life insurance

Life Insurance with Depression

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Life Insurance with Depression

 

Can you get Life Insurance if you have Depression?

 

Anxiety and depression related illness has become very common in Ireland over the last decade and even more so in times of challenging economics, high unemployment, as we have experienced since 2008. Not only is it quite common, but depression is present in several forms and levels of severity.
 

We all get depressed from time to time, due to life events or hormonal swings. How can you tell if your mood changes are normal or if you require treatment for depression?  Even though we all like to self-diagnose, only a physician can determine if someone suffers from clinical depression.
 

What is depression?

According to aware.ie they describe depression as ‘a mental health condition which affects a person’s thinking, energy, feelings and behaviour. It’s not just having a bad day. If you have symptoms of depression you may not want to talk about it. However, talking about how you feel to your GP or family is a positive first step in learning how to manage Depression’.
 
 

Of course, there are different types of depression ranging from mild depression, which has some impact on daily life, to Moderate depression which has a significant impact on daily life and severe depression makes the activities of daily life nearly impossible.
 
 

 

In this article I will answer a few questions that I hope will make things more clearer for you.
 
Can I apply for Life Insurance with a history of depression?
 
What do the Insurance Companies look for?
 
What is the likely outcome?
 
 

Can I apply for Life Insurance if I have depression?

Yes, of course you can. The good news about applying for term life insurance when you have a history of depression is — yes, you can qualify for coverage! Your outcome and resulting premium cost will depend greatly on a number of factors, including the type of depression, your treatment history, the level of control, follow up, your medical history and more. While you can control the outcome to some extent through good follow up and lifestyle habits, other uncontrollable factors will come into play when the life insurance company reviews your application
 

What do they look for?

Life insurance companies want to see that people with a history of depression
 
(1) have received or are receiving treatment, and
 
(2) have completed regular follow up visits per doctor’s orders. Also important is the presence of necessary lifestyle changes, such as exercise, weight control, no tobacco use, etc.
 
The life insurance company you apply with will be looking specifically at:
 

  • Your age at diagnosis
  • The amount of time since diagnosis
  • The duration and severity
  • The number of episodes per year and their severity
  • Medication used and compliance with medication
  • If you require frequent changes in medication (significant because the life insurance company must be sure the disorder is well controlled)
  • Any suicide attempts or thoughts of suicide
  • Any hospitalisations/emergency room visits for depression
  • Concurring disorders (such as anxiety or PTSD)
  • Current alcohol or substance abuse, or history of such
  • If you are disabled due to depression
  • Any other major health problems

 

 

What is the likely outcome?

We’ve helped hundreds of people apply for term life insurance and many of those people had a history of depression. Here are a few things we’ve learned:

Well controlled mild/moderate cases of depression will often be approved at a Standard rating class.

Very mild cases of depression, or those that were situational and have since recovered, may be approved at a standard rating class. However, loadings will get worse, and the premium will be higher, along with the severity of the depression.

The life insurance company will usually decline applicants if there have been suicide attempts or thoughts of suicide.

Very mild cases of depression, or those that were situational and have since recovered, may be approved at a Preferred rating class. However, this is case by case.

What to do now?

As always, please discuss your situation with your life insurance broker, and provide as much information as you can.

At One Life Insure, we are here to help direct you to the best life insurance company based on your individual circumstances.  We are specialist life insurance advisors who know where to apply to get the most appropriate  plan and the cheapest cover for you.

We at have plenty of experience in dealing with insurers and from years of advising people with depression we know which insurer will be most lenient to your condition.

If you would like some more information or advice on this matter, please gives us a call on 01-5390410  or email me on  tom@onelifeinsure.ie and I will be happy to help.

www.onelifeinsure.ie

 
Contact us via this contact form and we will respond as soon as we can.

Life Insurance After Cancer

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Can I get Life Insurance after beating Cancer?

 
 
 
 

The simple answer is …YES
 

 
 

 

If you are among the majority of cancer patients who survive following a diagnosis, you may face another battle: taking out a life insurance plan or mortgage protection policy.

 

 

Trying to get life insurance after a cancer diagnosis is not easy but not impossible. There are a number of factors that will determine the cost of your cover:
 
 

 

  • type of cancer
  • what stage you were at
  • grade of the cancer
  • the treatment plan
  • how long ago your last treatment was

 
 
 

The following are guidelines estimating the waiting periods for different types of cancer.

     
     

  • Bladder Cancer – 2 Years
  • Bone Cancer – 5 Years
  • Breast Cancer – 2 Years
  • Cervix Cancer – 1 Year
  • Cervix (In Situ) – 0 Years
  • Colon Cancer – 2 Years
  • Esophagus Cancer – 3 Years
  • Kidney Cancer – 3 Years
  • Larynx Cancer – 1 Year
  • Leukemia – 10 Years
  • Lung Cancer – 3 Years
  • Lymphoma – 2 Years
  • Metastatic Cancer – 5 Years
  • Ovarian Cancer – 3 Years
  • Parotid – 2 Years
  • Pancreatic Cancer – 2 Years
  • Prostate – 1 Year
  • Rectum Cancer – 2 Years
  • Salivary – 2 Years
  • Skin Melanoma – 1 Year
  • Testicular Cancer – 1 Year

 

 
 

 

Life insurance after cancer

 
 
 

 

It’s unusual if an insurer offers a policy to someone who is still undergoing treatment. If they have a good prognosis, they may become eligible for a policy. Life insurance companies often examine medical records and consultant reports for breast cancer survivors seven years after a completed treatment. If the prognosis is good, the patient can ask for a re-evaluation and lower premiums.
 
 

 

Most cancer survivors who apply for life insurance do so after five years of being cancer-free (after their last treatment) but depending on the cancer you can get cover before this period.
 
 

 

The life insurance policies and price you receive will hinge on the curability of your cancer. Certain types of non-melanoma skin cancer, for example, are considered very low risk by life insurance companies, and a skin cancer history may not impact premiums at all. Depending on your type of cancer, the life insurer might add loading.
 
 

 

Applicants with common and treatable forms of breast, prostate, testicular and thyroid cancer may be able to get a small loading under ideal circumstances.
 
 

But patients with a history of leukaemia or colon cancer may fall into a higher loading of premium at best, or even receive declines. Anyone with cancer that has metastasised likely won’t be able to obtain a policy.

 
 

 

Most insurers will not offer a policy to someone who is still undergoing treatment for cancer.
 

 
 

 

 

Cancer risk specialists
 

 
 

While any dedicated life insurance broker can search the insurance marketplace to find companies that will sell you a life insurance policy, we at ONE LIFE are brokers who specialise in finding life insurance for people after cancer as we know which insurer will look on each case more favourably.
 

 
 

 

 

Life insurance application tips for cancer survivors
 

 
 

 

Gather all necessary medical records before you apply. This includes your all your reports, medical records and treatment records. This will give underwriters the most complete picture of you, your health and your cancer history. Having all those records before you apply will reduce delays in the application process because your life insurer is going to request them and will wait for them. The less underwriters know about you, the more likely they are to assume you are a high-risk case and offer you high premiums accordingly.

 
 

Make sure you follow your doctor’s treatment plan to the letter. Your life insurer is not going to offer you a policy without seeing the results of your follow-up appointments. Similarly, if you’ve had breast cancer and you’re due for a mammogram soon after applying for Life Insurance, your life insurer will likely wait for the results of your next mammogram.
 
 
 
 
Contact ONE LIFE INSURE and will go through your application and complete a Cancer Medical Questionnaire in fine detail with you.

 
 

 

 

Most insurers you would think sing from the same hymn sheet when it comes to accepting life insurance with cancer survivors. But that is not the case. The following case study is an example of much of a saving you can make by applying to the right company to get your cover.
 
 
 

 

 

 
 
Case Study: Last year, a couple (Alan and Hannah) contacted me, they were buying their first house together. Hannah had been given the all clear from cancer (Non-Hodgkins Lymphoma) 7 years previous. The bank who arranged their mortgage loan advised them that the Mortgage Protection premium, because of a medical loading, was going to be €320.50 per month. Understandably, this was a unaffordable amount and the purchase of the house was in jeopardy.

 
 

 

However, we didn’t panic, as I knew from previous experience, the insurance company whom they originally applied for this cover for wasn’t very lenient towards cancer survivors.

 
 

 

So we set about applying with two other insurers (two insurers that I knew would be more understanding) in great confidence of getting a reduced premium. After plenty phone calls to GPs etc,  we got quoted two vastly reduced premiums. One Insurer quoted €81.15 per month and another quoted €50.79 per month. This was a huge saving of €269.71 per month, over €3,200 a year. Obviously Alan and Hannah were thrilled with this outcome, but real life stories like this also gives myself and the staff here a great sense of achievement and fulfilment.
 

 
 

 

 
 
Remember:
 

Regardless of how long it has been since your cancer diagnosis, it’s important that you stay positive. Even if you’ve been denied life insurance coverage in the past, it is still possible that you can qualify for a policy in the future. The best course of action is to complete the waiting period post treatment and then move forward from there.
 
 

If an insurer has declined you, try another one or speak to us at  ONE LIFE INSURANCE. We are specialist life insurance advisors who know where to apply to get the most appropriate plan and the cheapest cover for you.

 
 

We are here to help

 
 
 

 

 

Please get in touch by getting a quote on our website www.onelifeinsure.ie

 

or

 

E: tom@onelifeinsure.ie
 

T: 01-5390410
 

Can I Get Life Insurance With Diabetes?

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Can I get Life Insurance with Diabetes?
 

 
Yes you can!
 
 
Premiums on life insurance for people with diabetes are likely to be higher than for those without the condition, some insurers may even decline your application.
 

 
If you have diabetes and have applied for life insurance in the past then you will know how difficult it can be. This is where our team of Insurance experts can assist – we’ll help you to find the best cover for you at the right price. Luckily for you will know the insurers that are more lenient to those with diabetes.
 

 
We aim to save you money on the premiums that you pay for life insurance by searching the market to find you the best insurance provider.
 

 
Our expert advisors have experience with getting cover for clients with diabetes so we understand what you need and we are here to make sure that you get it.
 

 
How does diabetes affect your life insurance?
 

 
It is possible to get life insurance if you have been diagnosed with diabetes, but your premiums will depend on the severity of your condition and your HbA1c readings.
 

 
Most people with diabetes who are applying for life insurance will find that their premiums will be loaded by the life insurance provider.
 

 
This is why life insurance underwriters will assess your diabetes based on a number of key factors and measurements, such as:

     

  • Age of diagnosis
  • Most recent HbA1c reading
  • Details of all blood sugar tests, kidney function tests, urinalysis & cholesterol
  • Type of diabetes
  • Medication (e.g. diet, metformin or insulin)
  • BMI
  • Existing diabetes complications
  • Records of treatment

 

 

You may find that certain insurance providers previously declined you for life insurance because of your diabetes. This does not mean that every insurance provider would decline you, so it is important to speak to one of our experts to ensure you apply to the best insurance provider for you.
 

 

It is very important for anyone with diabetes to apply to insurance providers with strong underwriting for your condition. Our team of experts know exactly which insurance provider will be the best for you and it is our job to make sure that you get the best cover in place at the right price.
 

 
Critical illness cover for diabetes
 

 
Over the last several years there has been a move towards more flexible underwriting for critical illness cover with diabetes.
 

 
Unfortunatly it is still extremely difficult to get Serious Illness cover for those with Diabetes. We are constantly working with life insurance providers to help improve underwriting for critical illness cover for people with diabetes.
 

 
As a diabetes life insurance specialist we are constantly working with insurance providers to develop new products and help them to improve underwriting for you.
 

 
 
 
 
What is the application process for life insurance with diabetes?

     

  • Get a quote online (www.onelifeinsure.ie/life-insurance/) or get in contact with us 01-5390410 or tom@onelifeinsure.ie
  • We will advise you on the most appropriate plan and the cheapest quotes.
  • No forms to fill in- Quick and Easy Application Process. Completing your application couldn’t be easier, there are no forms for you to fill out. You can complete your application over the phone in about 5 minutes and sign it securely online in minutes.
  • During this call we will complete a diabetes questionnaire. The more information we give the insurer at the application stage the better.
  • The life insurance company will probably request a report from your doctor.
  • We will bring the policy back to you with the underwriting decision and from there we will add the finishing touches to your cover

 

 
Finally

 

 
As I mentioned already, it is difficult to get cover if you have diabetes, but my advice is to contact us, let us do the hard work for you and I will be confident that I can get you a decent amount of cover to suit your budget.
 

 

Life Insurance

or contact us via this contact form and we will respond as soon as we can.

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Protecting your business

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Have you your own business? Are you involved in a family business or a Director in a SMW? Have you ever considered the impact of loss of a director/ partner through death, or ill health? It can potentially have very negative consequences on a business. Unfortunately, this is a huge issue for business owners, as research has shown that over 65% of Irish companies and partnerships currently have no business protection.

As a business owner, you most likely protect your property, vehicles and equipment with various forms of insurance, but have you considered what would happen to your business if you died prematurely, what would the financial impart be on your family and your business?

Business protection is an effective solution that can ensure there is a capital lump sum available to the deceased business partners share. Having the means to buy a deceased partners share allows the remaining partners to retain full control of the running of the business.

There are a range of business protection plans available to help business help survive the death or serious illness of someone that would result in a financial loss for the business. The death of a director, lock photoshareholder or partner may bring distress and grief to any organisation. The deceased’s family may be unfamiliar with the business, and may have cash-flow problems after losing his/her income. Business Insurance makes it possible for the directors to buy the shares from the family or next-of- kin, which could be the best option for all concerned.
Below is a summary of the various types of plans available:

  • Co-director Insurance can bring security and stability to a company’s directors. In the event of the death of one of the directors, it will allow the surviving directors to buy the deceased’s shares from their next-of- kin if these unfortunate events occur.
  • Partnership insurance – This is a specific kind of insurance policy that protects the financial security of a business partnership by compensating a deceased partner’s estate for their share of the partnership.
  • Key Person cover provides protection against the loss of an extremely valued employee of high financial or strategic importance to a business.

The key to finding the most appropriate plan for your business is getting the right advice. If you are concerned about protecting the future of your business, feel free to contact OneLife for advice on this matter.

Withdraw up to 30% from AVC and PRSA AVC funds

Are you in an occupational pension scheme? Have you contributed to an AVC (Additional Voluntary Contribution) plan?

There is good news as there is a once off option to withdraw up to 30% of the Value of Additional Voluntary Contributions (AVCs) inc PRSA/ AVCs, however the deadline is approaching.

Individuals who have AVCs or PRSA/ AVCs will be entitled to access up to 30% of their value on a once off basis at any time within 3 years of the date of the passing of the Finance Act 2013. Effectively this means that the option will be available until 26th March 2016. The option applies to AVCs only (including PRSA/ AVCs).

The amount drawn down will be taxed at the member’s marginal rate of income tax. No Universal Social Charge (USC) or PRSI deduction will be made in respect of the AVC drawdown. The administrator will automatically deduct income tax at your marginal rate.

For more information on how to drawdown your AVCs or if you wish obtain the relevant forms for this drawdown contact us OneLife