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Life Insurance with Anxiety or Depression

Licensed Life Insurance Agent/Marketing Manager
March 31, 2020

If you are one of the 40 million adults that has anxiety or one of the 16.2 million adults that has depression in the United States you may be wondering if these can affect your life insurance.1,2

This article is going to answer four main questions:

  1. Can you get life insurance if you have anxiety or depression?
  2. What is the cost of life insurance if you have anxiety or depression?
  3. What is the process of applying for life insurance if you have anxiety or depression?
  4. What do I do if I have been denied life insurance due to anxiety or depression? 

Can you get life insurance with anxiety or depression?

The short answer is yes, you are able to get life insurance. 

If you have anxiety or depression the life insurance company will likely have more questions to ask you. You can expect questions similar to the following:

  • 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.

They are asking these questions to learn more about you and your unique situation before determining if you qualify and how much your rate will be for life insurance. 

If you are interested in a traditional life insurance policy, they will also most likely ask you to take a life insurance medical exam. 

To see more what the life insurance medical exam tests for see our article.  

If you would prefer to avoid the medical exam you have a couple of options. 

  • No exam life insurance policy
  • Guaranteed issue life insurance policy

A no exam life insurance policy allows you to skip the medical exam. You will typically still need to fill out a medical questionnaire, which will be used in the process to determine if you qualify and how much you will pay. Typically you can get coverage amounts that the same as a traditional policy, you just might pay a little more. 

With a guaranteed issue life insurance policy you are able to skip both the medical exam and the medical questionnaire to obtain coverage. It is important to note that these policies are typically a lower coverage amount than other life insurance policies. 

How much does life insurance cost with anxiety or depression?

The exact cost is difficult to determine without knowing more about you and your unique needs. Also, each life insurance company has different ways that they calculate their rates. 

The insurance companies consider your age, health, gender, and lifestyle among other things when determining whether you qualify for life insurance and how much it will cost. 

Since it varies from company to company it is important to shop around and find the best policy and price for your needs. 

If you consider working with a life insurance agent, work with one who can work with multiple life insurance companies. They can help guide you to the best companies for anxiety or depression and they can quote multiple companies so you find the best policy and price for you and your family. 

The type of life insurance policy and the coverage amount you choose can also determine how much your policy will cost. Term life insurance will always be the cheapest, but it is only active for a set period of time. Also, the higher the coverage amount the more you will pay for the policy. 

What is the process to apply for life insurance?

As previously mentioned a typical life insurance policy will require a life insurance medical exam. 

If you choose to take the exam then typically an examiner will come to your home. They will check things such as height and weight and take a small blood and urine sample. The life insurance company will also be able to request your medical records and they can request a list of current or previous medications. They will use all of this information and more to determine if you qualify for a life insurance policy and how much you will pay.

If you decide to go with a no exam policy then you will skip the exam and the medical questionnaire will factor into your eligibility and rate for a life insurance policy. 

If you go with a guaranteed issue policy then you will skip the exam and the questionnaire and health won't factor in when determining your rate. 

Your agent will let you know if you qualify and what your cost of the policy will be. They will manage the process for you. 


What do I do if I've been denied life insurance coverage?

You should reapply with a different life insurance company. If you were denied life insurance from one insurance company, you can still apply with others. You may just need to double check the information in the application or apply for a different kind of life insurance.

The best way to know which company and policy to choose is to speak with a life insurance agent. They can help guide you through the process and find the right life insurance company, policy, and price for your needs.

Written by
Chelsie Ball
Chelsie is fixated on developing innovative ways to present complex ideas and maneuvering people to the information they need. She has worked in digital marketing for the past eight years and has been a licensed life insurance agent since 2010. When she isn’t looking out for the user, you can find her watching Netflix or desperately trying to find a real hobby.