If you have any existing medical conditions and are looking at taking out a protection plan for your finances, such as life insurance, critical illness cover or income protection then there are a few steps you need to follow.
Make sure to disclose all of your medical history
Many people believe disclosing any mental health conditions to insurance companies will affect their ability to take out a protection policy.
However, the reality is that providers will still offer cover. It is important to disclose mental health conditions to make sure that they provide you with the correct level of cover and access to relevant support that you may need at some stage.
If you fail to disclose some conditions and later have any issues arise then your policy may be invalid.
Why people do not disclose mental health conditions
37% of people who did not disclose mental health conditions to their insurers thought their provider would only need to know about existing physical medical conditions. 26% felt mental health conditions were too personal to share for their provider, whereas 18% felt worried that they would not be offered a policy or would be charged more*.
Getting the right support
Some people do not understand how mental health conditions affect their critical illness cover or life insurance policies. Declaring a mental health condition does not necessarily mean higher premiums and it is unlikely to mean someone is ineligible for a protection policy. Being open with an insurer means those with mental health conditions are more likely to receive the right level of cover with the necessary support included in the policy if they need it.
Make sure you have the right protection in place
If you are not sure which protection policies you need to have in place or what level of cover is appropriate for your individual circumstances, a financial adviser at Four Wealth Management can help you.
Book a no-obligation meeting with a financial adviser now or call us on 0117 973 0500.
* Research carried out online by Opinium Research across a total of 2,002 UK adults (Booster sample of 502 self-employed workers and 1,015 Renters. Carried out between 21st – 27th October 2021).
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
