You hear people say it all the time – “I’m so depressed!”
Mostly, people are not talking about depression in the clinical sense. But sadly, 45% of people will experience a mental health condition in their lifetime. Nearly half the population! So if you haven’t been through a mental disorder, look around. Odds are the person next to you has. And if they haven’t, then one of you still might in the future.
These are astounding numbers. Depression and anxiety can lead to displacement from friends and family, overuse of alcohol and sedatives and if severe enough, inability to work.
So, you can understand why it can be so difficult to get life insurance in place after you have suffered a mental health issue. Insurers know how common these issues are and are less likely to offer you income protection, or sometimes even life insurance, once you have suffered from a mental illness.
There is an enormous stigma attached to this kind of illness. Some people tell you to toughen up. Some people struggle to understand it because you can’t “see” the illness – break a leg and people know you’re injured. Mental illness is so much harder. But the truth is mental illness is one of the most debilitating illnesses you can suffer and it can most definitely prevent you from working. This then adds financial trouble to an already stressful situation.
If you’re lucky enough to never have suffered from any form of mental illness, now is the time to apply for that income protection insurance! Numbers don’t lie – almost 50% of us will suffer from one form or another of mental illness.