Life Insurance with Panic Disorder
If you have been diagnosed with panic disorder then you need to read this. There are three important questions you need to ask if you are applying for high risk life insurance with a history of panic disorders, they are:
- Can I get life insurance having been diagnosed with panic disorder?
- What will it cost me to get life insurance after I’ve been diagnosed with panic disorder?
- What is the process for getting approved for life insurance with a history of panic disorders?
Let’s begin with a brief overview.
From the National Library of Medicine:
“Panic disorder is a type of anxiety disorder in which you have repeated attacks of intense fear that something bad will happen.”
Panic attacks can alter behavior and make it difficult for the sufferer to function at home, school, or work. Panic disorder sufferers may abuse alcohol or drugs and suffer from depression.
Can I get life insurance?
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 panic disorder.
How you answer the above questions would determine your eligibility for life insurance.
What is the cost?
That is a tough question to answer since the best life insurance companies have about 16 different rate classes. What rate class you qualify for will ultimately determine your life insurance rates by age.
Typically, someone who has mild panic attacks, 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 from the top final expense insurance companies.
What is the process?
A guaranteed issue 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 final expense and burial insurance policies 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.
No medical exam life insurance might be an option depending on the severity of the panic disorder. We represent companies offering up to $400,000 in no exam coverage.
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 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.