Critical Illness Cover for Mental Health

When considering buying critical illness protection, most people think about the possibilities of being diagnosed with a condition such as cancer, a heart attack, or stroke. What many forget to consider is that a decline of mental health can be just as debilitating as any other illness or disability.

There are many medical conditions that can be affected by your mental health including anorexia, anxiety or post-traumatic stress disorder (PTSD), and each one can affect an individual at a varying level of severity.

While some may have access to professional help that enables them to recover or cope, others are not so fortunate. This can leave many unable to work and in serious financial stress.

This article covers…

If you’re struggling with your mental health, you can seek help. Discussing your mental health isn’t necessarily easy, however, there are always listening ears available.

Visit Mind for more information and support, or if you need immediate assistance, call NHS 111 on 111.

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Does critical illness insurance cover mental health?

Despite an increase of 2.4% for sick days caused by mental health issues, many critical illness insurers do not include mental health illnesses within their policy.

Valuing mental health in the same way that we value physical health is high on the UK Government’s mental health agenda, yet many of those facing a deterioration in their mental or emotional state still face issues when trying to find critical illness protection.

You may find that a handful of insurers are willing to provide financial protection for mental health sufferers, however, it’s likely that only very specific conditions are included.

Most critical illness insurers only pay out in instances of permanent or life-threatening illnesses and, because many people still classify mental health as ‘manageable or curable’, it can be difficult to make a successful claim.

Does critical illness cover depression?

Not usually. Most insurers do not consider mental health conditions to be critical illnesses.

Although the number of people with mental health issues such as depression has not changed significantly in recent years, worries about money as well as triggers that remind people of traumatic experiences can make it harder for people to manage at work.

One product that can cover you in the event of a depression-related work absence is income protection insurance.

Make an enquiry and one of the experts we work with with will help you find a provider who is willing to offer the most favourable deals under these circumstances.

If you have a mental health condition and are struggling with your bills, read this article from Citizen’s Advice on how to get help with your finances.

Making a claim for mental health

With the help of an insurance professional who has experience in finding critical illness supplemental insurance, it may be possible to find financial protection.

Upon making a claim, your insurance company may ask for evidence of your mental health diagnosis. This can be provided in the form of a doctor’s note which might include information about your symptoms, medication and psychological state.

Below are a list of questions that your insurance company may also ask you if you decide to make a claim.

  • What is your mental health condition?
  • When were you diagnosed?
  • Do you take medication to stabilise your mental health?
  • Have you tried any therapies?
  • Have you seen a counsellor, psychiatrist or community mental health team?
  • Have you ever tried to self harm or commit suicide?
  • Have you stayed in hospital as an inpatient due to your mental health?
  • Have you required any time off work for this and if so, how long?

The above questions can seem intrusive but in order to make a successful claim on your critical illness cover for a mental illness, it is important that the information you provide is accurate and full discloses the full extent of your condition.

How can I find critical illness insurance that covers mental health?

It’s important to remember that although it can be hard to find critical illness cover for mental health, it doesn’t necessarily mean it is impossible.

Work with a critical illness insurance expert

A good thing about working with an insurance advisor is that they’ll most likely already know which companies are worth your time.

They’ll have access to a database with all of the relevant information that can help you decide where to turn. This will include details about:

  • The illnesses they provide cover for and to what extent
  • The average payout for a claim
  • How often they pay out for a claim
  • Their customer service
  • The price of their premiums

As well as this, working with an insurance professional can help you avoid any clauses that could prevent you from receiving a payout.

The advisors we work with can identify any terms and conditions that you should be aware of if you decide to proceed and can explain to you how each one could affect your ability to make a claim.

To find a critical illness insurer that covers mental health issues as well as any other diseases that you may be worried about, talk to an expert.

Are there any alternatives?

With such a limited choice of critical illness insurers that cover mental illness, it can be beneficial to consider other alternatives.

Income protection insurance

One of these could be income protection and, while it doesn’t pay out a lump sum like critical illness cover does, it can still provide a financial safety net through periods where you are unable to work.

The good news is that the amount of income protection providers that include mental illnesses within their policy tends to be higher than the amount of cirtical illness cover insurers.

Like any financial decision, it can be helpful to seek the advice of a professional. The advisors we work with have access to a vast range of insurance providers and can compare the costs of each provider as well as the amount of over they could be expected to insure you for.

Speak to an advisor to discuss your options and to learn more about income protection for mental health.

Mental health and money management

In addition to seeking an insurance product which allows for mental health conditions, you may want to consider saving in the event that you need a nest egg during a lapse in your mental health.

Mental Health and Money Advice is a charitable organisation that provides information, advice and support on how to manage your money, welfare options, tips on getting support and tools to help you plan budgets and hit savings targets.

Read their article on managing money for an easy to follow, step-by-step breakdown.

Talk to an expert

Before you agree to sign any critical illness insurance agreement, always seek professional advice.

An unsuccessful claim for critical illness insurance because of mental health can be detrimental, especially if you are severely unwell and are reliant on a payout to cover your mortgage, bills or other expenses.

It can be a real weight off your mind to know that your insurer will pay out in the event that you need to make a claim, so have a professional thoroughly examine your contract. .

Call us on 0808 189 0463 or fill out an enquiry form to ask us more about critical illness cover for mental illnesses. The advice provided by the experts we work with is always confidential and there is absolutely no obligation to proceed with an insurance contract.

We'll match you with your perfect financial advisor

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