Life Insurance with Schizophrenia

Life Insurance

We require some information from you before we can begin:

1. Date of diagnosis
2. Any medication you may take
3. Any symptoms you may experience
4. Does it affect your ability to work?

The insurer will evaluate life insurance for individuals with schizophrenia based on a comprehensive report provided by their doctor. This report will only be shared with the insurer with your consent, and they will cover the costs. This is beneficial as it ensures there are no gaps in your diagnosis information.

The insurer requires a detailed overview of your health condition, including symptoms, medications, and the level of control over schizophrenia.

Individuals with schizophrenia who respond positively to medication may be eligible for life insurance coverage at non-standard terms with certain insurance providers. This typically costs more than the regular price.

Individuals who have experienced recent psychotic episodes or suicide attempts may encounter insurers who choose to postpone their application for a specific period of time. Not all insurers are the same, so it’s important not to assume that you can’t get life insurance if you’ve had this experience.

It might be necessary to submit the application to a specialist provider who could add specific exclusions to the policy.

Critical Illness

Critical illness cover is typically unavailable for individuals diagnosed with schizophrenia on the standard market.

Certain life insurance policies are available that do not require answering any medical questions. These could be a good choice, but it’s essential to consult with an advisor who can clarify all the technical details for you.

Employees may have the option to access critical illness cover through their employer, known as a group critical illness policy. This option is a good cost-effective choice to consider if you have your own company.

Income Protection

Income protection is typically unavailable for individuals with schizophrenia through standard insurers.

You might want to look into getting accident, sickness, and unemployment cover. This insurance provides a monthly income if you ever experience a severe disability, injury, or unexpected job loss.