Can I Get Life Insurance If I Have A Mental Health Disorder?

By now, you probably know that the healthier you are, the more affordable your life insurance. Most of the time, people looking for life insurance tend to forget or assume to ask about life insurance for people with mental health problems. What they do not know is that the state of your mental health plays a significant role in determining the costs of your life insurance and whether an insurer will cover you. Just like any other medical condition you can think of depression, anxiety and other mental health problems are treated differently by different insurance companies. These companies base their decision on the amount of risk caused by the mental health condition.

Over the past few weeks, insurers have been accused of overcharging or depriving access to life insurance to people with anxiety and depression. It has been noted that people who have suffered even the mild bout of mental health issues are being denied life insurance completely, which in turn, aggravates their financial health. While these reports have been deemed extremely worrying by campaigners and charities, the only protection available for such discrimination are for people with a disability. Under the current Act, mental health conditions are not classified under disability, making it difficult for legal advisers to determine their rights.

Fortunately, though, this does not mean that you cannot get life insurance with mental health problems. Working with an expert independent agent can help you get the best life insurance policy regardless of your condition.

Life Insurance with Mental Health Problems

After applying for a life insurance policy, your overall health, both physical and mental will be evaluated to determine your rates. Hence, it is crucial that you are honest about your mental health history when applying since it may affect your rates. The rate at which your mental health issues affect your life insurance depends on the condition you are suffering from, more especially the extent of risk it puts you at.

This is why insurers assess your mental health when deciding whether or not to accept your application. Mental health problems like compulsive disorder may not affect your insurance rates. However, conditions that are more likely linked to suicide such as anxiety, depression, paranoia or bipolar disorder increase your insurance rates. In fact, when the insurer feels your risk is too high, they might outright deny you the cover.

Life Insurance with Anxiety

Insurers view anxiety disorders as a risk factor when calculating your life insurance. This is because this condition may result in psychological disorders and in severe cases lead to physical impediment limiting your aptitude to earn a decent living. It is for these reasons that insurers take their time to assess your condition before accepting your application. The insurer may ask you some questions to help them determine the extent of your disorder. Some of these questions include;

• When was the first time you were diagnosed with an anxiety disorder?
• Are you taking any medication to deal with your condition?
• How often do you visit your health professional to monitor your depression?
• Are you seeing a psychiatrist?
• Have you ever been hospitalized due to your anxiety disorder?
• Have you ever had electroshock therapy for the condition?
• Do you take alcohol?

The insurer will use this information to determine your level of anxiety disorder, whether, mild, moderate or severe. Most of the time, this information may be provided immediately, and a decision arrived at immediately. However, if the insurer realizes any additional complications related to your condition, they might need to contact your GP to investigate further. Hence, you will need to wait for their decision a little longer.

The insurer you apply for life insurance with makes a great difference in your chances of getting covered. When you choose the wrong insurer, there is a high likelihood that you may be denied the anxiety life insurance where it would have been qualified had you chosen the right insurer. On the other hand, an insurer may still agree to take you on but increase your monthly premiums to a higher degree than other individuals pay. Hence, even if a wrong insurer opts to offer you the life insurance with anxiety, it might not be at the best price as per the market rates. It is for these reasons that you need to seek advice from a professional on the way forward to ensure that you not only receive your insurance but also at the best rate possible.

Life Insurance with Depression

Depression is another common form of mental distress that may affect your life insurance, especially if you are over the age of 35. Depression is linked to a variety of health risks. Hence, some insurers may be hesitant or even more rigid in how they will rate applicants with a history of depression. The rating and loading of depression life insurance are similar to those of anxiety. Still, some insurers may treat depression differently from anxiety and may request for different information. If you get denied life insurance with depression, do not give up hope as there is always another insurer for you.

Just like with anxiety, there are insurers that may decline your application if you have depression, whereas others may be more flexible and understanding. However, the most crucial thing when looking for life insurance with depression is having the right amount of information and advice to ensure you get the best level of cover at the right price.

Life insurance is a crucial part of any person’s financial safety net. However, mental health issues might make things a little more difficult for you, especially when looking to get life insurance. Your best bet at getting yourself a life insurance with mental problems is by hiring an agent to help you navigate these waters. However, it is crucial for you to understand that when it comes to life insurance with mental health problems, there are no generalized rules. Everyone’s mental health condition is different. Hence, getting life insurance will largely depend on your general health and your ability to control your mental health.

Just because you suffer from a mental health disorder does not mean that you cannot get affordable life insurance coverage. We are fully licensed and experienced independent agents that have all the necessary knowledge and information to get you the policy at the best price possible. Contact us today to help you find the right insurer regardless of your mental health condition.