Insurance Practices and Mental Illness

Life Insurance and Mental Illness - Frequently Asked Questions

How to Appeal A Decision on Life Insurance

The Mental Health Sector Stakeholders (MHSS) Group

An important issue facing the community and people living with a mental health problem, is their ability to receive appropriate insurance coverage, including income protection insurance and life insurance.

Consultation between the mental health sector, the medical community, the Investment & Financial Services Association (IFSA) and representatives from IFSA member companies, resulted in formation of the Mental Health Sector Stakeholders group (MHSS).

Members of the MHSS include:

A Memorandum of Understanding between IFSA and the MHSS was first signed on the 24 February 2004 and has been re-signed each since. The signing of the MOU in 2004 was a world-first agreement to improve life insurance for Australians with high prevalence mental health problems such as depression and anxiety. Key objectives of the Memorandum of Understanding (MoU) include:

The MOU's have all been accompanied by a Communique between the Mental Health Sector Stakeholders. 

The Mental Health Council of Australia is extremely heartened by the success of these negotiations. The Memorandum of Understanding provides a solid foundation for future work aimed at ensuring that people with mental health problems have the same access to insurance products as people with physical health problems.

Representatives from the MHSS also particiapte in IFSA's five working groups, established to review all aspects of current insurance industry practices: