Mental health can have many different impacts when it comes to life insurance, with it often depending on how severe and recent the condition was.
More specifically, a past condition has far less of an impact on life insurance than a current condition, and something with recurring and serious symptoms will have a greater impact than a condition with less of a daily impact.
The good thing to know is many different medical conditions still allow individuals to obtain life insurance to protect debts or their families. Depending on the circumstances and after being subject to the underwriting process, it is possible to obtain life insurance while having anxiety, depression, stress, bipolar disorder, panic attacks, and incidents of self-harm and suicide attempts.
Life Insurance with a History of Anxiety
Depending on which insurer you choose, applicants with anxiety may be refused life insurance by one insurer when they otherwise would qualify with another insurer. On a similar note, certain insurers will “rate load” your monthly premiums to a higher level than others, so even if you are declared eligible for cover, it may still not be your best possible price. Hence why it so important to get the best advice.
Those with a history of anxiety may be required to answer additional questions in order to begin the underwriting process with the insurer’s underwriters for your application. Immediate action could be taken as well as decisions made quickly, but if you have any complications or other related conditions, then the underwriters likely have to contact your general practitioner to investigate further.
In addition to the standard medical questions, the underwriters will have more specific questions to ask as well to paint the clearest picture for your application:
- If you have ongoing symptoms
- Details of severe attacks or symptoms and the dates
- Details of time away from work in the past 12 months
- Details and dates of any treatment, medication, or therapy
- Details of any suicide attempts or self-harm
- Details and dates of hospital admissions
- Details regarding general health
- Details of alcohol/drug consumption
Depression and Life Insurance
We are regularly asked about how depression relates to life insurance, considering that depression is one of the most common forms of mental distress for applicants over the age of 35. The monthly premiums are similar to those of anxiety when ratings and loadings are applied, though some insurers treat the condition differently and therefore need different information.
Even if you have been declined life insurance in the past because of depression, there may still be an insurer out there for you. There are equally those who reject such applications and others who offer more flexibility and understanding. That is why getting sound advice is necessary for ensuring that you get the best possible level of cover for the right price.
Cost of Life Insurance with Anxiety, Depression, or Stress
Life insurance rates for anxiety, depression, and bipolar disorder are more often the same as those of unaffected applicants, and therefore can be offered ordinary rates. Costs can be higher from certain applicants when compared to applicants without a more detailed medical history, but you can minimize these increased rates if you go to right insurer. Some insurers might rate load premiums by 50-100 percent depending on the outcome of their underwriting process.
Life Insurance for Bipolar Disorder
As is the case with life insurance and other mental health conditions, bipolar disorder can surely affect your application. For example, bipolar disorder will likely receive a higher rate of premium loading than an incident of general, life-related stress or anxiety, as bipolar is considered a more chronic or specified condition.
Critical Illness Insurance with Mental Health Issues
Critical illness insurance for individuals with a history of mental health concerns is usually applied for and processed in the same way as regular life insurance. Based on the statistics, the main difference is critical illnesses are much more likely to be diagnosed, and for that reason the underwriting process can be far more thorough with more information requested with certain questions.
The policy premiums can potentially increase by a larger percentage, and in cases when mental health concerns are severe, cover for critical illness may be declined while life-only protection may be accepted.
There are cases that are more acceptable for critical illness coverage than others, depending on the date, severity, and treatment: (1) anxiety, (2) depression, (3) stress, (4) bipolar disorder, (5) panic attacks, (6) after self-harm, (7) after a suicide attempt.