The facts about mental health life insurance
Living with a mental health condition can be a challenge, however, it shouldn’t be a challenge to protect yourself. Here at Iam Insured, we are passionate about offering mental health life insurance policies to you from our reputable insurance providers, offering you the opportunity and right to protect what is important to you. From full mental health life insurance policies and income protection to critical illness cover and travel insurance, we have an array of cover options available, providing you with the support you deserve.
Mental health conditions can be anything from general stress to a critical case of depression and anxiety, short or long term, and can be triggered by a variety of life events, day to day activities, or even a one-off occurrence. There isn’t a one size fits all description that can classify what mental health issues are, and that is why we treat you as an individual by catering to your personal needs.
Mental health problems are sadly on the up, however, we want to promote our support here at Iam Insured through offering mental health life insurance products. Additionally, our benefits provided by our partners advocate for a healthy, well-balanced lifestyle which can offer further support for you. Click here to view our customer benefits.
If you would like to discuss how mental health life insurance can help you, or whether you’d like to view the full list of conditions covered by our insurance providers, contact our team today 01244 732 890.
How to obtain mental health life insurance
When you apply for life insurance, especially with a mental health condition, we understand how distressing the process can be. Here at Iam Insured, our team is prepared to guide you through the available mental health life insurance policies to provide you with the most reliable, and formfitting product for your requirements. Within this process, we will need to get to know your personal case to gauge the best route to take – this is where we will ask you several relevant questions to gather data. The questions you can look to expect include:
- What is your mental health condition?
- How long ago was your diagnosis?
- Have you received any medication, therapy sessions, support from a mental health team, or a stay in the hospital?
- Have you ever tried to self-harm or had any suicide attempts?
- Have you required time off work due to your condition?
Once we have collected the data from the above, we will also need to consider any pre-existing medical conditions you may have to progress your mental health life insurance application. For some conditions such as anxiety and OCD, a generic application process will be followed, however, conditions with severe symptoms that have led to self-harming or suicide attempts will need further investigation.
By completing the above, we are ensuring that each area is covered, thus providing our team of consultants with the data to support you greater when finding the ideal product. If you would like to discuss the application process further, contact our team today.
How much does mental health life insurance cost?
When considering the cost of your mental health life insurance, your premiums will be affected by the information provided in the application process. If higher protection is required, your premiums will increase slightly. This increase will ensure that you are accommodated with the right amount of mental health life insurance. For your own personal quote for mental health life insurance, critical illness cover, income protection, or travel insurance, contact our team.
How much cover do I need?
Similar to costing, the amount of mental health life insurance you require will depend on your personal requirements. Additionally, the type of policy you’re looking for, whether that be a general mental health life insurance policy, income protection, critical illness cover or travel insurance, along with its term period will influence the amount of cover. All policies can increase after underwriting; therefore, affordability may be a route to consider.
Mental health life insurance amounts of cover
- Mortgage amount (£’s)
- Outstanding debt (e.g. Loans, second charge, credit cards, and others)
- Spouse or Partner
- Income (after Tax)
- Assets (e.g. car, house, business, etc.)
For more information regarding the amount of mental health life insurance you need to protect yourself, your family, and your home, view our life insurance calculator.
Mental health critical illness cover amounts
Critical illness cover is designed to protect you with a lump sum payment if you fall seriously unwell. The factors to consider prior to applying are:
- Income (after Tax)
- Mortgage payments (annual)
- Cost of living (annual)
- Any other possible costs (e.g. medical treatment or adaptations)
Similar to the application for mental health life insurance, if you do have a mental health diagnosis that has a low risk, obtaining critical illness cover is usually an easy, quick process. If your condition is of high severity, we recommend discussing your case beforehand with our team, allowing us to find the best cover for you. If you would like to find out how critical illness cover can benefit you when in times of need, speak to our expert advisers today by contacting us on 01244 732 890.
Mental health income protection amounts of cover
If you work, we cannot recommend considering an income protection policy. This will support you and your family financially in times of need. The key factors to consider when thinking of the amount of cover:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
Please be aware that if you haven’t experienced any symptoms within the last few years or your condition falls on the low severity scale, obtaining income protection insurance will be straightforward. However, be mindful that if you have experienced symptoms, exclusions will be added to your policy relating to your medical history.
Mental health travel amounts of cover
If you are looking to travel, communicating your condition and symptoms is a must when applying for travel insurance with our insurance providers. Our travel insurance policies can include your mental health symptoms to provide you with peace of mind, and protection while on your travels.
Purchasing your mental health life insurance policy with Iam Insured
Here at Iam Insured, we are an insurance broker with a difference. We specialise in health and life insurance policies and fully understand that each one of our customer profiles is different. With that said, we have strong background knowledge aiding us to advise and offer cover most suitable for you. If you’re seeking mental health life insurance, be assured that you are placed in safe hands with our expert team. Contact our team today for support with any pre-purchase questions or to progress your application for either a generic mental health life insurance policy, income protection, critical illness cover or travel insurance policy today! 01244 732 890.
Exclusions for mental health life insurance, critical illness cover, income protection, or travel insurance
While applying for covers such as mental health life insurance, critical illness cover, income protection, or travel insurance, ‘exclusions’ are an additional outcome to be applied. Exclusions are considered as conditions that can be linked to your mental health condition, which will be excluded from your policy.
Your premium’s for mental health life insurance will depend on:
- The type of mental health condition you have
- The extent of your pre-existing medical conditions
- The type of insurance policies you’re looking for – (Income Protection, Critical Illness Cover, Travel insurance).
- The term of your mental health life insurance
Percentage (%) loading for mental health life insurance
When considering your premiums for mental health life insurance, insurers take the above factors into consideration when calculating a percentage loading strategy. Percentage loading is where an additional percentage is applied to your standard premiums, which are estimated based on your previous and current health. If you would like to find further information regarding the weightage of pre-existing health conditions on your premiums gets in touch with our team. Be aware that loading percentages differ between insurers when considering mental health life insurance.
Per mille loadings for mental health life insurance
Additionally, ‘per mille loading’ may be applied to your mental health life insurance premiums, however, this is mainly added for more severe conditions. A ‘per mille loading’ will be an extra amount applied to your premiums based on the amount of cover you apply for (e.g. £2 per thousand £’s of cover). To discuss how this could affect your mental health life insurance policy, contact our expert team today 01244 732 890.