People with mental illnesses will have less difficulty attaining life insurance cover if collaboration between the life insurance industry and the health sector achieves its aims.

The Investment and Financial Services Association (IFSA) and the Mental Health Council of Australia (MHCA) have been working together for the past three years to improve life insurance access for people with mental illness. They have now adopted a new memorandum of understanding which will make access to life insurance products for the mentally ill “more likely to happen”, says MHCA CEO John Mendoza.

IFSA CEO Richard Gilbert says the two organisations will be advancing commitments made under the MOU in the next year, including “ways to educate and train underwriters and claims assessors specifically on mental health”.

“We’ll also look at improving reporting and data collection and enhanced communication to stakeholders,” he said.