After posting our guidance on Life Insurance and how important it is to have cover, especially if you have a family or dependents, one of my twitter friends asked me this question:
“Hi Richard, any guidance on who would provide life insurance cover with a schizophrenia diagnosis? Son is 34 and no life insurance. No worries if you can’t reply”
The issue of mental health is something which is close to my heart for a number of reasons, not least of all as I like many of you reading this know people who are dealing with such challenges on a daily basis, and with 2015 being the year that we all looked at “stamping out the stigma” of mental health it’s now more important than ever to ensure no matter what issues people are facing, they are not facing closed doors to things that would otherwise be available without issue. As you read this you may be interested to learn that one in four of us will suffer some form of mental illness during our lifetime of varying degrees.
So I got to work as is my lot to see what answers I could find, and here is what I have come up with so far:
My first stop was with MIND the UK charity dedicated to providing help and support to those with mental health issues, they have a guide which you can get HERE which is their guide to getting insurance with mental health issues, the guide does state that anyone should in theory be able to get insurance regardless of their mental health, but factors will be taken into consideration to determine the level and cost of cover, and it is the cost that will play a huge factor in most cases, with some premiums being as much as ten times higher, which is in my view disgraceful.
However do print and read the guide as it is very useful in regards to actually appling and holds some great tips.
My second step was to look at companies who can help you get the best quote in line with your needs, and one company stood out from all the rest.
MoneysWorth life Insurance for people with Health conditions, including mental health, they specialise in finding the best cover at the best possible price, now we haven’t had a chance to test them as yet, but they do offer this service where others fail to do so, and they have won numerous awards for doing so.
Now the reality certainly seems to be that premiums will be much higher than you should be paying, so it would appear that I may have a campaign on my hands to try and address this issue.
My advice is start by seeing what quotes you can get via comparison sites and then take those quotes to the guys at MoneysWorth and see what they can do by way of a better deal for you.
As well as MoneysWorth we also found a company called The Insurance Surgery who specialise in providing cover for those of us with health issues including mental health, as we always encourage you to compare any quotes it would be worth trying out both companies as well as any online comparison sites.
Remember, not all health issues will carry a heavy lift in premiums, some may not even affect your premium at all, but you must always answer any and all question as honestly as you can to be assured that your cover is valid.
Please let us know if you have experienced issues or problems and we will see if we can help in any way.