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Anxiety and Depression Life Insurance

Facts about Anxiety and Depression Life Insurance

Have you experienced symptoms of or been diagnosed with mental health issues such as depression and anxiety? Sadly, mental health problems are on the up, however we want to assure you that support is available.

If you’re struggling to find an insurance provider who understands and supports you through these difficult times, look no further. Here at Iam Insured, we work alongside reputable life insurance providers who offer suitable policies such as anxiety and depression life insurance.

Whether you’re looking to protect your future, family or finances, we are here to offer a helping hand through our authorised and regulated set of insurance policies. We can source general anxiety and depression life insurance, income protection, critical illness cover and travel insurance, all suitable for your health requirements.

Contact our team today on 01244-732-890 to discuss our anxiety and depression life insurance policies. Obtaining insurance is a straightforward process with us.
If you are looking for support with a mental health condition or anxiety disorder, here’s some supportive resources: https://www.selfgrowth.com/mentalhealth_articles.html

How much does anxiety and depression life insurance cost?

When applying for anxiety and depression life insurance, insurance providers will need to get to know your health history to guide you in the right direction. If you have a general anxiety disorder or depression, standard rates can usually be provided. As long as your disorder is well controlled, your application should be accepted by most insurance companies.

However, if you have previous suicidal attempts, have had significant time off work or have received recent psychiatric treatment, your premiums are likely to increase. Additionally, if you are diagnosed with conditions such as bipolar disorder, exclusions may be applied to your policy.
To discuss your personal case and retrieve a quote for anxiety and depression life insurance, contact our team on 01244-732-890.

Your premiums for anxiety and depression life insurance will depend on:

  • Your current depression and anxiety diagnosis.
  • Your medical history, including any mental health issues, symptoms and treatments.
  • The type of insurance product you’re looking for – (Income protection, critical illness cover, travel insurance).
  • The term of your anxiety and depression life insurance policy.

Percentage (%) loading for anxiety and depression life insurance

When applying for anxiety and depression life insurance, insurance providers will take your current mental health diagnosis into consideration by using percentage loading. Percentage loading is where a percentage is added to your premiums. Please be aware that each provider has differing percentages and calculation processes when applying for anxiety and depression life insurance.  View our below example to see how percentage loading works:

EXAMPLE:

Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for anxiety and depression life insurance

An additional outcome you may experience when applying for anxiety and depression life insurance is ‘per mille loading’. This is where an additional amount is added onto your premiums which is based on the amount of cover you apply for. This can be applied throughout your anxiety and depression life insurance policy, or for a specific period of time.

When applying for anxiety and depression life insurance, critical illness cover, income protection or travel insurance, you may also experience ‘exclusions’. Exclusions are conditions which can be linked/caused by your mental health disorder and will be excluded from your policy.
If you would like to discuss how exclusions may affect your anxiety and depression life insurance, contact our team today on 01244-732-890

Whether you are applying for a generic anxiety and depression life insurance policy, or income protection, critical illness cover or travel insurance, it is difficult to give a recommendation on the amount of cover you will need.

Once insurance companies are presented with your medical history, they will have a clearer view of the amount of protection necessary. However, in the meantime, here are some factors to help you gauge cover amounts when applying for anxiety and depression life insurance policy, or income protection, critical illness cover or travel insurance:

If you are looking for a general anxiety and depression life insurance policy, insurance providers will need to gain a clear overview of your mental health condition to gauge the amount of cover necessary. Dependant on the severity of your condition, both premiums and exclusions may be applied when applying for life insurance cover. Here are some factors you should consider prior to applying for anxiety and depression life insurance:

  • Mortgage amount (£’s)
  • Outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependents
  • Spouse or Partner
  • Income (after Tax)
  • Assets (e.g. car, house, business etc.)

To progress your application for an anxiety and depression life insurance policy, contact our team today  on 01244-732-890. They will support you throughout the application process, ensuring you’re receiving the right amount of cover.

If you have been symptom free and can control your mental health condition, like life insurance, there are similar unwritten guidelines. If this is your case, obtaining critical illness cover should be straightforward. However, if you have experienced recent symptoms, along with any treatment, premiums and exclusions will be applied to your policy. Please be aware that this process is dealt with in a sensitive manner however, insurance companies will need to gauge a clear understanding of your condition. If you are interested in critical illness cover, here are factors to consider when applying:

  • Income (after Tax)
  • Mortgage payments (annual)
  • Cost of living (annual)
  • Any other possible costs (e.g. medical treatment or adaptations)

If you suffer from anxiety or depression, it is likely that you will be able to obtain income protection cover with exclusions on claims related to your mental health condition. If your symptoms are present, insurers may delay your application until your symptoms have subsidised. To discuss your likelihood or obtaining income protection cover, contact our team today 01244 732 890. Alternatively, there are further insurance products suitable to support you through times of need – ask our consultants about them.
If you are eligible for income protection, consider these key factors to gauge cover amounts: 

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)
  • Cost of living

Are you looking to travel abroad? If so, we would advise looking at travel insurance for those with pre-existing medical conditions. This will ensure you are protected to a high standard when travelling abroad. Contact our team today to discuss your policy.

Purchasing your anxiety and depression life insurance policy with Iam Insured

Here at Iam Insured, we understand that living with a mental health condition can be difficult, however it shouldn’t be difficult to receive the right amount of protection.

We can support you in finding the most suitable anxiety and depression life insurance policy, income protection / or alternatives, critical illness cover and travel insurance cover.
We will ensure that your personal circumstances and budget will be taken into consideration, along with providing support throughout your anxiety and depression life insurance application. Contact our team on 01244-732-890 to begin your application process.

Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.

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