Obtaining life insurance can be a burden and quite the hassle for some individuals but it does not need to be.
Even for individuals with high-risk medical conditions such as anxiety.
To obtain great rates for life insurance with anxiety, all you need to do is work with the correct agency, choose the correct life insurance carrier, and understand the process.
It may be a surprise to you, but obtaining life insurance with anxiety is not that difficult in most scenarios.
That is what the rest of this brief article is going to break down for you.
More specifically, we will cover the following:
- Can I Get Life Insurance With Anxiety?
- Life Insurance with Anxiety: Underwriting Protocols
- Applying for Life Insurance With Anxiety
- Best Life Insurance Companies For Individuals With Anxiety
Can I Get Life Insurance With Anxiety?
If you have anxiety, you will be familiar with the unexplained symptoms of nervousness and feelings of panic it can bring.
Although anxiety and depression are not the same, and not everyone who is anxious is also depressed, their symptoms are similar.
Ultimately both disorders can prevent a person from leading a normal life.
They may be unable to work or maintain a relationship and sometimes are even unable to leave their house.
Both disorders are often treated in the same way and anxiety is becoming a more and more common disorder.
You may feel a bit down and find that you no longer enjoy the things that used to make you feel good, such as sharing family time or reading, or that you don’t feel loved.
It can then be a big worry trying to get suitable life insurance coverage because you fear the premiums will be big.
Because anxiety is linked to depression and your general mental health, doctors often prescribe medication to try and combat this and this must be stated on any insurance application.
This could potentially become an issue when applying for life insurance coverage.
In fact, it often leads people to ask that specific question.
Can I get life insurance with anxiety? The answer is yes but stick around while I explain.
There are many forms of anxiety.
Obsessive-Compulsive Disorder (OCD) is now classified as a type of anxiety.
There are, however, many life insurance options available for those who suffer from all conditions related to anxiety, and there is certain to be a product that is suited to your particular circumstances.
Life Insurance with Anxiety: Underwriting Protocols
Every insurance company has underwriting protocols that they are obliged to follow to minimize the risk to their company and also provide a suitable level of life insurance coverage for you.
A lot depends on why you are anxious or depressed, and the degree of severity.
If it is due to the unexpected death of a loved one, sudden loss of a job, or even a major life event, these are single events and different from long term anxiety and depression.
If this is the case, you may well get offered Preferred Plus rates.
Normally, however, most insurance companies only tend to offer Regular or Standard Rates.
If you are taking any medication, whether prescribed or not, to combat anxiety or depression, this can also affect your application for life insurance and may increase the rate offered.
The questions you are asked and the answers you give will enable the underwriters to evaluate your risk better and a lot depends on how well controlled your anxiety and depression is.
If you have been diagnosed with depression, but are generally in good health if you are taking anti-depressants, your depression is mild and well-controlled, and if you have not attempted to commit suicide or had thoughts of suicide, you will get approval for a more favorable quote.
Remember that your medical records are often checked to validate this, so be sure that you are truthful when filling out the application.
There are companies that offer life insurance for high-risk individuals, so don’t let that stop you from getting the coverage you deserve.
Questions That Will Be Asked Pertaining To Your Anxiety
There are many factors to be taken into account when applying for life insurance coverage with anxiety and the insurance underwriters will ask you most if not all of the following:
- When were you first diagnosed with anxiety?
- Are there any specific reasons for your anxiety or depression? Have you had a sudden unexpected bereavement or job loss?
- What is the exact diagnosis of your disorder? Are you classed as having a panic disorder or suffering general anxiety; are you mildly depressed, or classed as having major depression? Or a disorder such as bipolar disorder, or post-traumatic stress disorder?
- What type of treatment or medication are you are taking? Has it been prescribed by your doctor? Also, what is the length of time you have been taking the medication for?
- Have you have ever undergone electro-convulsive therapy, had to go to the emergency room, or had to be hospitalized or institutionalized? Have you ever been on disability due to your anxiety or depression?
- Have you had any past history of alcohol or substance abuse? Any DUI’s?
- You may also be asked whether or not you have previously been refused any kind of life insurance coverage.
Applying for Life Insurance With Anxiety
Most people researching life insurance with anxiety online ask us if there’s a way to apply online.
You can’t actually apply for coverage online without speaking with an agent.
I know it’s not convenient, but you must be assisted by a licensed life insurance agent in order to secure coverage.
Our suggestion is to look at quotes on our website. If you have mild anxiety, you can look at “Preferred” rates. If you have some anxiety issues that prevent you from working or being in certain situations, then look at “Standard” rates (also called “Regular”).
If you see any quotes you like, click the apply button and we’ll set everything up for you.
Best Life Insurance Companies For Individuals With Anxiety
When it comes to pinpointing the best life insurance company for an individual with anxiety, it gets a bit tricky.
Mainly because it is entirely possible that you have anxiety in addition to other health conditions that need to be factored into the scenario as well such as weight-related issues, smoking, or even high blood pressure.
However, if anxiety or depression is currently the only blemish on your health background, some life insurance companies are known to be better than others such as the following:
All four of these life insurance companies tend to underwrite anxiety and depression favorable and offer extremely competitive rates for coverage.
Not to mention, they are all A-rated companies.
If you currently struggle with anxiety, any of the 4 would be a great choice.
Always Remember To Consider All Options Shopping Life Insurance With Anxiety
The last thing you always need to remember when shopping for life insurance with anxiety is that secondary options for coverage are available.
One of the most popular options includes guaranteed issue life insurance.
While it may not be the most ideal first pick, it is still a great option in order to add some coverage for your family and loved ones.
These policies do not require any kind of health background to be performed and are available in most situations for individuals ages 50-85 up to $35,000 in coverage.
The worst-case scenario may simply be taking this form of coverage until you feel more confident you can be approved for traditional coverage at a later time.
When that time is here, re-apply for traditional coverage.
Consider options such as AIG or Gerber Life Insurance.
They offer some of the most competitive rates and robust coverages for individuals who need to take this option.
Qualifying For Life Insurance With Anxiety At The Lowest Rates
Whilst having anxiety and/or depression can increase the amount of life insurance premium you have to pay, it will not stop you from obtaining it.
As with any type of insurance, it pays to shop around and look at quotes from several companies, as there is sure to be suitable and affordable coverage available.
It is very important to remember that life insurance coverage is a means of protecting the finances of your loved ones and ensuring that in the event of an accident, a serious illness or ultimately, your death, the standard of life you want them to have will be maintained and enjoyed.
Knowing that you have suitable life insurance coverage in place will help to reduce your stress and anxiety levels and you will be both grateful and thankful that you took the time to ensure the financial well-being of your loved ones.