cover, you should consider:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
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Which insurance companies offer life insurance for people with anxiety?
As time goes on more and more people are being diagnosed with mental health problems like anxiety and depression. As such, life insurance applications for anxiety life insurance are becoming more common every day.
A mental health condition like generalised anxiety disorders should not impact your ability to obtain a life insurance policy and many life insurance companies offer standard terms to people with mental health problems.
Sufferers from anxiety who experience severe panic attacks or have made suicidal attempts will receive higher life insurance rates and could benefit from speaking with specialist life insurance companies like iam|INSURED.
We will look closely at your medical history and health issues to make sure we provide you with the highest quality life insurance plans available. To speak with one of the expert advisors, contact our office now on 01244 732 890.
Anxiety critical illness cover and income protection providers
Sufferers from anxiety should be able to make a successful critical illness or income protection life insurance application through many life insurance companies. After a review of your medical history, underwriters may apply mental health condition ‘exclusions’ or increased life insurance rates if your mental health problems are considered severe.
If your life insurance application for critical illness or income protection has been declined in the past you may wish to consider specialist life insurance companies like iam|INSURED. We can offer access to expert advisors and can help you find the best insurance plan for your mental health problems.