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Anxiety Life Insurance

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Anxiety Life Insurance

Anyone who suffers from Anxiety and needs Life Insurance will know that the application process can be an awkward one. It is difficult enough to disclose information about my mental health condition, which is why it is so important to speak to someone who understands. In this section we look at how Life Insurance for Anxiety works, and what we can do to make your life easier.

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How it works

The most important factors with underwriting for Life Insurance cases with Anxiety are:

  • When were you diagnosed with Anxiety
  • How is your condition controlled (e.g. Medication or Counselling)
  • Have you had any suicidal attempts or thoughts
  • Have you been hospitalised because of your Anxiety and when
  • How much time you have had off work and when

The Insurance Surgery understands how Life Insurance works for people with all types of Mental Health problems, including Anxiety. Our team of experts have helped thousands of individuals, families and businesses to protect their financial futures, regardless of their medical history.

Case Study 1

  • Client: Female
  • Age: 36
  • Smoker Status: Non-Smoker
  • Condition: Anxiety
  • Other Conditions: Diabetes and Eczema
  • Diagnosis Date: 2012
  • Cover Date: October 2016
  • Product Type: Decreasing Term Assurance - Mortgage Protection
  • Cover Amount: £100,000
  • Cover Term: 25 years
  • Premium: £16.85

Case Study 2

  • Client: Female
  • Age: 30
  • Smoker Status: Smoker
  • Condition: Depression
  • Diagnosis Date: April 2001
  • Cover Date: May 2015
  • Products: Multiple Policies
  • Product One: Level Term Assurance - Family Protection
  • Cover Amount: £180,000
  • Cover Term: 10 years
  • Premium: £20.77
  • Product Two: Level Term Assurance with Critical Illness Cover - Family Protection
  • Cover Amount: £70,000
  • Cover Term: 10 years
  • Premium: £26.37
  • Combined Premium: £47.14

Case Study 3

  • Client: Female
  • Age: 33
  • Smoker Status: Non-Smoker
  • Condition: Anxiety
  • Diagnosis Date: August 2015
  • Cover Date: November 2016
  • Products: Multiple Policies
  • Product One: Level Term Assurance - Family Protection
  • Cover Amount: £200,000
  • Cover Term: 35 years
  • Premium: £11.43
  • Product Two: Level Term Assurance with Critical Illness Cover - Family Protection
  • Cover Amount: £20,000
  • Cover Term: 35 years
  • Premium: £23.00
  • Combined Premium: £37.03 (including a plan fee of £2.60)

Anxiety and Life Insurance:

It is highly possible that we will be able to obtain very favourable rates and terms for people with Anxiety looking for Life Insurance. If the Anxiety is well controlled with medication and there have been no issues with self-harm or any suicidal attempts in recent times, then underwriters will look favourably on your application. For anyone who suffers from more severe symptoms, including suicidal attempts of thoughts, psychiatric treatment / counselling or recent hospitalisation / time off work, then there may be a rating applied to your premiums.

In extreme cases where there have been several suicide attempts in recent years, it could be that you may be declined cover by the mainstream insurance providers. We work with a number of specialist insurance companies who offer cover for people who have been declined elsewhere, with exclusions for pre-existing conditions.

Critical Illness Cover for People with Anxiety:

People who suffer from most Mental Health conditions, including Anxiety, will usually be able to get Critical Illness Cover, and often at standard rates. As long as you have no major issues such as self-harm, suicidal attempts, psychiatric treatment, time off work or strong medication, there should be no loadings or exclusions. In some more severe cases where there is a history of more serious symptoms (listed above) then there may be an increase in premiums for Critical Illness for Anxiety of potentially special terms applied (exclusions).

Income Protection with Anxiety:

Income Protection underwriting for people who suffer from Anxiety works in very much the same way as Critical Illness Cover for Anxiety. If there are no major issues such as significant time off work, hospitalisation, psychiatric treatment / counselling, strong medication or suicidal attempts / self-harm, then Income Protection is highly possible for Anxiety and without exclusions of loadings.

Insurance companies underwriting criteria tends to vary significantly when it comes to Mental Health and Income Protection, so it is important that we approach the best one for you. If your condition is more serious and symptoms are more severe, then it may be that your premiums may increase and some exclusions may apply.


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Facts about Anxiety:

Many people do not realise how serious Anxiety can be and the fact that Anxiety is a group of Mental Health conditions, including feeling Anxiety or Fear. Anxiety is where a person will find that they are unable to control that they will worry about future events, Fear is an uncontrollable reaction to events happening here and now.

Anxiety Statistics (UK):

  • 8.2 million cases of Anxiety in the UK in 2013
  • The likelihood of feeling Anxiety is doubled in women to men
  • 13% of the adult population will experience Anxiety

Some physical symptoms of Anxiety:

      • Increased heart rate
      • Chest pains / tightening
      • Excessive sweating
      • Feeling nauseous
      • Pins and needles in hands and feet
      • Short of breath

 

Useful Links:

Anxiety UK: www.anxietyuk.org.uk
Mind Charity: www.mind.org.uk
Rethink: www.rethink.org
Mental Health Foundation: www.mentalhealth.org.uk
NHS Choices (Anxiety): www.nhs.uk/conditions/anxiety/pages/introduction.aspx

It is important to make sure that you disclose all relevant facts about your Anxiety when applying for Life Insurance and Travel Insurance. Our team of expert insurance advisors are highly experienced and will help you to get the best cover for your circumstances and at the most competitive prices.

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The Insurance Surgery Ltd is rated 4.9/5 based on 320 reviews. Read our reviews


'The best broker you can get' Excellent service, professional, polite, patient, informative and saved me so much hassle. They got me and my girlfriend an excellent deal and would recommend them to everybody. 4.9

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