The third daily podcast, as part of the Mental Health in Life Insurance week, from The Practical Protection Podcast features Zurich's Fraser Ballantine and Hannover Re's Lisa Balboa discussing mental health considerations when it comes to accessing insurance.
n this episode, part of the Mental Health in Life Insurance week from the Institute and Faculty of Actuaries (IFoA) Mental Health Working Group, Cura Financial's Kathryn Knowles speaks to Fraser Ballantine (Zurich) and Lisa Balboa (Hannover Re) about the various considerations involved in underwriting for mental health conditions and how data plays a pivotal role in helping insurers reach decisions.
The key takeaways:
- Insurers take broad population studies to understand how certain circumstances influence a person's chance of being seriously ill or dying. This is then used to form many of their decisions, but they will also do what they can to listen to individual circumstances.
- An explanation as to why bipolar disorder is a condition that usually results in an increased premium for life insurance, and leads to some difficulty in getting income protection cover.
- A clear example of how a premium might be increased for life insurance, due to a mental health condition.
Listen to the full podcast below:
This podcast was published by COVER as part of the Mental Health in Life Insurance week.