Life insurance is a game of risk, and just like any health or lifestyle factors, mental health conditions can influence your premiums and eligibility. If you’ve been diagnosed with depression or anxiety, insurance underwriters might see you as a higher risk, which could mean higher premiums or even difficulty qualifying for life insurance. But don’t worry, there are insurers out there who are more understanding towards applicants with documented mental health issues.
So, can you get life insurance with a mental health condition? Absolutely! Like other health conditions, there are options for life insurance even if you have mental health problems. Some insurers are more forgiving than others, but generally, if your condition is well-managed with medication and regular doctor visits, you may be eligible. However, conditions like bipolar disorder or schizophrenia might make it harder to secure life insurance. If you get quotes for life insurance with a mental health disorder, make sure to compare the premiums and read the fine print to see what might be excluded from coverage.
What counts as a mental health condition in the eyes of life insurance companies? There’s a long list of illnesses or disorders that they consider as mental health conditions. The common factors are whether a licensed physician formally diagnosed you and whether you are on medication for the condition. Some common mental health issues include anxiety, depression, bipolar disorder, schizophrenia, eating disorders, OCD, PTSD, psychosis, and personality disorder.
Life insurance companies consider several factors when it comes to mental health conditions. They look at whether you are under regular treatment, the potential for other health issues that could create a higher risk, the severity of your mental health condition, whether you were recently hospitalized for it, and the frequency of any ‘episodes.’ The key to getting approved with affordable premiums is to show consistent treatment, regular doctor visits, steady employment, and the ability to handle your day-to-day tasks.
For example, if you have an anxiety or depression diagnosis, you may be at higher risk for cardiovascular disease, which can increase your premiums or lower your chance of approval. If you suffer from eating disorders, you could also suffer from anxiety, depression, high cholesterol, high blood pressure, diabetes, and some types of cancer. If you suffer from depression, you may be at high risk of suicide, which may cause some life insurance companies to decline your application.
So, what’s the best type of life insurance for people with mental health conditions? Your budget and financial goals are the most important factors in choosing the best life insurance. You may be eligible for the most common types of life insurance, depending on the severity of your condition, including group life, term life, permanent life, and guaranteed life.
There are several life insurance companies that are more accommodating to people with mental health issues, including depression and anxiety. These include Lincoln Financial, AIG Direct, Transamerica, Banner Life, and Prudential. Each of these companies has its own strengths and provides value to applicants in different ways.
In conclusion, while mental health conditions can affect your life insurance rates and eligibility, there are still many options available. It’s important to shop around, be honest about your condition, and find the best policy that suits your needs and budget.
