We last looked at this topic in a completely different world, February this year. Since then we have been through a highly impactful event for all our mental health. The charity MIND ran a survey in June into the effects of Covid 19 on mental health. One of the main findings was that “pre-existing inequalities have been worsened by the pandemic, and this report highlights how the pandemic’s effects on mental health have been disproportionate.” 1
MIND’s website discusses how mental health issues could affect your chances of being given life insurance.2 The webpage written in April 2018, and not due to be updated until 2021 paints a picture at odds with the more recently updated information provided by some of the insurance companies. Legal and General, for instance, claim that: “When customers have told us about their anxiety, depression or stress – or a combination of these – Legal & General have accepted 82.5% of applications at standard rates. This means there has been no increase to premiums based on medical disclosure.” 3 In the Daily Telegraph Article we discussed in February4 Scottish Widows were quoted as giving a figure of 78% of mental health disclosures will result in standard terms being offered.
Mental health for most insurers covers conditions such as stress, post-natal depression, ADHD, or eating disorders, as well as depression and anxiety. One area that the MIND article1 points out is that some questions asked on forms are a little open ended, but for less serious incidences they tend to focus on the last five years history. In our earlier article we quoted Rob Harvey of Drewberry Insurance who told The Telegraph4. “Mental health problems are medical conditions and should be considered no differently to physical health conditions. However, we find clients are sometimes unwilling to disclose they’ve sought treatment for their mental health a way they wouldn’t be if they’d had chemotherapy for cancer, for instance.” Disclosure of all relevant information on an application is important, but as we have seen will not necessarily impact your ability to be offered life insurance.
You can read our earlier blog on Mental Health here. One of the principal messages that all professionals and others involved with these issues strive to get across is that it is best to talk to someone rather than suffering alone. Please get in touch to discuss your life insurance requirements in confidence.
Protection plans with no investment link will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse