If you have been diagnosed with obsessive compulsive disorder then you need to read this. There are three important questions you need to ask before applying for high risk life insurance with obsessive compulsive disorder (OCD) which are:
- Can I get life insurance with OCD?
- What will it cost to get life insurance with OCD?
- What is the process of getting approved for life insurance with OCD?
Let’s begin with a brief overview.
From the National Library of Medicine:
“Obsessive-compulsive disorder (OCD) is an anxiety disorder in which people have unwanted and repeated thoughts, feelings, ideas, sensations (obsessions), or behaviors that make them feel driven to do something (compulsions).”
Can I get life insurance with OCD?
The quick answer is, YES.
Ultimately, approval will depend 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,
- if you have had electroshock therapy,
- any thoughts of suicide, and
- if you have ever been hospitalized due to OCD.
How you answer the above questions would determine your eligibility for life insurance.
What will it cost to get life insurance with OCD?
That’s a tough question to answer since the best life insurance companies have about 16 different health classes. What health class you qualify for will ultimately determine your life insurance rates by age.
Typically, someone who has mild OCD, who takes one medication, with no history or hospitalization or suicide attempts, will qualify for a standard rate class.
The more serious sufferers qualify at a below standard rate class or may need to consider a burial life insurance policy where there is no medical exam and no health questions. Consider one of the following final expense or burial insurance companies if you fit this description.
What is the process of applying for life insurance when you have OCD?
A guaranteed issue whole life policy is quick and easy. It is guaranteed issue so everyone within the required age bracket will qualify for this coverage. Typically, the amount you can qualify for will be from $5,000-$30,000 depending on the carrier. Most come with a graded death benefit limitation which provides that the full death benefit will only be paid after the policy has been in force for two or more years.
A fully underwritten life insurance policy requires a life insurance medical exam (we recommend you take your exam as soon as possible in the morning to get the best blood pressure readings). 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!
Not all life insurance carriers are 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, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers. As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different companies available. Only by doing this can you insure that you are getting the best types of life insurance policies tailored to your specific needs.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!