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Life Insurance with Anxiety or Depression

Researcher & Writer
September 12, 2013

Qualifying for life insurance with anxiety or depression comes down to one key factor: choosing the right company! At TermLife2Go, we work with the best life insurance companies and no exam life insurance companies. What makes these companies the best? Each caters to a unique market niche. And it is through pairing our clients with the right company that aligns with the clients unique health and lifestyle that we can help our clients secure the lowest life insurance rates. Give us a call today to see what we can do for you!

So you have anxiety or depression, no big deal, right? From our perspective we totally empathize with you and realize that with proper care you probably have your condition under control. And more to the point, your condition does not affect your health. Unfortunately, a life insurance underwriter may not see it that way.
Life insurance underwriters considering clients with anxiety or depression use actuary tables that show the population as whole instead of considering you, the individual. As unfair as that is there are ways to make a life insurance application more personal and to provide the underwriter with the necessary information to allow them to give you a better risk class than the population as a whole.

In the following article we will discuss the keys to getting the best rate on life insurance with anxiety or depression. We will also discuss the importance of choosing a anxiety or depression friendly life insurance underwriting carrier when applying. For more on how to find the best life insurance rates please see our Guide to Finding the Best Quotes.

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Anxiety, Depression, and Life Insurance

If you are applying for life insurance and have been diagnosed with either anxiety or depression then you need to read this.

Three important questions you need to ask are:

  1. Can I get life insurance if I have anxiety or depression?
  2. What life insurance rate class can I qualify for if I have anxiety or depression?
  3. What is the process of applying for life insurance if I have anxiety or depression?

Let’s begin with a brief overview

Anxiety is defined as a feeling of fear, unease and worry that goes beyond what would be considered an appropriate response to a perceived threat.

Depression is defined as feeling sad, unhappy, or blue. Most people feel depressed at one time or another. Major depression or major depressive disorder involves more serious issues affecting a person’s thoughts, feelings, behavior, and mood. Also known as clinical depression, it interferes with a persons ability to function on a daily basis affecting areas such as work and sleep.

Chronic depression, also known as Dysthymia, occurs when a one’s mood is always or often low. It lasts longer than major depression but symptoms are often more mild than with major depression.

Another form of depression is seasonal affective disorder, or SAD. As the name implies, this form of depression usually occurs during a season of the year, with winter typically being the most common season.

Step 1: Can I get life insurance with anxiety or depression?

The quick answer is, YES.

Ultimately, approval for life insurance with anxiety or depression questionnaire will focus on:

  • When you were first diagnosed,
  • if your condition is mild, moderate or severe,
  • what medication(s) you take,
  • how often you see your doctor,
  • if you see or have ever seen a psychiatrist,
  • any thoughts of suicide, and
  • if you have ever been hospitalized due to a mood disorder.

How you answer the above questions would determine your eligibility for life insurance with anxiety or depression.

Step 2: What life insurance rate class can I qualify for if I have anxiety or depression?

Life insurance companies have about 16 different rate classes. What rate class you qualify for will also determine your cost.

Preferred Best: Most well controlled clients (depression or anxiety), who are on only ONE medication, can qualify for the best class. Although this is not always the case, if you are (a) well controlled, and on (b) one medication (c) prescribed by your primary care physician and not a psychiatrist, you will probably end up with at least a preferred rate, if not preferred plus.

Standard: Clients with moderate anxiety (such as PTSD or OCD) or depression, who take (a) more than one medication, and/or (b) who see a psychiatrist, and/or who have (c) been hospitalized in the past due to a mood disorder, will typically qualify at a standard rate class.

Table Rated: Clients with more serious anxiety or depression, who are (a) on disability, or (b) have had a suicide attempt or thoughts of suicide, may still qualify for a table rate although he/she may need to consider burial insurance or final expense policy where there are no health questions and no medical exam.

Often, the rate class you qualify with anxiety or depression depends on your doctor records. If your doctor has put notes in your medical file referring to the potential of suicide that information will play a large role in your approval. The better the physician statement the better the result will be for you. Because your physician statement carries so much weight, no life insurance agency can guarantee you a rate class until you have gone through the underwriting process due to the fact that we do not know what is in your medical record.

Where it gets more complicated is when you have another condition in addition to anxiety or depression. For example, how about an anxiety or depression sufferer looking for life insurance with diabetes? The reality is, if both conditions are well controlled you can qualify for a standard rate (maybe better) with certain life insurance companies.

Step 3: What is the process of applying for life insurance if I have anxiety or depression?

In order to make an informed decision, it is important to know the difference between term and whole life. Another consideration is to determine what the coverage is for.

For example, term life is typically the best option for insuring the household's primary income earner or for business owners covering SBA loans or key person business insurance. It is also the best choice for meeting the requirements of divorce decree life insurance.

Whole life is typically the best option for longer term planning, such as buy sell agreements funded with life insurance or estate planning with life insurance.

Three types of coverage options: guaranteed issue, simplified issue, and fully underwritten.

A guaranteed issue life insurance policy for clients with severe anxiety or depression is simple and easy. There is no medical exam and no health questions involved and the coverage can begin in as little as 72 hours. If you believe this is the best route for you to take or if you have questions, please call us. For those who are currently having a difficult time getting approved you may also want to read the following article which focuses on difficult to place insurance policies: 10 Great Final Expense Insurance companies.

A no medical exam life insurance policy may be the best route for you to take to procure life insurance with mild anxiety or mild depression. With a non medical exam life insurance policy, you will need to answer a series of questions. There is no paramedical exam, which means you do not have to schedule an examiner to come out to your home and conduct a blood draw, urine sample and blood pressure reading. The life insurance company will still do a prescription database check and DMV search.

Fully Underwritten: Another route to take when applying for life insurance with anxiety or depression would be to apply for a fully underwritten life insurance policy which requires a medical exam. The examiner typically comes to your home and checks your height and weight and takes a small blood and urine sample. Your lab results are then processed. The carrier will request physician statements and look into your medical records. The carrier will also do a prescription database check to see what medications you are currently taking and have taken in the past. An underwriter will then assess your “risk” level and give you a rate class assigned to your specific risk. Your assigned agent at TermLife2Go will then follow up with you and let you know of your approval.

The entire process is handled by us so you can just sit back and wait for the life insurance carrier to complete your file. Speaking of life insurance carriers, not all life insurance carriers are the same when it comes to life insurance anxiety or depression underwriting!

Not all Life Insurance Companies look at Anxiety the same

The life insurance industry is just like every other industry out there.  Competition is constantly driving insurance carriers to compete for your business.  As a result, life insurance carriers take on “niches” in an effort to earn market share. It is important to know these life insurance company niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers in order to find you the best rates on life insurance with anxiety or depression.

As a consumer, it is in your best interest to work with an agency like TermLife2Go that is not bound to any one life insurance carrier and will be able to shop your application to dozens of different life insurance companies available.  Only by doing this can you insure that you are getting the best life insurance policy tailored to your specific needs. If you choose the wrong company you could very likely be refused or denied life insurance due to depression or anxiety.

Thank you for reading our article, Finding Life Insurance with Anxiety or Depression. Please leave any questions or comments below.

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We are a team of life insurance experts with the simple mission of helping you find the best coverage for your unique situation. We research, review, and rank life insurance companies to make that process easier.