Urgent action needed to prevent people with mental health problems paying 'sky high' insurance prices, says charity

People with mental health problems are paying a higher price for insurance

The research by the MMHPI looked at 15 travel insurance providers to see how disclosing a mental health condition would impact the insurance offered. Further surveys found issues to be common across the insurance industry, and not just associated with travel insurance. Key findings include:

• Premiums that jump dramatically in price when customers disclose a mental health problem. The research found that those suffering with severe depression were being charged three times more than someone without. This jumped to around 27 times more for someone suffering with bipolar. 

• Insurers excluding mental health conditions from their cover, without reducing prices. The research found that five of the 15 insurance firms included exclusions for mental health conditions, without reducing the price of the insurance product. This means people pay the same price for insurance products as non-sufferers, but are not covered for claims related to their mental health condition/s. 

• Insurers refusing to offer cover to people with more severe problems. In its research, the MMHPI found nine out of 15 firms refused to insure a customer with severe bipolar disorder. This means many people with severe mental health conditions will not be able to access vital insurance.