Last Updated: March 2021
Obtaining life insurance can be a burden and quite a 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, it is best to work with an independent agent and understand a little more about the underwriting process.
It may be a surprise to you, but obtaining life insurance with anxiety is not that difficult in most scenarios.
In this article, we will show you the best life insurance companies for people with anxiety, explain the underwriting process and the questions you will be asked, how to apply, and more.
- Can You Get Life Insurance with Anxiety?
- The Best Life Insurance Companies for People with Anxiety
- Underwriting: What Life Insurance Companies Will Ask About Your Anxiety
- Life Insurance Coverage Options for People with Anxiety
- How to Apply for Life Insurance with Anxiety
Can You Get Life Insurance with Anxiety?
The answer is yes! But it is important to be prepared for the different questions underwriters will ask, and shop around with an independent life insurance agent to make sure you are getting the lowest rates possible.
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.
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.
The Best Life Insurance Companies for People 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 might have anxiety in addition to other health conditions that need to be factored into the scenario, such as weight-related issues, smoking, or even high blood pressure.
However, if anxiety or depression is currently your only health concern, 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 favorably 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 companies above would be a great choice.
Underwriting: What Life Insurance Companies Will Ask About Your Anxiety
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 the cause of your anxiety or depression, 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 is.
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.
You will need to Answer Health Questions
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.
Life Insurance Coverage Options for People with Anxiety
When shopping for life insurance with anxiety, remember 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.
How to Apply for Life Insurance with Anxiety
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.
Contact us today to find the right company and life insurance policy. Having a knowledgeable and reputable agent working for you is the best way to find the lowest rates for your situation.
Also, be sure to check out our other guides below to learn more about how different types of mental health conditions can affect life insurance approval and rates: