Mental Health History and Life Insurance

[Legacy]

Apologies in advance if this is a bit dark. I've often wondered about the suicide clause in Life Insurance policies. Most state they'll cover you after the 13 month period, but is this voided if you have/had pre-existing MH history?

Just wanted to keep this one short and to the point, if anyone know's or works in insurance I'd be interested to know.

Cheers,

Legacy

[white knight]

Hi,

I worked as a life insurance salesman in 1977 and 1982.

At that time if you were accepted for life insurance with you declaring all illnesses both past and present then you are covered.

However that was 33 years ago.

Best to contact your insurance company.

Tony WK

[Legacy]

I'm not sure how to ask the LI companies that question. I guess I just ask it. Tough one.

[geoff]

hi Legacy, this has always been a great concern for those wanting to take out Life Insurance and BlueVoices have undertaken this question and they maybe able to help you better, however it's quite a messy topic, and please this is only a guide and may not apply with some companies, because some policies won't pay out if you suicide in the first 13 months, why it's 13 I don't know, simply for the reason that you want to be insured just so as your family can claim the payout and benefit from it.
If you have attempted before they need to know and will ask if you are taking antidepressants and seeing a counsellor and ask how you are feeling now, but I wouldn't think that if you tried last year that you will be covered.
I'm not permitted to mention the names of any companies here.
I have 3 Life Insurance policies, the first one was taken out years ago and there were no questions asked, just sign up and pay, in other words they didn't want to know if I was depressed or not, didn't want to know anything.
Since then I've had a couple rejected after I signed up because of what my blood results showed, but then after company accepted me, depression blood results and such, then I wanted another one just so my kids were looked after.
I found one giving them my mental health history past and present and gave them my blood results and would accept with a 20% loading, so the premium is much higher, and will cover me for everything that happens to me except suicide in the first 13 months.
I don't know whether they will pay out or not, I won't be around to find out, but I have done everything that they asked about me.
The important part here is if you don't tell them what you are trying to hide they will go seeking when you pass away and dig and seek everywhere they can, they will ask your doctor/psychologist/pharamcyfamily for all the information they might need to reject the claim, in other words there's no point thinking that you are covered and paying all the premiums for years only to be rejected because you didn't tell them that you taking antidepressants. Please get back to me if you want to. Geoff.

[Legacy]

Thanks for your detailed reply Geoff, much appreciated.

I had almost forgotten that I was on anti-depressants some years back for the grieving loss of family member (we bury these things so deep in our mind i guess) I told them about that, I can't be precise on the duration I was on them but it wasn't years and years. I gave them all the medical information including the treating doctor and office where I was prescribed at the time. They asked if I saw any specialist, I think I saw someone 3 or 4 times, fairly uneventful at the time, I ended up pulling myself out of the hole and have been better.

Now, possibly there is a case to return to medication though I'm not sure. I presume I'd need to ring and update them if I did go back on anything which would likely restart the count or possibly effect that 13 month suicide clause.

I haven't signed up yet, just completed an application and have a few weeks to act on it to activate it. From what I can gather my depression past hasn't effected the premium because it came to the same figure I got at the start before answering anything.

Also considering Income Protection but worried it's too much hassle for what it's worth if unemployment was caused from mental issues.

No further questions at this stage, I think I've done everything above board. I might not have been accurate on some specifics but I've given them all the information they need to find out more - I've not hidden anything from them, I just have a terrible memory when it comes to specifics unfortunately.