Life Assurance/Disability

MimiJane

Can anyone suggest a life assurance company who would not charge the earth for someone who suffers from depression? Are there any companies who "specialise" in providing a service for people with disabilities?

Thanks for any help.

dunstonh

If it is depression following a specific event or combination of events then they almost all will, often without any increase in premiums. If its clinical depression then it will either be very expensive, refused or written out of the policy (ie death from an event linked to depression). The latter is unlikely.

MimiJane

Thanks for the reply.

So, as far as you know, there is no insurance company that specialises in people with disabilities?  Can't help wondering what people do if they suffer from mental illness ... nothing I suppose if they're unemployed and have little money to come up with the extortionate premiums.

Hope all this changes soon when the government are attempting to change employers' attitudes to mental illness and the consequent discrimination in so many cases, though I suppose insurance companies are a completely different matter!


::)

dunstonh

I didnt cover disabilities. I just answered with reference to depression.

Insurance companies will look at the disabilities and price accordingly based on the risk.

Mental illness covers all sorts of areas and an insurance company may not be concerned with some but others can be very high risk and the insurance company will not offer cover.

Insurance companies will try and offer cover to people with a massive range of medical conditions. However, like any insurance, you pay more when there is an increased risk. With extreme risk, you effectively become uninsurable. This isnt discrimination.

You should visit an IFA and give them the full details of the medical conditions and let the IFA source that information to the insurance companies.