Mental health conditions are common in the UK, with 1 in 4 adults experiencing a mental health condition.
This guide aims to ease any concerns you might have about applying for life insurance with a mental health condition such as depression or anxiety.
Can I get life insurance if I have a mental health condition?
Yes, it could be possible to get life insurance if you’re living with a mental health condition.
The UK Equality Act of 2010 is in place to protect customers from discrimination due to mental health. However, insurers can still use information about your mental (and physical) health to make a decision about your application.
Depending on your personal circumstances:
- You could be accepted on standard terms
- Your premiums could be increased
- You could have fewer options available to you
- You could be declined
It’s important to compare a wide range of quotes to make sure you’re getting the best policy and price for your personal circumstances.
Do I need to tell insurers about my mental health condition?
Yes, during the application you’ll need to let insurers know about your medical history, including any mental health conditions.
While it can be hard to discuss something as personal as mental health, insurers aren’t here to judge.
They need to know this information to get a better understanding of your personal circumstances so they can accurately assess whether they can offer you a policy or not.
If you withhold this information or you give false details, this could lead to your policy becoming invalid when the time comes to make a claim.
The exception to this is an over-50s plan, where no medical information is needed during the application.
How does mental health affect life insurance?
Having a mental health condition could affect what options are available to you, as well as the price you pay.
Each insurer has different underwriting criteria. This means they’ll assess applications differently. So, if one insurer can’t offer you a policy or the policy they’re offering is too expensive you might find better options elsewhere.
The type of condition you have and your personal circumstances can also impact your application. For some, mental health may have little to no effect on an application, while others could experience higher premiums or being declined.
For example, someone who’s living with severe depression that impacts daily life might find it harder to buy a policy than someone who’s living with mild and well managed anxiety.
Insurers assess life insurance applications based on risk and the likelihood of a claim being made. If your condition greatly affects your health or there’s risk to your life, you’re likely to be charged more or have fewer options available to you.
What information will I need to give about my mental health condition?
You could be asked to provide the following information about your mental health condition:
- Type of condition (e.g., anxiety, bipolar disorder, borderline personality disorder, depression, OCD, Schizophrenia)
- Date of diagnosis
- Names of medication/treatment
- Symptoms you experience and how often
- Whether your condition affects your daily life (for example, if you’ve had to have time off work or have been admitted to hospital)
- If you have a history of self-harm
- If you have attempted suicide
It may be hard to speak to a stranger about some of the information listed above, but it’s important to be open and honest so that you get the right cover.
The life insurance application questionnaire will also require you to provide information about:
- Age
- Smoking status
- Occupation
- Lifestyle (hobbies, alcohol consumption, drug use)
What is the best life insurance for people with mental health?
The best life insurance for someone with a mental health condition will be the policy that offers the right cover for your needs at the right price.
The most common life insurance options include:
- Level term life insurance: Can cover you for an agreed amount of time (the term), paying out if you die during this time. The payout amount remains the same throughout the policy term.
- Decreasing term life insurance: Is there to cover you for an agreed amount of time (the term), paying out if you die during this time. The payout amount reduces throughout the policy term.
- Whole of life insurance: Offers you cover for life, and a payout is made when you die.
- Over 50s life insurance (an over 50s plan): An over 50s plan guarantees acceptance (with no medical questions) to UK residents aged 50 - 85 and covers you for life.
Some insurers offer health and well-being services that could help you manage your condition. This is usually through an app that provides you with access to support services, remote GP appointments, consultations, and more.
This is something you could keep in mind when looking for a policy.
Does life insurance cover mental health?
It can be possible for life insurance to cover death due to mental health conditions.
However, if you declare any previous suicide attempts, insurers may exclude it from your policy. This means a payout wouldn’t be made if you die due to this reason.
All policies will come with a 12-month suicide clause at the start of the policy. This means death by suicide isn’t covered within this time. This clause is in place to prevent vulnerable people from buying life insurance for a payout.
Can I be declined for life insurance due to mental health?
Yes, if insurers believe there's too much risk involved with offering you a policy, they could decline you.
If you’ve been declined for life insurance, fear not. There could still be options available to you.
You could apply for a policy through a specialist insurer, or, if you’re aged 50 – 85, you could apply for an over 50s plan. Over 50s plans offer guaranteed acceptance and no medical questions are asked.
How to buy life insurance with a pre-existing medical condition
Buying life insurance with a mental health condition doesn’t have to be a daunting task.
There could still be many options available to you, so don't be put off from applying.
You might want to consider the following when buying a policy:
- Compare quotes: Comparing multiple quotes can help you find a policy that’s suitable for your personal circumstances. If one insurer is too expensive or won’t offer you a policy, another might be more suitable. You can compare multiple quotes at once using a comparison service (like Confused.com), saving you time and money.
- Consider specialist cover: If you’ve been declined for life insurance in the past or have struggled to buy a policy from mainstream insurers, you could look into a specialist insurer. These are insurers that specialise in providing cover for 'non-standard' or 'high-risk' applicants as they are more prepared to assess complex applications.
- Always be honest: It's essential to be honest about your condition to make sure your cover is valid. If it's found that you left information out of an application or gave false information, your policy won't pay out.
- Over 50s plans don't need you to give medical information: If you’re aged 50 – 85 you could buy an over 50s plan without having to give any information about your mental health condition (as acceptance is guaranteed).
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