Life Insurance and Depression

cheesypuff

Hi

I wonder if anyone would know of any company that would give me life insurance as I am on anti-depressants through suffering from depression for last 5 yrs? Would the premiums be a lot higher I wonder?

Thanks

dunstonh

It depends on the type of depression (event driven or clinical for example). I have seen event driven depression cases have no premium increases. Clinical depression tends to get rejected or have far higher restrictions imposed.

Until your facts are placed with the underwriters there is no way to know.

cheesypuff

Hi

My depression has been diagnosed as being endogenous depression, which is more hereditary not caused by much in particular.

dunstonh

cheesypuff wrote: »

Hi

My depression has been diagnosed as being endogenous depression, which is more hereditary not caused by much in particular.

In which case, providers are going to have a more stringent criteria on underwriting. That usually means you could range from complete refusal, altered premiums or terms adjusted (e.g. suicide cover removed).

In cases like this its worth getting an IFA involved as they can ring round the underwriters and find out how your application would be treated. This saves you having to submit one yourself without knowing what the outcome will be. Any refusals on a ring through to underwriter do not need to be declared.

cheesypuff

Thanks for your advice, if its going to be too dear looks like i will have to go uncovered:eek:

OshayAway

Insurers do vary considerably on this. Many take a much harder line than others so using a good, whole of market protection adviser is the key. The more insurers they speak to on your behalf, the more likely you are to get better terms.

I've known instances where two insurers have underwritten the same individual, with the same medical evidence, where one has offered standard rates and the other a 200% rating / loading (i.e. three times the original premium.)

The tricky part from your point of view will be finding someone to spend time doing the leg work for you.

I hope that helps.

cheesypuff

Thankyou

I will try and find someone. Fingers crossed. will let you know.