IS IT POSSIBLE TO GET LIFE COVER IF YOU SUFFER FROM MENTAL ILLNESS?
This week is mental health awareness week, with a particular focus on ‘stress and how we cope.’ We at John Lamb Insurance Broking are experts in obtaining excellent terms on those who have a history of mental illness.
Recent surveys show that up to 66% of people in the UK felt that they had suffered from some form of mental illness, with it being particularly common in those aged between 16 and 40. Less positive coping strategies involve 46% admitting to eating too much or more unhealthily, 29% started drinking alcohol or increasing their alcohol intake with 16% starting smoking or increasing their smoking habit.
How do these frightening numbers impact the ability of our clients to obtain life only insurance? You will be glad to know that more than 97% of cases can be taken out with no impact on premiums.
Case Study
A recent case that we successfully broked involved the following details;
– Male, age 35
– Non smoker
– Occupation, City Commodity Trader
– Medical History – Chronic anxiety with occasional depression for 3 years.
– Depression exacerbated by work stress.
– Otherwise fit
Owing to our special relationships with the insurers we managed to obtain normal rates for life cover for this individual.
If you or a client have been impacted by mental illness and are looking for cover please do not hesitate to contact us to find more about how we can help.
Other Insights
‘How protection can help advisers support clients in funding or mitigating inheritance tax liabilities’ published in IFA magazine
In a recent article for IFA magazine, Holly Hill, Associate Director at John Lamb Hill Oldridge, examines the role of protection planning in supporting clients with inheritance tax liabilities. For high-net-worth and ultra-high-net-worth clients, protection [...]
Holly Hill’s insights on protection planning and financial resilience quoted in IFA magazine
We are pleased to share that Holly Hill, Associate Director at John Lamb Hill Oldridge, has been quoted in a recent IFA Magazine article: “In Focus: how can protection planning strengthen financial resilience? Expert perspectives.” [...]
Podcast: Paula Steele joins Merryn Talks Money LIVE at Bloomberg HQ to discuss “What’s eating away at inheritance money?”
The latest episode of Merryn Talks Money, featuring Paula Steele, Director at John Lamb Hill Oldridge, is now live. The discussion covers passing on inheritance to beneficiaries as well as other pertinent personal finance topics [...]