How Mental Health Affects Life Insurance
| Condition | Typical Impact on Premiums |
|---|---|
| Mild anxiety (past, resolved) | No impact – standard rates |
| Mild depression (past, resolved) | No impact – standard rates |
| Moderate depression (current, medicated) | Standard to small loading (0–25%) |
| Moderate anxiety (current, medicated) | Standard to small loading (0–25%) |
| Severe depression (hospitalised) | Loading or deferral, depends on recency |
| Bipolar disorder | Loading likely (50–100%+) |
| PTSD | Depends on severity and recency |
| Self-harm history | Depends on recency – may be deferred if recent |
| Eating disorders | Depends on severity and recovery status |
The good news: The vast majority of people with mental health conditions – including current depression and anxiety on medication – can get life insurance at standard or near-standard rates. The industry has become significantly more understanding in recent years.
What You Must Disclose
You must declare your full mental health history, including:
- GP consultations for mental health (even if just one visit)
- Prescribed medication (antidepressants, anti-anxiety, mood stabilisers)
- Counselling, therapy, or CBT
- Time off work for mental health reasons
- Hospital admissions or crisis team involvement
- Any history of self-harm or suicidal thoughts
Always disclose: Non-disclosure is the number one reason life insurance claims are declined. If you hide mental health history and later claim for any reason (even unrelated), the insurer may investigate and void your entire policy.
Tips for Getting the Best Terms
- Apply when stable – If you are in the middle of changing medication or having a crisis, wait until things settle
- Use a broker – They know which insurers are most sympathetic to mental health conditions
- Be matter-of-fact – Present your condition as managed and controlled
- Compare multiple insurers – Terms vary significantly for mental health between providers
Frequently Asked Questions
Yes. Current on medication: standard or near-standard rates. Past resolved: no impact.
Yes, always disclose. Mild anxiety rarely affects premiums. Non-disclosure risks claim rejection.