Schizophrenia & Life Insurance

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Schizophrenia & Life InsuranceWe understand that being diagnosed with schizophrenia may be a difficult time for yourself, and you may find it difficult to talk about. We have a number of trained advisers who are available to listen to your story and support you, in a way that makes you feel comfortable.

There are a few things we need to know to get started:

  • When were you diagnosed with schizophrenia?
  • Do you take any medication for this?
  • What symptoms do you experience?
  • Does it affect your ability to work?

Life insurance for people with schizophrenia will be assessed by the insurer alongside a detailed report from your doctor. This report is only shared with the insurer with your expressed permission, It is arranged at the expense of the insurer, and can be a good thing as there can be no question about you missing out any information about your diagnosis.

The insurer will be interested in seeing a full picture of your health including the range of your symptoms, the medications that you use and how well controlled the schizophrenia is.

People that are living with schizophrenia, that are responding well to medication may be able to get life insurance with specific insurers at non-standard terms. This is usually a premium that is higher than the normal price.

Someone that has had recent psychotic episodes or suicide attempts, will find that some insurers will postpone their application for a set period of time. This is not every insurer, so please don’t assume that you cannot have life insurance, if you have had this experience.

It may be that the application needs to be placed to a specialist provider who could place certain exclusions on the policy.

Critical illness cover pays out a cash lump sum of money, if you are diagnosed with a medical condition that is listed in the insurer’s claims set e.g. cancer, heart attack, stroke.

Unfortunately critical illness cover is not available for people that have schizophrenia on the standard market.

There are some specialist life insurance policies that you can potentially access, that do not ask any medical questions. These might be a good option, but it’s really important to speak with an adviser who can explain all the technical aspects to you.

You might also be able to access critical illness cover through your employer, in what is known as a group critical illness policy. This may be a good cost effective option and is worth considering if you have your own company.

Income protection pays you a replacement of your monthly income, if you are unable to work due to ill health.

Unfortunately income protection is not available for people who have schizophrenia, with standard insurers.

As an alternative you may wish to consider accident, sickness and unemployment cover that will pay out a monthly income replacement in the event that you develop a severe disability, injury or are made involuntarily redundant.

The advantage of this policy is that the insurers do not assess your medical history when you apply for the cover, meaning that you will be eligible for the policy at standard premiums rates.

However you must be fully aware that whilst this is the case, these policies will not pay a claim for anything that is related to an existing medical condition; you will only be able to apply for a claim that is not related to your condition.

Accident, sickness and unemployment cover will pay a monthly benefit for between 12 and 24 months depending upon your choice of cover.

GET AN ACCIDENT, SICKNESS AND UNEMPLOYMENT QUOTE

Are you planning on traveling abroad? It is important that you arrange a travel insurance policy and establish what you are covered for, when it comes to the schizophrenia. For more details on specialist travel insurance policies, please visit our dedicated travel page here.

 You can view a transcript for this CuraVision Mental Health video here.
 

What is Schizophrenia?

Schizophrenia is quite largely a misunderstood illness with many still holding the misguided notion that this means that someone has a split personality disorder. Schizophrenia can occur due to genetic or environmental factors that cause an individual to lose a sense of reality, leading to long-term or acute behaviour changes due to the altered perception of what is happening around them.

Also known as: N/A

Linked with: Mental health disorders, schizoaffective disorder, bipolar disorder, anxiety, schizotypal personality disorder, schizoid personality disorder, disassociative personality disorder, depression

    Some potential problems experienced by individuals who are schizophrenic include:

    • Hallucinations
    • Delusions
    • Thought disorder
    • Acute psychosis
    • Hearing voices
    • Withdrawal from social interactions
    • Difficulty sleeping
    • Inability to recognise changes to behaviour and thoughts
    • Contingency planing for acute psychotic episodes
    • Adverse reactions to medication including parkinsonism, akathisia, dystonia and tardive dyskinesia
  • Amisulpride (Solian)
  • Aripiprazole (Abilify)
  • Atypical antipsychotics
  • Chlorpromazine hydrochloride
  • Clozapine (Clozaril, Denzapine, Zaponex)
  • Cognitive Behaviour Therapy (CBT)
  • Flupentixol
  • Flupentixol decanoate
  • Fluphenazine decanoate (Modecate)
  • Haldol
  • Haloperidol (Dozic, Serenace)
  • Haloperidol decanoate (Haldol Decanoate)
  • Levomepromazine maleate (Nozinan tablets)
  • Olanzapine (Zyprexa)
  • Olanzapine pamoate monohydrate
  • Paliperidone (Invega)
  • Pericyazine (Neulactil)
  • Pimozide (Orap)
  • Pipotiazine palmitate (Piportil)
  • Prochlorperazine maleate
  • Prochlorperazine mesilate
  • Quetiapine fumarate (Seroquel)
  • Risperidone (Risperdal)
  • Sulpiride (Dolmatil, Sulpor)
  • Trifluoperazine hydrochloride (Stelazine)
  • Typical antipsychotics
  • Xeplion
  • Zuclopenthixol acetate (Clopixol Acuphase)
  • Zuclopenthixol decanoate (Clopixol Conc)
  • Zuclopenthixol dihydrochloride (Clopixol tablets)
  • ZypAdhera
By clicking on the link(s) above you will be departing from the regulatory site of Special Risks Bureau. The Special Risks Bureau (Cura Financial Services) is not responsible for the accuracy of the information contained within the linked site(s).

Common Questions

When you apply for life insurance you do not usually get exclusions on the policy. Most insurers tend to include a suicide clause for the first 12 months of the policy. This means that they will not payout a claim, if someone dies from suicide during this time period.

You are more likely to see a premium increase for life insurance, due to having schizophrenia. There are some specialist insurers that will exclude claims relating to the schizophrenia, which can be a permanent exclusion on the policy for claims relating to self-harm and suicide.

Client Reviews

Cura Financial Services has been rated 5 out of 5 based on 527 reviews.

Review by Sarah on 26th January 2018

Cura really helped me out when I got declined life insurance online they really took their time and listened to my needs - 5 

You can read more of our reviews here.

Schizophrenia & Life Insurance

Dr Kathryn Knowles Phd

Author
This page was written by Dr Kathryn Knowles Phd, an award-winning insurance adviser. To read more about Kathryn please see her bio here

Schizophrenia & Life Insurance

Client Reviews

Schizophrenia & Life Insurance

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