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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.

 

 

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: Male
  • Age: 24
  • Smoker status: Smoker
  • Medical condition: Anxiety and cannabis use
  • Cover date: 25th September
  • Product type: Index Linked life insurance
  • Cover amount: £210,000
  • Cover term: 25 years
  • Premium: £15.01

We were approached by this gentleman on the 16th September 2019 when he completed an enquiry on our website. Our advisor Mark B then got in touch with him to discuss his life insurance needs and any pre-existing medical conditions he has. At this point he disclosed that he has previously suffered from anxiety, and has used cannabis over 3 years ago. He also explained that he was looking for £210,000 of cover for 25 years to cover his mortgage and protect his family. He also explained that his partner was also looking for cover, and if possible, they would like a joint policy. Our advisor Mark B then looked into the health of his partner and after completing some research decided that they would get better cover if they were to have to single policies with different providers. Therefore, Mark B then applied him to one of our mainstream providers and managed to secure him £210,000 of cover over a 25-year period for a monthly premium of just £15.01 per month. This is an amazing premium considering the combination of drug use and a previous mental health issue.

As a whole, both ourselves and the gentleman were delighted that Mark B was able to find him the protection that he needed, and in such a small space of time. It is amazing that he could get such a good premium especially as providers do not generally like applications which have both drug use and mental health issues. This result is primarily due to the fact that the gentleman has not used cannabis in over 3 years and that he is fully recovered from his anxiety. Our advisor Mark then went onto find life insurance for his partner which we are currently in the processof completing the application.

Case Study 2

  • Client: Female
  • Age: 28
  • Smoker Status: Non-Smoker
  • Condition: Migraine
  • Other Conditions: Anxiety
  • Diagnosis Date: Unknown
  • Cover Date: September 2016
  • Products: Multiple Policies
  • Product One: Level Term Assurance - Mortgage & Family Protection
  • Cover Amount: £150,000
  • Cover Term: 18 years
  • Premium: £6.80
  • Product Two: Level Term Assurance with Critical Illness Cover - Mortgage & Family Protection
  • Cover Amount: £50,000
  • Cover Term: 18 years
  • Premium: £9.74
  • Combined Premium: £16.54

Case Study 3

  • Client: Male
  • Age: 27
  • Smoker status: Smoker
  • Medical condition: Focal epilepsy and anxiety
  • Cover date: 25th June 2019
  • Product type: Level Life Insurance
  • Cover amount: £150,000
  • Cover term: 33 years
  • Premium: £13.28

We were approached by this gentleman on the 25th June 2019 when he completed an enquiry through our website. Our advisor Mark S then called him to discuss his life insurance needs and his pre-existing medical conditions. At this point he explained that he has focal epilepsy and anxiety, and that he is a smoker; he then went on to explain that he was looking for £150,000 over 33 years to protect his family when he passes away. Mark S then applied the gentleman to one of our mainstream providers and, on the 25th June 2019, secured the gentleman £150,000 of cover for 33 years for a monthly premium of £13.28. The gentleman was over the moon that he was able to get the cover that he needed so quickly as he now has peace of mind that his family is protected should anything happen to him within the policy term.

As a whole we were also delighted to be able to help the gentleman find cover as it means that his family have the protection that they were previously lacking. Furthermore this is a fantastic premium given his medical history and the fact the he is a smoker.

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.


Independent Reviews at

 

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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