Mental illness and insurance application
The terms offered by different life insurers vary depending on each company’s premium rates, product features and underwriting policy. The likelihood that your application will be accepted will be determined by a range of factors relating to your mental illness history. These include the seriousness of your mental health condition, its impact on your employment and lifestyle, the success of any treatment, management strategies and any ongoing symptoms. You should make sure you understand the application process and different application options (e.g. online, by telephone, or in person). For example, online applications may have different underwriting guidelines to other products regarding past and present physical and mental illnesses. It is strongly recommended that before making any decision, you speak first to a representative from the insurance company. When considering a life insurance product it is important that you read and understand the Product Disclosure Statement (PDS) as it fully describes the product, its benefits and any limitations. More from www.psychology.org.au Once your Income Protection Policy is in force, can it be cancelled due to mental illness? No. Insurance law states that once your policy is in force and you disclosed your medical history at the time of application, as long as you continue to pay your Income Protection premiums the insurance company can not cancel the policy. The great thing about quality Income Protection policies and the current system of underwriting at the time of application is that your risk to the insurance company is calculated at the time of application, any change in your health, occupation or other risk ratings does not affect your policy cost or terms ongoing. More from www.lifeshield.com.au Mental Health Treatment and Private Health Insurance Mental illnesses are of different types and degrees of severity. Some of the major types are depression, anxiety, schizophrenia, bipolar mood disorder, personality disorders, and eating disorders. Most mental illnesses can be effectively treated. Recognising the early signs and symptoms of mental illness and accessing effective treatment early is important. The earlier treatment starts, the better the outcome. A visit to a GP should be your first step in seeking help with your problem. Your GP can discuss any concerns you have and give you advice on what to do next.  Some aspects of mental health care can be covered on private health insurance, including hospital admissions and psychology services.
To be covered as a private patient for psychiatric treatment or drug and alcohol rehabilitation, you can purchase a private hospital policy. Private hospital insurance covers the cost of hospital accommodation and a portion of the medical fees. A hospital admission may be for an extended period but it can also be overnight or for a day admission only (where you are treated and discharged on the same day). Unlike other pre-existing conditions, which normally require you to complete 12 months of membership before you can be covered for a hospital admission, psychiatric services and rehabilitation only require a 2 month waiting period, even if the condition is pre-existing. This means you can be covered 2 months after commencing a policy. More from www.ombudsman.gov.au |
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