Last week was mental health week. We didn’t do anything special, because we believe every week is mental health week.

We’ve all heard the stats, approximately 1 in 4 people in the UK will experience a mental health problem each year.

The good news

The good news is that the life insurance industry has taken note and is starting to do something about it…

The bad news

The bad news is that their actions are actually making life insurance more and more inaccessible to those who have a mental health condition, have acknowledged it, and have taken steps to manage it.

The big concern

The big concern for life insurers with MH conditions is suicide. Most insurers won’t pay out for suicide, at least for the first year. However, in recognition that suicide is generally the result of a health condition, there has been a drive in the industry to reduce or even remove this suicide exclusion.

Nice move… except to protect themselves this means most life insurers make things more difficult for people who have visited the Dr or had any kind of treatment for mental health conditions. If you’ve ever had any suicidal thoughts, forget about it.

What we did

When we first launched our life insurance product we had the same rules imposed on us. Then when we saw just how many young people were getting turned down due to mental health conditions we felt we had to do something about it.

The solution was pretty simple. In amongst the abuse, banter and general weirdness, our social threads were littered with people asking why insurers didn’t just exclude suicide – there’s a whole load of people out there who want life insurance in case they get hit by a bus or die from cancer, but can’t because of the way the industry has moved.

So this is what we did. We moved in the opposite direction to the rest of the industry and we exclude suicide for everyone. However, also unlike everyone else, we do annual reviews. That means we can reassess the situation each year, and for the vast majority of people we can lift this exclusion after a year.

By doing it this way, we can accept all of these conditions (and many more…) at standard prices, without any additional info: Anxiety, Depression, Stress, PTSD, Borderline Personality, Bipolar, OCD, Paranoia, Psychosis, Schizophrenia, Anorexia, Bulimia, Phobias, Self-harm, Suicidal Thoughts, Suicide Attempts.

Like everything about our business and product, it might not be right for everyone, but we’re here to offer an alternative. Some people seem to like it.