Depression Affects Insurance Cover – Life Insurance Quotes

The very society in which we live has meant that many South Africans believe they are going mad. They suffer from mood swings from high spirits to deep depression.

The South African Depression and Anxiety Group – SADAG – says that 1 in 6 people suffers from anxiety or depression.

There are a number of factors which trigger these debilitating depressive disorders.

And it is alarming to know that many more professionals have severe depression.

In fact in 2013, the medical aid for professionals, Profmed, saw a 75% increase in its members suffering with severe depressive states.

But what do medical schemes have to say about this.  And will they cover it with all its side affects and other related illnesses?

Life Insurance Quotes – You can Get Cover for Depression

Many years have passed since the Medical Schemes Act introduced the prescribed minimum benefits (PMBs. This Act ensures that medical aid members receive essential treatment for medical emergencies and illnesses. Even so, these benefits to this day are shrouded in controversy.  Depression and Insurance

Discovery Health Medical Scheme and others cover treatment for illnesses such as mental health conditions.

In fact Discovery have their Allied, Therapeutic and Psychology Benefit available on their  Executive, Comprehensive priority and Saver plans. But cover is subject to the available funds in the Medical Savings Account, and Above Threshold Benefit.

Life Insurance Quotes – There is Concern among the Insurers

Insurers are concerned about mental illness when underwriting a policy. Spokesperson for Altrisk says insuring someone with depression presents an increased risk to an insurer. They added that it doesn’t mean you can’t get cover. And it is imperative you disclose this illness to your insurer. Otherwise this could affect your claims negatively later on.

Life Insurance Quotes – There are Exclusions

Certainly insurances company’s will want to know if you have had a depression diagnosis. They will then use this information to decide whether to offer you cover, how much cover to offer you and how much your monthly premium will be. Insurers will want to know the type of depression you have had and if for instance there were any suicide attempts or hospitalisation as a result.

You may be charged with a higher premium based on the information you provide. There may also be  permanent suicide exclusion, meaning they won’t pay out anything if you take your own life.

The insurer may apply what is known as  ‘depression exclusion’ on disability and income benefits. The reason for this is that depression along with related conditions such as chronic fatigue can make it that you are unable to work. “Medical type depression’ which is considered once off such as the death of someone or hormonal changes brought about by a pregnancy won’t mean you having to pay a higher premium  as long as it is successfully treated.

Life Insurance Quotes – Find the Best and Most Reputable Medical Aid

If you suffer with depression, look for a medical aid that has the skills and reputation to deal with depression and who offer fair coverage for this illness which is increasing among South Africans in leaps and bounds.


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All info was correct at time of publishing