Life Insurance for those with a Mental Illness

Have you been denied a life insurance application due to your history of mental illness? It is only fair that you should have a chance at receiving a life insurance policy to give you the cover you need to protect your loved ones.

When you have been knocked back time and time again, it is time to turn to us at Special Risk Managers. We are the life insurance advice experts and specialise in obtaining life insurance on reasonable terms for those with a history of mental illness.

Mental Illness in Australia

Mental illness is very common in Australia, so it is no surprise that a large number of individuals with mental illness will seek out our services in life insurance advice.

Mental illness awareness has been brought to the fore in recent years due to the alarming rates at which new cases are being identified and diagnosed.

Recent surveys have revealed that one in five Australian’s are expected to suffer from a mental illness in the next 12 months. Of these cases it is anticipated that 70% will be anxiety related and 30% will be related to depression.

It is also important to note that mental illnesses are not all the same. Anxiety and depression are common examples but there are many other types of mental illness with very different symptoms that people can be inflicted with.

How Will A History Of Mental Illness Impact My Insurance Application?

There are many ways that having a history of mental illness will impact on a life insurance application. Despite this, we specialise in obtaining for you the best available terms and premiums by utilising our executive level relationships at Australia’s leading life insurance companies.

In fact, we have successfully obtained cover many clients who have had their applications for life insurance rejected in the past.

All insurance applications will ask you a question relating to your mental health. Due to the highly varied and complex nature of mental illness, each case needs to be carefully assessed on an individual basis.

As with all pre-existing medical conditions, underwriters will look to see how severe your illness is, how well you have managed and controlled it as well as what affect it has had on your day to day living in the past.

Will It Impact My Application For Different Types Of Insurance?

The different types of insurance available are all impacted in different ways due to a history of mental health. The reason for this is that the underwriting criteria for each type of insurance varies so drastically.

Below is a summary of how each type of insurance might be impacted by a history of mental health issues.

 

Typically, life insurance policies are able to be issued at standard rates with no additional loadings or exclusions.

This might not be the case if the case of mental illness has been extremely severe and particularly where there has been a suicide attempt in the past.

Income protection policies can be altered in a couple of different ways to ensure that those who suffer from mental illness are insurable.

The greatest cause for claims with income protection policies is mental illness (19%). This has resulted in added scrutiny from insurers as they seek to minimise their risk. A mental health exclusion or a loading could well be applied to the policy depending on the management and severity of the illness.

An exclusion would mean that any illness resulting from your history of mental illness will not be considered grounds for a claim.

TPD insurance policies will typically see a mental health exclusion attached to them, assuming there is evidence to show that the illness is well controlled. On rare occasions a loading will be attached.

Trauma insurance will only attract a loading in very extreme cases. Generally it will be a result of poor control as well as when the illness exhibits particularly severe symptoms.

 

Talk to one of our specialists today to discuss the options of potentially obtaining one or more of the above insurance options for you and your family.

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Choose Special Risk Managers to Obtain Life Insurance

Turn to Special Risk Managers for quality life insurance advice and assistance when you run into trouble seeking the cover you need.

We will be here for you when the time comes to seek out life insurance advice when suffering from a mental illness. Our focus is to help our customers who have a diagnosed mental illness to obtain appropriate life insurance.

With almost 60 years of international experience in the life insurance industry, you can trust us to provide you with the life insurance advice you are looking for.

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We can Help You. Call Us 1300 66 53 56

Keep in touch with us