How Depression and Anxiety Affect Life Insurance


As if life with mental illness, for example anxiety or depression, wasn't hard enough, getting life insurance coverage with anxiety or depression can feel overwhelming, too. Life insurance companies factor illnesses of all into their underwriting process, potentially leaving those seeking coverage with higher premiums on their own insurance policy.

If you've anxiety or depression, as well as other mental illness or health condition, you might have wondered if it would have an adverse effect on what you can do to secure life insurance coverage to place an economic safety net in place for the ones you love most.

We understand your concern – the entire process of applying for life insurance can feel confusing and intimidating if you've never been through it before. Doubly so if you're someone with anxiety or depression, or other illness (mental and/ or physical) that could potentially impact coverage from life insurance coverage companies. That's why we spoke to a couple key members of the Haven Life team to have their tips about navigating the life span insurance experience for those who have anxiety or depression.

Get your insurance policy once you can

With life insurance in general, the earlier are applying, if approved, the sooner you could be covered, as well as your rate per month will probably be lower because you're younger and inherently much healthier.

Also, it goes without saying, but every day life is unpredictable. Then one like term life insurance is not among the tasks out of your “to-do list” that you will want to put off. This is correct for those who have anxiety or depression, or any other mental illness or physical illness – or you don't.

Disclose your full medical history

As with any other kind of health concern, a mental health disorder should be disclosed in your term life process. (This includes diagnosing and all sorts of medication accustomed to treat symptoms and conditions.)

Simply put, if you don’t disclose your mental health history (even moderate depression), it could impact whether your claim pays should you pass away. In other words, your insurer may not pay out your benefits should you die during your term if you applied under false pretenses. And that is a fate worse than paying higher premiums, as someone with anxiety or depression (or any other mental illness) might have to do.

A failure to reveal your full history may also delay your coverage decision. If the undisclosed diagnosis is discovered throughout the underwriting process, that can result in ordering additional medical records, which obviously requires additional time.

Don't worry (too much) regarding your rates

In most cases, anxiety or depression without complications or symptoms, or mild to moderate depression, may not impact your underwriting class. (Refresher: An underwriting class is really a number of those who share certain characteristics affecting their rates.)

However, if anxiety or depression (or another mental illness) impacts school or work, or if you have had frequent medication changes, you might end up paying a higher premium. In very serious cases, you may not qualify for traditional coverage.

Though, again, not disclosing your problem would result in a level worse situation, that you pay for insurance, but your beneficiaries may not get the benefits.

Take proper care of yourself

When it comes to mental illness and associated health disorders, be certain that you're obtaining the care you'll need. Your overall health history is underwritten throughout the life insurance process.

Therefore, you should make sure you are compliant together with your doctor's recommendations and treatment for any health conditions, and then try to keep your blood pressure and lab values inside the normal range.

And as with other people, overall health advice for those with anxiety or depression still applies: Don’t smoke, keep your weight in check, get enough sleep, take vitamins, etc. But really, that's good advice for any situation.

Prepare for your life insurance medical exam

Having to consider a health check isn't indicative of your health rating.

If you need to take a health check, it’s often a good idea to complete some fundamental set-up. Which will include fasting overnight and laying off the caffeine the morning of. That's why it's often smart to try to schedule your exam for in the morning.

Don't assume you cannot be covered

To put all of the above one other way: Depression and anxiety shouldn't prevent you from trying to get life insurance coverage.

Be honest, keep expectations under control and don't be afraid to inquire about questions (from, say, a certain super-friendly-and-helpful customer success team). Whether you choose to understand more about a web-based life insurance coverage agency or perhaps a specialized broker, the life insurance application experience might be far easier than you believe.