Life what effect does "depression" have on life assurance or mortgage protection premiums?

Red

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I have a friend who is "depressed" but won't go to doctor for a medical opinion as they are afraid it will appear on their medical reports.

Does being diagnosed with depression push up life assurance & mortgage protection premiums ?

What happens to the premiums if the diagnoses is made, after the policies have been taken out ?
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

I have a friend who is "depressed" but won't go to doctor for a medical opinion as they are afraid it will appear on their medical reports.

Does being diagnosed with depression push up life assurance & mortgage protection premiums ?

What happens to the premiums if the diagnoses is made, after the policies have been taken out ?

I was prescribed antidepressents for anxiety when I applied for life insurance - I don't know by how much it increased the premiums as I am unsure what it would have been had I not disclosed that info, but it did not make the payments unmanageable.

I suppose it would depend on what the doctors report they would proably request would say as to prognosis, length of treatment, seriousness of diagnosis etc.

But the most important thing for your friend is to look after their mental health - thats alot more important than the cost of insurance!
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Thanks Havana
Have being trying to convince them to go to doctor but its very difficult.
They are afraid of what it would mean if it goes down on the medical report
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

If someone discloses depression on a life assurance application, it will be investigated. There's usually a questionnaire that requests further information from the applicant, e.g. how long, how frequent, any hospital admissions, medications, etc. The life assurance company will probably also request a report from the applicant's G.P.

Depression doesn't always incur a loading. Every case is looked at individually.

Most life assurance applications ask if the applicant either has or is suspected of having *named illness*. As such, your friend should probably already disclose it. The question doesn't usually ask specifically if s/he has attended a doctor or other professional for it.

I agree with the previous poster - it's very important that your friend seeks professional help for this. That's far more important that any life assurance cost implications.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Q. "Does being diagnosed with depression push up life assurance & mortgage protection premiums ?"

A. Depends on the severity. A person who has 'recovered' (say 2-3 years)with no further follow up or investigations required can normally get cover under such a policy at the same rates as someone who didn't suffer from depression.


Q "What happens to the premiums if the diagnoses is made, after the policies have been taken out ? "

A. Providing the person told the truth on the application when they first took out the policy nothing. Having told the truth, if someone takes out a policy and later develops depression the insurance company cannot increase the premiums.

Aware should be able to offer help to individuals or guidance to family and friends of sufferers and you can contact them http://www.aware.ie/ on 1890 303302.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

I think your friend shouldnt worry about their depression being put on file, its more important to get it sorted, tell them to chat to their GP asap
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Thanks all for the advice posted. It is appreciated.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

hi Red, I dont know where your based but I had my life insurance raised for having a depressive time 4 years ago. the insurance went from €25 to €68 thats nearly 200% load so very unfair, i feel, havent missed a days work etc so I understand the reluctance. I am based in Dublin maybe your in different place more open minded? I am going to try and get mine relooked at as I feel really unfair

best of luck
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

If your policy has been loaded for stress or depression - Is this loading there for the life of the policy or can you request an evaluation at a point into the future.

Would seem a bit unfair if you were loaded at policy inception and this loading applies for the next 20 odd years!
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

I have a friend who is "depressed" but won't go to doctor for a medical opinion as they are afraid it will appear on their medical reports.

Does being diagnosed with depression push up life assurance & mortgage protection premiums ?

What happens to the premiums if the diagnoses is made, after the policies have been taken out ?

I can understand your friends concern - but it would be in your friends interest to go and tell the GP (who your friend feels they can trust) how he/she is feeling so that your friend can get the help that he/she may need. It depends on the symptoms whether depression is firstly diagnosed by a doctor and it may not appear on your friends medical notes.

If the diagnosis of depression is made after the policy was taken out - and once the information your friend gave when taking out the policy was correct any new diagnosis will not affect a pre-existing policy. However, if a diagnosis is made - your friend will have to disclose this diagnosis when taking out any future policy - but the risk will be assessed on an individual basis ie. hospitalisations if any, medication etc.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Bluefish, yes you can apply to have the loading reviewed. It would normally be subject to full underwriting though. I have seen scenarios where the loading has been simply taken off but I've also seen scenarios where it's effectively a new application/policy.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Bluefish, yes you can apply to have the loading reviewed. It would normally be subject to full underwriting though. I have seen scenarios where the loading has been simply taken off but I've also seen scenarios where it's effectively a new application/policy.

have you seen scenarios where the insurance company declined cover after reviewing the loading or how likely would it be. and how long after getting the initial policy would you say should wait before reviewing? I am thinking of my own case where i lost 4 stone from 16 stone to 12 stone since the initial life policy was put in place 4 months ago. they loaded it due to blood pressure/cholesterol weight etc.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

"have you seen scenarios where the insurance company declined cover after reviewing the loading "

Normally it would mean rewriting the policy. I have never seen a person declined after reviewing the loading unless something came to light in the medical report that the company was not made aware of in the application.

"and how long after getting the initial policy would you say should wait before reviewing? "

A few months after being given the 'all clear' with no follow up treatment or medication required.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

yeah thanks bluefish for that it is really unfair on me, but since then there has been more cancer in the family so dont think they would reduce my costs? but maybe give it another 2 years or so, they never advised that it could be reviewed though, thanks
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Deeheg - was the cancer a parent or brother sister? That loading seems quite high - are you sure it was just for depression?
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Hi folks. My partner suffered from depression and alcohol abuse and attempted suicide. He was hospitalised and has not had any "episodes" in about 5 years and more recently, gave up alcohol completely. He was refused life assurance for our mortgage last year. Any advice on what he could do to sort this or prove himself for want of a better phrase!!
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

Hi folks. My partner suffered from depression and alcohol abuse and attempted suicide. He was hospitalised and has not had any "episodes" in about 5 years and more recently, gave up alcohol completely. He was refused life assurance for our mortgage last year. Any advice on what he could do to sort this or prove himself for want of a better phrase!!

In this instance, time is a major factor. While he has had no episodes in about five years, how long has it been since he has required medication? How long has it been since he gave up alcohol? The greater the number of years, the better his chances, although he will probably incur a loading. He will probably have to have a medical examination and a report from his own G.P. to verify that his alcohol abuse didn't do him permanent physical damage e.g. liver damage.

In this instance I would recommend that when making an application, he provides as much information at the start as he can, e.g. include a letter detailing when he last drank alcohol, all relevant dates regarding his depression, if he has changed any life circumstances which may have contributed to the depression / alcohol abuse etc. Insurance companies base their decisions on the information they have available to them, so a detailed story will help both sides far more than simply putting down "depression & alcohol abuse" on the application form.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

LD what would happen if the posters friend didn't disclose it, after all maybe this is very temporary which a short term treatment would fix?

I would suggest to poster for friend to go to a good councellor first and see if talking through some stuff shifts the depression. I am sure this path would not affect life assurance, and you dont need to see a GP to do it.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

The question on most application forms is not whether one has been diagnosed but whether one has "had or suspected they have..."

So it should be disclosed as otherwise non-disclosure could invalidate the contract.
 
Re: what effect does "depression" have on life assurance or mortgage protection premi

No I understand that. But what if they didn't. ? If someone died and their life assurance policy was claimed to pay their outstanding mortgage is there a way it would come to light then ?
 
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