Life cover - depression

Comp2

Any companies that will offer life insurance to a person that has a history of depression please? Historic hospital admissions but none in the last 15 years. Currently on antidepressants.

Thanks

csgohan4

You need a broker or approach them individually to see if they cover you, you will be a risk whether it was 1 year ago or 15 years ago.

Comp2

Thank you. I realise I am considered a risk but I'm being flatly refused. I don't understand really as death due to suicide or self harm is excluded anyway so not sure what makes me so risky.

Aretnap

Axtually, most life insurance policies do cover suicide - rightly they cover death due to mental illness as well as physical illness. They just have an expression on it for the first year or two so as not to encourage people in financial difficulty to think that they can somehow help their families by taking out a big life insurance policy then killing themselves.

Also, I wouldn't be at all surprised if there was a link between depression and a higher risk of physical illness, partly due to illnesses caused by generally not taking good care of yourself rather than deliberate self-harm, and partly because there are many social and environmental risk factors which are linked to higher rates of both physical and mental illness. That would be reflected in an insurer's acceptance/premiums too.

As above a mortgage broker or IFA should be able to find a policy suitable for you. My wife has a history of depression (no hospitalisation, but significant time off work) and we had no difficulty getting life insurance while she was on antidepressants.

Comp2

Yes true, there are physical illnesses that are perhaps more likely for a depression sufferer. The company's I have applied through have put suicide as an exclusion but I guess they all don't. I just keep filling in applications and getting refused so feel like I'm wasting my time.

dunstonh

I don't understand really as death due to suicide or self harm is excluded anyway so not sure what makes me so risky.

most insurers cover suicide after 12 months of policy being in force. Its an old wives tale that they dont.

Event driven depression is not normally an issue as long as you are not currently suffering. In those cases, adding exclusions is the normal outcome. Clinical depression is more difficult to place. Not impossible but the number of companies are reduced and the costs increase. How much will depend on your medical history and current condition. The range of possibilities is really anything from acceptance with no cost increase but a couple of extra clauses right through premium increases and more clauses to full decline to offer cover.

ThinkingOutLoud_2

Comp2 wrote: »

Yes true, there are physical illnesses that are perhaps more likely for a depression sufferer. The company's I have applied through have put suicide as an exclusion but I guess they all don't. I just keep filling in applications and getting refused so feel like I'm wasting my time.

Ok so it is right that aside a possible period before suicide would be covered, it should not be permanently excluded , if you can find a life insurer who will offer cover.

You clearly grasp that it is not likely going to come at bog standard rates. You will be paying more.

It would seem from the things you have said that at least a few mainstream insurers are declining to cover you.

You don't mention that the need for life cover is being explicitly drive by a mortgage or a desire for advice on what cover to hold. So the suggestion to find a mortgage broker or IFA may be less relevant than someone who specialises in "higher risk" life insurance where others decline. But, that may or be the case and and IFA should certainly know of specialists.

It would seem from the things you have said that at least a few mainstream insurers are flatly declining to cover you.

Therefore rather than me detail any one solution - if you search online using the term "declined life"; you will get a number of providers listed by return. To be honest, some are more generalist and simply willing to front your enquiry (and then they go to the few who truly handle tougher declined cases). The few are truly specialists when others decline. All should be regulated and therefore handle you properly.

They will want to get into details about your past and and current medications, but I think you know this.

Come back if stuck!

Good luck.

Comp2

Thank you. I have no issue with suicide being a permanent exclusion. I don't need life insurance to cover a mortgage and yes I have been declined flatly by a few insurers and I realise it may come at a higher premium.

I will follow your advice.

Weighty1

Comp2 wrote: »

Thank you. I have no issue with suicide being a permanent exclusion. I don't need life insurance to cover a mortgage and yes I have been declined flatly by a few insurers and I realise it may come at a higher premium.

I will follow your advice.

If there have been more than 1 past suicide attempts then a lot of mainstream providers may have difficulty in offering terms. They can generally appreciate 1 suicide attempt but a second or even more is a far higher risk.

I'd try and source an adviser who specialises in dealing with clients with pre-existing medical conditions.