Many people in the UK suffer from depression or stress related anxiety and depending on the severity of the condition it may affect the ability to obtain life insurance or the price of insurance but using a broker to research the market can take out much of the uncertainty.
Very mild depression or stress may have no affect on life insurance whereas severe depression or suicidal tendencies may prevent a person from getting cover straight away.
If antidepressants or other medication has been prescribed and is still being taken then life insurance companies may ask for a GP report to make sure the patient has responded well to the medication.
If the antidepressants are mild and there are no real symptoms then the condition can be said to be under control and life insurance should be quite straightforward to obtain but the price may be increased slightly.
If strong antidepressants have been prescribed then insurance companies will want to know why and they may write to an applicant’s doctor for more information.
When and why the depression or stress started can make a difference to an application for life insurance and if it occurred years in the past and was the result of a specific event then it may have no affect at all.
Recently diagnosed depression may result in life insurance being ‘postponed’ until such time as it is under control. Suicidal tendencies may result in cover being postponed for up to a year or more.
If the depression or stress is preventing an individual from working then ‘waiver of premium’ may not be available. Waiver of premium protects a life insurance policy in the event that a policy holder is unable to work due to serious illness or disability.
Because insurance companies are not all the same a qualified adviser can help by discussing your circumstances with insurance underwriters to find the most suitable life insurance company for the medical condition in question. This will help to uncover which insurer will be most favourable and charge the most competitive premium.