depression and anxiety
Life insurance with depression or anxiety
Mental health disclosures are one of the most common types of medical conditions that we come across at trustsured. And whilst we’ve known that to be the case for some time, the average person in the street wouldn’t often tell you the same if they were asked. Why? Well, because although many people in the UK suffer with mental health issues (1 in 4 people will experience a mental health issue in any given year according to the charity Mind), not very many of them speak to each other about it. The reasons for this scenario can be many, but one of the most obvious is that people feel uncomfortable admitting to others that they sometimes struggle with the pressures of everyday life.
With this in mind, here at trustsured, we wanted to create a space where people can not only get a better understanding of how conditions like depression and anxiety can affect an applicant’s eligibility for life insurance or critical illness cover, but also offer a service whereby we have experienced people on hand to talk our customers through their options and let them make an informed decision.
How can trustsured help me to arrange my life insurance if I suffer with a mental health condition?
So, what does that mean in a practical sense? Well, mental health conditions and the affects they have on an individual are exactly that. Individual! Each and every one of our customers are different. OK, so there are some similarities, and we’ll have a look at some scenarios shortly, but it’s important to recognise that within the context of a life insurance or critical illness cover proposal, it is vitally important initially for any broker to take as long as it takes to listen to and fully understand the personal circumstances of each of our customers and their mental health condition before we start to talk about what options many be available.
This is largely due to there not being a one size fits all when it comes to life insurance or critical illness cover. Different insurers react differently to individual circumstances and having a broker who not only realises this, but is experienced and knowledgeable about each of those insurers as well as having access to a wide panel to choose from is nothing short of essential.
Unfortunately, many of our customers, when they initially get in touch, tell us about past negative experiences they’ve had in their previous attempts at arranging personal protection. These include situations where they have approached insurers directly and found that there can be laborious processes to endure including more information being requested from their GP only for a decision to come back as a no. They then approach the next insurer on the list only to have a similar outcome or be told we won’t insure you now, but we might do in 6 months time.
The stories that involve using brokers are often not much more positive. Our customers regularly tell us that they have sued a broker who they feel has shoehorned them in a particular direction and not really taken the time to try and understand their situation. The result quite commonly being that the price which was offered at quote stage gets vastly inflated after all the health and lifestyle questions have been completed, with the brokers position being, ‘it’s take it or leave it I’m afraid!’
Now, we’re not hear to pretend that we will get a positive outcome for each and everyone who comes to us with mental health disclosures such as depression or anxiety. Unfortunately, there will sometimes be situations where the decision will be a no, or a not now but maybe in 6 months, or the price is going to be increased (known as a rating or loading).
The difference with using trustsured over approaching insurers individually or using a broker without specialist knowledge with mental health disclosures is quite simple. We will take all of the legwork out of the equation. We do this by listening to our customers and their needs as well as asking them to explain in detail the circumstances surrounding depression or anxiety. This allows us to build up a detailed fact find which we can use to determine what options may be available, with which insurers and at what price. We relay this information back to our customers and let them go away with all the details in the form of accurate quotes and supporting documents, so they can make an informed choice in their own time as to what option they wish to proceed with.
Meet Mrs Jones
Mrs Jones (which may not be our customer’s real name), approached us to find out what her options were for a life insurance policy she wanted to take out. She had recently been approved for a mortgage and was due to complete on a house purchase soon. As part of the mortgage application, her bank had offered her a quote for a life insurance policy to cover her in the event of death or diagnosis with a terminal illness that would pay off the mortgage so that her children would be able to remain in the house. Mrs Jones told us that the price had looked quite good from the outset, and so she decided to go ahead with it even though she’d not looked around at other options. The adviser asked her if she was willing to complete the questions there and then in the office and Mrs Jones agreed.
That’s when things started to become more uncomfortable. Mrs Jones had not given a lot of thought to what the questions might entail and was horrified when the adviser started to ask details about her mental health in front of her present children. Explaining she wasn’t comfortable talking about the subject in the current situation, they both agreed to complete the questionnaire over the phone at a later date. When this took place, Mrs Jones was told that the decision would have to be delayed until a doctor’s report could be completed by her GP, which would ask for further details about her depression history and treatment. This document took a further 12 weeks to materialise, and by this time Mrs Jones had completed on her house purchase and moved into her new property without any cover.
When the decision eventually came back, the news wasn’t good. The cost of the cover had risen from the initial figure quoted by nearly three times the amount. When Mrs Jones questioned this, she was told by the adviser in her bank that they only used a single insurer for all of their life insurance and critical illness cover policies and so she would have to either take out the policy at the vastly inflated cost, or look elsewhere and begin the process from scratch. Fearing being uninsured for an even longer period of time, Mrs Jones reluctantly decided to accept the offer of insurance and activated the cover.
It was a few weeks later that Mrs Jones happened to be searching the internet out of curiosity and came across trustsured. She approached us to see if there was a cheaper option available and explained her current cover and it’s cost as well as all we needed to know in terms of her mental health history. A short while after the initial call and some further research, armed with all the relevant information, one of our advisers was able to quote Mrs Jones with a premium much closer to the original one she had been told about at the bank. Only this time, after the application process had been completed the cost remained the same. And, in the option trustsured offered there was no need, by the insurer, to write to Mrs Jones’ doctor as we were able to disclose all the information the insurer needed to make a decision as part of a single application.
Needless to say, Mrs Jones was very happy to let us swap over her life insurance policy, which we were able to do for her the same day. She is now saving nearly two thirds of the cost she would otherwise be paying on a monthly basis for the cost of a single phone call and a little more of her time in a follow up call. It really was that simple.
Get in touch with Trustsured today to find out how we can help you
Not all brokers are the same. There is an awful lot of difference in the service and standard you can expect between a broker who has a full understanding of mental health issues in the context of life insurance and critical illness cover applications and one that does not. It is also extremely important to use a broker who not only has knowledge but also a panel of providers to choose from in order to be confident they are able to find the best fit for your needs. Couple these two things together and you come out with something like trustsured.
So, if you think we could help you find the right life insurance or critical illness cover policy that is able to take into consideration your depression or anxiety history and still come back at the right price, then simply fill in your details today and let us talk you though exactly what we can do for you. We’ll look forward to talking to you soon.