Ever since the pandemic, there are millions of people that have been struggling. The ongoing battle with the virus has left many with both physical and mental health challenges, on top of financial hardship and relationship stress. There are steps you can take to help achieve peace of mind.
This does not constitute advice and advice should be sought in all instances before acting on it.
Ensuring your wealth is adequately protected will not only help you financially, but if anything were to happen, these insurance policies will help you focus on recovery so you can prioritise your physical and mental health as well.
Mental illness and insurance cover
Most people don’t inform their insurance providers of their mental health conditions. They mistakenly believe that if they disclose their conditions they won’t be able to take out life insurance or critical illness cover. But, you should always alert your provider in case there are additional support options provided by your insurer.
Some people think that mental illness is something personal and shouldn’t be shared. Sometimes, people genuinely think that their provider wouldn’t be interested in anything other than existing physical illnesses. Other times, people worry that their illness will disqualify them from coverage or that their premiums will increase.
It’s understandable if you weren’t sure about telling your insurer – there continues to be a stigma around mental health and even for those that are accepting of their illness, it’s unclear whether or not it could affect one’s ability to secure coverage.
That’s not the case, however.
Alerting your provider to a mental health condition doesn’t necessarily mean a higher premium. And the likelihood that it would make one ineligible for cover is low.
Insurance providers are supposed to help support and help their customers, so you should be honest and upfront about your conditions so you can get the support you need.
Do you have a plan in case of financial hardship?
Wealth protection is one of the most important elements in a successful financial plan. If you don’t have a plan for dealing with financial hardship as the result of an illness or injury, you and your family could be in real trouble. Having adequate protection in the form of income protection, critical illness cover, and life insurance means that you can have peace of mind during a difficult time. Money is no doubt important, but that shouldn’t be your biggest worry when trying to recover or grieve.
To learn more about the importance of financial protection and how you can get covered, contact Dental & Medical Financial Services today.
