Getting Life Insurance With Depression and Anxiety
If you are like over 40 million Americans diagnosed with depression or anxiety, know you are not alone. Although, if you have the information that you need along with the support of a Coach B. Insurance agent, getting some affordable life insurance might be easier than you think.
- updated last on March 5, 2023
Quick Article Guide:
- How Depression and Anxiety Affect Life Insurance
- Life insurance with depression and anxiety standard definition
- Get proper diagnosis and treatment
- The underwriting process
- What are your plan options
- What if you get declined or turned down because of depression or anxiety?
- Do not feel hopeless
Can you get life insurance with depression
Yes, it is possible to qualify for life insurance if you have depression. However, the type and severity of your depression will be considered when determining your eligibility and premiums. It may be best to work with an experienced life insurance agent who can help you find a policy that fits your needs and budget.
How Depression and Anxiety Affect Life Insurance
One of the less-discussed conditions is a mental illness, but you need to face it to get the best deal for life insurance. If you have a mental disorder like depression and anxiety, it is better to consult health professionals and seek medical help.
This step is vital, especially if you want to buy life insurance with depression or anxiety in the future. The underwriting process will rate your monthly premium based on your current condition. It is good to get an independent insurance agent’s service to acquire the best policy with competitive rates.
People with mental illness can experience difficulty in applying for life insurance with depression and other health conditions. The reason is that many insurers see mental illness as a significant risk that means costly monthly premiums and limited coverage. However, it should not stop you from getting the best life insurance to secure you and your family’s future.
It is good to know that many insurance providers assess applicants with mental illnesses according to their condition. One needs to equip themselves with the knowledge to understand how insurance agents and underwriters think about mental illness conditions regarding life insurance.
Life Insurance with Depression and Anxiety Standard Definition
Mental conditions like depression and anxiety differ from one person to another. As you talk to an agent, you may feel awkward when questioning starts. Many have bad experiences undergoing this process, but insurance providers are now beginning to set a standardized way of underwriting to deal with applicants with mental conditions.
Most insurers get the general definition of mental illness from reputable sources from the Center for Disease Control Prevention. It is better to ask questions to find out how insurers classify your case. Asking questions is a good thing because the underwriter will view you as normal.
The following are definitions of depression and anxiety from the insurer’s point of view.
- Depression– According to mental health professionals and advocate from CDC, depression is characterized by a feeling of sadness and low mood. For a person to be considered having depression, some signs should be present for two weeks, such as disinterest in usual activities, sadness, weight changes, change in sleep pattern, suicidal thoughts, and hopelessness.
Although there are common signs, depression differs from one person to another. Also, some may experience Seasonal Depression that is caused by a sudden, painful event in life. Depending on the condition and severity, there are various treatments available for people suffering from depression.
- Anxiety– According to the Anxiety and Depression Association in the United States, anxiety is characterized by constant feelings of stress even without any stressful situation. A person experiencing anxiety may feel troublesome in the comfort of their own home without any threat.
Both anxiety and depression can affect a person’s body and peace of mind. The most common type of anxiety is known as Generalized Anxiety Disorder that is characterized by a feeling of worry and stress that can interfere in a person’s daily life. Some with this condition go through a series of panic attacks.
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Get Proper Diagnosis and Treatment
If you think that you have either anxiety or depression, it is vital to seek medical help. It is crucial, especially for those who want to get life insurance. Applying for insurance should not hinder you from getting the right diagnosis and treatment that you need. It can motivate you to get the best treatment and care that you deserve.
Trying to get a diagnosis and treatment is a good sign for many insurers. It can help you to get better deals and even affordable monthly premiums.
The Underwriting Process
You need to know the possible questions asks during the underwriting process. The underwriting process is not that complicated if you are ready for your answers. The following are common questions asks by underwriters.
- What is your current mental condition or state?
- How many years are you suffering from such a mental condition?
- What is the degree or severity of your condition?
- What are treatment plans from your doctor?
- Are you taking some medications?
- Are your medications helpful in treating the condition?
- Are you undergoing therapy treatment and sessions?
- Have you been admitted to any healthcare facility because of your condition?
- Have you experienced suicidal attempts?
These questions may sound intrusive, but these questions are real and can help underwriters assess your risk level. It is always advisable to be very honest in answering these questions as dishonesty might terminate your future policy.
What are your plan options?
There are different options and categories when it comes to assessing your level of risk. Understanding these categories will give you a clear understanding of your situation and the type of policy ratings you can get.
- Preferred Best– This category means that you have a mild or normal mental state. You may fall under this category if your doctor’s diagnosis shows that you do not need any medication or therapy. Secure proof from your doctor that your mental condition does not affect your overall health, you can get the best deal and price for your monthly premium.
- Standard– This category means that your condition is moderate and does not affect your health. It means that it is manageable with some therapy and medications. If you are taking one or more medications, you can still fall under this category.
- Table rated– This category is the last rating you want because it can give a high premium and lead to your application’s denial. People with mental conditions can fall under this category if their disorder affects their daily life and overall health. Also, if you are not taking any step to address the situation, then your underwriter will surely see you as a red flag.
What if you get declined for coverage because of depression or anxiety?
Suppose you have ever been declined or turned down because of depression or anxiety. In that case, you might want to look into a guaranteed issue life insurance policy or possibly adding to an employer group life policy if offered.
A guaranteed issue policy will cost more than term life insurance for less coverage but will usually come with few health questions, no physical exam, and guaranteed approval. Group life insurance through an employer will also offer less range than you need, but you’ll get approved regardless of your current health status, and your employer may help pay some or all of the premiums.
Suppose you have been declined or turned down coverage due to inconsistent treatment or recently been diagnosed. It’s possible; you may be able to find a standard policy after a year or more of regular reports and positive treatment outcomes.
Do not Feel Hopeless
With the growing number of insurance providers in the industry, it is impossible not to scout for the best policy according to your needs. There are options for you, like no medical exam coverage. It allows people to acquire coverage without any medical examination, but you still need to be honest with your mental health.
Most of these plans also offer a cap of $250,000 for applicants with a history of mental conditions. You can seek help from a reputable Life agent because they can help you every step of the way.
Frequently Asked Questions
Can you get life insurance if you have had depression?
However, it will depend on the severity of your condition and how recently you were diagnosed or treated. Some insurers may require a waiting period before offering coverage, while others may offer higher premiums. Shopping around and comparing options is essential to find the best policy for your needs.
Can you get life insurance if you have mental health issues?
While finding affordable coverage may be more challenging if you have a history of mental health issues, it is not impossible. You may need to provide additional medical information and documentation from your mental health care provider. Some insurers may also require a waiting period before approving your policy. It's essential to shop around and compare quotes from multiple insurers to find the best policy for your needs and budget.
When and How to Disclose Depression on a Life Insurance Application
Yes, it's essential to disclose any prior history of depression or mental health conditions when purchasing life insurance. While this may lead to higher premiums, failing to disclose this information could result in the denial of benefits later on. Provide as much detail as possible about your condition, including dates and any treatment received, to ensure your coverage is accurate and comprehensive.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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