If you are unfortunate enough to be one of the 1 in 4 people in the U.K who suffers with depression or the 1 in 6 people who report suffering with anxiety in any given week, you may find that you have to pay more for a life insurance policy or have difficulty obtaining one.
Symptoms and the severity of depression can vary from person to person, with some people just needing short term therapy or a short course of prescribed medication, while others find the whole ordeal crushing and may need intense psychotherapy and/or a spell in hospital for treatment. Depression as a whole is much misunderstood. We all suffer from the odd bad day or a period in our lives where we feel low, but clinical anxiety and depression can leave you in a fragile state, with many people attempting (sometimes successfully) to take their own lives.
If depression or any other mental condition is a factor in your life, there are a few ways that you can ensure you are getting the best cover and the best value for your insurance requirements;
- Some insurers will only take the lowest risk customers. Our team of experienced agents will advise you on which companies are less likely to increase the premiums
- Different insurers will assess applicants differently. Insurers ultimately make the decisions on whether or not they will offer someone a policy through their underwriting department. It is possible though, that two different Insurers can look at the same application and reach an entirely different conclusion
If you are able to find an insurer that is willing to provide you with a policy, it may be on the condition of the receipt of a completed report by your GP. The insurer will want to assess;
- The severity of your depression
- Whether it was an isolated incident or part of a historical and ongoing case
- How long ago you took medication for or where seen regarding the condition
- Was the depression triggered by a specific event/period in your life such as redundancy or familial change?
- The ongoing impact on your life, and the disruption to your work history
There is a popular misconception that life insurance companies won’t pay out if you commit suicide, but actually most insurers have a standard clause on their policies saying that they won’t pay out for suicide within the first 12 to 24 months.
Ask them to write to your G.P for a report on how your depression has affected you. Most companies will take notice of your GP’s assessment of your health. Give as much information as you can. Insurers can only assess how much of a risk you are on the basis of the information you provide. The fuller the picture, the easier it is to work out how much of a risk you present.
Tips for coping with depression
The NHS advise trying some of the following tips for coping with depression;
- Don’t withdraw from life. Socialising can improve your mood. Keeping in touch with friends and family means you have someone to talk to when you feel low
- Take up some form of exercise. There’s evidence that exercise can help lift your mood. If you, haven’t exercised for a while, start gently by walking for 20 minutes every day
- Don’t avoid the things you find difficult. When people feel low or anxious, they sometimes avoid talking to other people. Some people can lose their confidence in going out, driving or travelling. If this starts to happen, facing up to these situations will help them become easier
- For some people, alcohol can become a problem. You may drink more than usual as a way of masking how you are feeling, but alcohol is itself a depressant and will end up making you feel worse in the end
- Some people don’t like eating when they are depressed and are at risk of weight loss leading to an eating disorder. Others may find comfort in food and can put on excess weight
- When people feel down they can get into poor sleep habits such as staying up late into the night, then compensating by sleeping during the day. Try and stick to your regular sleep routine as much as is possible
If you are still looking for ways to help combat your anxiety and depression follow these useful links:-
https://www.nhs.uk/conditions/stress-anxiety-depression/mental-health-helplines/