Life insurance with depression
- £200k cover for less than £6 a month*
- Your premiums will never increase
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Life insurance with depression
Dealing with depression can come with its own challenges and stresses. Despite these difficulties, it is still important to consider protecting your loved ones and safeguarding the future. This guide aims to offer a helping hand in explaining the importance of life insurance for individuals with depression and the different considerations you might need to make.
Why is it important?
Before making any decisions on cover, it is important to understand the importance of life insurance in general. Life insurance acts as a safety net that promises to pay out a lump sum in the event of your passing. This sum could go towards funeral expenses, outstanding debts, mortgages, education fees, or simply maintaining the pre-existing lifestyle of your family and friends. It is a means of ensuring that your loved ones have the financial support they need during a difficult time.
We understand that getting your affairs in order can seem like a stressful process. That is why at Beagle Street we offer all our policy holders a free Estate Planning Kit to help streamline this process. The kit includes: a free Will writing service, an hour of free legal advice and an option to place your policy in trust to ensure quicker payout of your policy and potentially avoid additional tax bills.
Will depression prevent me from getting cover?
Having depression does not mean that you won’t qualify for life insurance. Insurance companies are becoming increasingly aware of the importance and prevalence of mental health and working to treat applicants with depression fairly as a result.
Depression alone will not disqualify you from getting cover, however, like any pre-existing condition, there may be additional considerations made in relation to this.
Being open and honest
When you apply for a life insurance policy, it is important to be honest in the information you provide. Transparency about your condition is key, and failing to do so might result in issues later down the line. Sharing clear details regarding your mental health will allow our team to offer you the most suitable cover options.
At Beagle Street, our experts are here to guide you through the application process so you can have complete confidence that your application is accurate and that your family will be protected.
Understanding underwriting
Underwriting is the process of an insurer assessing an applicant’s risk. In the case of individuals with depression, this could mean reviewing factors such as severity of your condition, what treatment/medication you have received, as well as your overall well-being. Your premiums might be slightly higher than they would be for those without pre-existing conditions, but the assurance and peace of mind that life insurance provides will be invaluable.
If you are worried about the cost of your monthly premiums, Beagle Street can help. We offer a fixed monthly premium, meaning that your monthly payments will never go up for the duration of your policy (unless you request to change your policy), so you don’t have to stress about any unexpected expenses.
Life insurance is there to offer peace of mind to customers when they need it most. We believe that everyone deserves the opportunity to protect their family and loved ones in the future. By working with our team, being open and honest about your condition, and exploring the options open to you, you can take the first step towards protecting your future today.
Get a quote today or speak to the team
At Beagle Street we’re here to support you through the application process. If you’re ever unsure about any of the questions in the application, we have a team of experts on hand to help.
or call us
0800 048 0480
Included with every Beagle Street policy
Estate planning kit
Accidental death benefit
Early funeral payout
Amazon gift card^
Free Beagle soft toy^
*Based on a 30 year old non-smoker, £200k decreasing term cover for 20 years
^Available only when purchasing a policy directly through Beagle Street. Within 60 days of paying the 2nd monthly payment, the soft toy will be dispatched. The gift card value varies depending on monthly premium. Within 30 days of paying the 6th monthly payment, you will receive an email to claim your e-gift. Full Terms and Conditions