Illness cover and self-employment and Mental Health (Depression)

Eternal_Newbie

Hi,
Longtime lurker, first post. I saw some other threads on here related to this so it seemed like a good place to ask. I am self-employed and have Critical Illness cover. I took it out long ago and have been dutifully paying it ever since. I don't really know how it works with self-employment. And I took it out in case of injury or serious physical illness. I hadn't expected to run into mental health problems. However, I'm at the point that my depression has started to badly affect my work. Until this past year it was a sporadic thing - a morning or occasionally a day here and there where I couldn't work well and I managed it privately. I think I really need help and have booked an appointment with a doctor (they have given me a phone appointment for three weeks from now but I'm trying to find out about private healthcare). But I'm worried about if I can claim on Critical Illness for things like depression. I have a mortgage to pay and if I'm "signed off", how does that even work when you don't have an employer?

I was signed off for mental health reasons ten years ago but I wasn't self-employed then so I didn't have to worry about it. I used to work in the NHS and have a good idea of what the diagnostic procedures are, or at least used to be. I went through a PHQ-9 (depression evaluation) and it reports I have moderately severe depression.

Any suggestions are welcome. If this is off-topic, please delete. Thank you for any replies.

Sandtree

Critical Illness covers specific conditions with specific markers eg L&G pays out if you need heart surgery but only if its done by opening the chest and not if its done by keyhole... obviously as time goes on this is getting less valuable as more and more can be done without opening the chest.

Some also include a generic "total and permanent disability"  where the cause doesnt matter so much but means you'll never be able to do your job (or a job depending on level of cover) again plus cannot walk 200m or climb 12 stairs etc.

Ultimately, check your policy, but have never heard of any that cover mental illness. 

Critical Illness pays a lump sum which is intended to allow significant changes in light of the condition (eg remodel kitchen for the fact you are now in a wheelchair) but isnt really an income protection product.

Eternal_Newbie

Thank you. When I have time later, I will get the policy and look into it in more detail. I'm certain I had income protection at some point but maybe it lapsed.

Weighty1

Eternal_Newbie said:

Thank you. When I have time later, I will get the policy and look into it in more detail. I'm certain I had income protection at some point but maybe it lapsed.

This would be far easier to claim on than critical illness cover since it is based on your ability to work rather than being diagnosed with a specific condition, however even then, it depends on the type of income protection you have as to whether mental haelth conditions would be covered.
As mentioned above, unfortunately, it is highly unlikely you are going to be able to claim on critical illness plan due to anything but the most severe and permanently debilitating mental health conditions.
Hope the GP's recommendation helps.