Mental Health and Life Insurance

Family Gathering for a Meal
Family Gathering for a Meal

When it comes to mental health, it’s unfortunate that you may find you have a more difficult task of getting a suitable insurance cover. There are some common challenges that come with this, and so it’s worth knowing what these are and how they may impact your ability to get life insurance cover.

How Can Mental Health Affect Life Insurance?

Well, firstly, it’s something that may come across when assessing you as a customer. To the insurance provider, you may be deemed as high-risk, and that means that you’re someone that will likely need to take out the claim. Even if you had a mental health problem in the past, it can still do damage to what options you can get. It’s therefore important to review each insurance provider to see what their terms and conditions are when it comes to mental health as being a pre-existing medical condition or not for them. 

You might be charged more in premiums if you’re unable to work because of a mental health problem, and so that can make paying them difficult. It could be difficult to get the cover you need and want because the premium charges are so high. The process of applying can also be difficult if you’re filling out forms, and your mental health makes it hard for you to concentrate. However, even though we’re all different, we can all find a life insurance provider that works for our needs and financial ability.

Is Mental Health Classed As A Pre-existing Medical Condition?

A pre-existing medical condition is often something that has been diagnosed, so if you suffer from anxiety, but you’ve never been to a medical professional, it’s likely that it won’t matter. However, for most of us, when it’s so severe that we need professional help, most mental health problems will be classed as a pre-existing medical condition. This can affect the likelihood of you getting a more affordable policy but when it comes to your insurance provider, give them as much detail as possible. The more honest and upfront you are about how you handle the mental health, the better.

Is Life Insurance Really Needed?

It depends on what you feel you need, but if you’re responsible as the main income for your family or you have responsibilities like children, it is certainly worth having that protection and peace of mind that comes with life insurance. It’s knowing that your loved ones are protected in the event that you pass. Some insurances are compulsory in life, but life insurance isn’t. It might be worth checking to see if you have life insurance already included in your employee package. Some companies do provide that, and therefore, you won’t need to worry about paying for life insurance if that is the case.

If you’re looking for guidance on life insurance providers, then it’s worth doing a life insurance comparison in order to find the best one out there for you!