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A Focus on Mental Health
Over the last 20 years, New Zealand has come a long way in how we understand and support mental health and wellbeing in our communities, workplaces and schools.
With a third of adult New Zealanders experiencing some form of mental illness or distress during their lives (Ministry of Health), it’s no surprise that mental illness is commonly disclosed as a pre-existing condition.
Assessing mental health disclosures
About 15% of applications for cover at Chubb Life include a disclosure of a mental health pre-existing condition or diagnosis. This commonly includes symptoms of depression and anxiety, grief reactions and stress, as well as diagnosed conditions such as Bipolar Affective Disorder and Major Depressive Disorder.
While it’s generally understood that a mental health disclosure can incur terms on disability benefits due to possible impacts on an individual’s work or responsibilities at home, what’s less understood is how it can impact on Life and Trauma benefits.
The risks of mental health on Life and Trauma policies
- Depression and anxiety are linked to an increased risk of cardiovascular disease (CVD) and ischaemic heart disease (IHD). These conditions can trigger physiological changes that disrupt the autonomic nervous system and lead to increased heart rate and blood pressure.
- The “fight or flight” response triggered by anxiety causes the release of stress hormones like adrenaline and cortisol which can trigger a rapid heart rate, increased blood pressure and potentially inflammation, which can contribute to heart disease.
- Data shows individuals with depression and anxiety are more likely to engage in unhealthy behaviours such as smoking, poor diet and lack of exercise, all of which increase cardiovascular risk.
When assessing mental health history, we consider:
- the number of previous mental health episodes and their severity
- any impairment to social or occupational function
- stability of work environment
- any history of hospitalisation or inpatient care
- any history of suicide attempts or ideation
- any history of drug or alcohol abuse.
Ensuring the fair assessment of all applicants
At Chubb Life we’re committed to ensuring all our assessments are fair and transparent.
We understand that making mental health disclosures can bring up additional feelings for customers. When supporting your customers through the underwriting process, please keep in mind that while it’s important for us to try to understand any underlying “cause” of a mental health condition, as this can impact the severity rating, our assessment is in no way a personal judgement. We’re not considering whether it’s “normal” to experience mental health symptoms in certain circumstances and we underwrite mental health conditions as we would any other pre-existing condition, applying terms as necessary.
Your insurance is underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life). Chubb Life has an A (Excellent) financial strength rating given by A.M. Best Company Inc. A summary of the rating scale is: A++, A+ Superior | A, A- Excellent | B++, B+ Good | B, B- Fair | C++, C+ Marginal | C, C- Weak | D Poor | E Under Regulatory Supervision | F In Liquidation | S Suspended. For the full rating scale and more rating information visit www.ambest.com/ratings/guide.pdf