Anxiety is a fairly common emotion that almost every human experiences at some point in his or her life, but for some people, anxiety can be a debilitating experience.
Although most anxiety disorders are highly treatable, life insurance companies will consider your condition when reviewing and approving your application for insurance.
Fortunately, it is possible for patients with well-controlled anxiety to receive standard or even preferred rates!
At JRC Insurance Group, our agents specialize in finding the most affordable life insurance options available to our clients by working with over 40 top-rated life insurance companies. In this article, we’ll explain what life insurance companies consider when approving an applicant with anxiety and we’ll provide some tips to help you save money on your policy.
Quick Article Guide
- How Does Anxiety Affect My Life Insurance Rates?
- Questions Your Life Insurance Agent Will Ask You When Shopping for Your Best Rates
- How Much Will Life Insurance Cost Me If I’m Being Treated for Anxiety?
- How Do Other Health Issues Affect My Cost and Eligibility for Life Insurance?
- How We Can Help You Find the Best Rates for Your Life Insurance
According to the Anxiety and Depression Association of America (ADAA), anxiety disorders are considered to be mental illnesses in which the person feels overwhelmed by worry and fear that is not in proportion with the threat being faced. Anxiety disorders are the most common psychiatric illness in the United States and they affect both children and adults.
In the United States alone, there are an estimated 40 million people that suffer from an anxiety disorder. The ADAA’s website also states that anxiety disorders can develop from a complex set of risk factors which include genetics, brain chemistry, personality, and life events.
Below, we’ve explained the typical rate classes we see for the most common anxiety disorders:
Generalized Anxiety Disorder (GAD) – GAD currently affects about 6.8 million people in the United States. This is a condition that causes an ongoing sense of feeling anxious or overwhelmed that interferes with a person’s daily activities. Most applicants with GAD can qualify for standard or even preferred rates as long as their anxiety has not resulted in a hospitalization.
Panic Disorder and Panic Attacks – Panic disorders and panic attacks are classified as sudden periods of intense fear. Most people who experience panic attacks usually report that they feel like they’re dying or having a heart attack. This condition affects about 6 million people in the United States, and women are twice as likely to be affected by panic disorders as men. People with panic disorders can usually qualify for a standard rate class as long as they have not been diagnosed with PTSD, and have no history of hospitalizations for their panic disorder.
Obsessive-Compulsive Disorder (OCD) – The Mayo Clinic defines obsessive-compulsive disorder as having a pattern of unreasonable thoughts and fears (obsessions) that lead one to perform repetitive behaviors. About 2.2 million people in the United States have obsessive-compulsive disorder, and it is equally common among both women and men. Applicants with OCD can normally qualify for preferred or preferred best rates as long as their condition has not caused them to stop working or collect disability for their condition.
Post-Traumatic Stress Disorder (PTSD) – Is a mental disorder that may occur after a traumatic event. PTSD affects about 7.7 million people in the U.S., and rape is the most common trigger. It is possible for applicants with well-managed PTSD to qualify for standard rates. Those who have been hospitalized or placed on disability due to their PTSD will likely be denied coverage, but applicants that are 50 or older may be eligible for up to $25,000 of guaranteed issue life insurance.
It’s important to remember that the life insurance companies are going to consider your overall “risk” as a life insurance applicant. As a result, they will want to know about your overall general health.
In addition to some general questions about your health and medications, the insurance companies will also want to know if you maintain a healthy weight, eat a balanced diet, exercise regularly, and avoid tobacco and excessive alcohol consumption.
After inquiring about your health, life insurance companies will also consider your lifestyle risk and they will ask if you have a hazardous occupation, or if you engage in any hazardous sports like bungee jumping. For people who have been diagnosed with an anxiety disorder, your agent will ask you the following questions so they can assess whether your condition is mild, moderate, or severe. With this information, they’ll be able to recommend the life insurance company that is the best fit for your situation.
When were you diagnosed with anxiety or depression?
The life insurance companies prefer to see long periods of stability without any hospitalizations or changes to medications.
Are you seeing a psychiatrist for your condition?
Patients that are seeking professional help from a psychiatrist will likely receive standard rates, but there are always exceptions with some carriers.
Are you taking any medications to control your anxiety? If so, which ones?
Some life insurance companies will offer the top rate class, Preferred Best, to applicants that have well-controlled anxiety. Preferred Best rates classes are usually available for applicants that are prescribed one or two medications by their family doctor and not a psychiatrist.
It’s important to note that most life insurance companies will approve applicants that are prescribed more than one medication for their anxiety at a standard rate. However, a few of the companies that we represent will still offer Preferred Best rates to applicants in this situation as long as they are in overall excellent health.
Have you ever been hospitalized for your disorder?
Fortunately, it is still possible for patients that have been hospitalized for mood disorders in the past to still qualify for standard rates as long as there was no evidence of attempted suicide. If the hospitalization was more than 10 years ago, preferred rates may be available.
Have you ever had suicidal thoughts or attempted suicide?
If there is evidence that you have experienced suicidal thoughts or have attempted suicide in the past, your condition will be deemed as severe. This means that you will either receive substandard rates, or maybe only qualify for a guaranteed issue policy.
If your anxiety is so severe that you have been placed on disability for two or more weeks, your condition will likely be considered severe which will result in a substandard premium or denial of coverage. Life insurance companies want to see that your anxiety does not prevent you from maintaining a full-time job. However, if you are a stay-at-home spouse, some life insurance companies may be able to offer you an exception in this situation if your spouse is insured.
If your anxiety is well controlled, you’ll likely qualify for preferred rates with a handful of the life insurance companies we represent.
We’ve provided sample rates for a female and male applicant in excellent health with anxiety that is well controlled with a medication.
If you would like to see rates based on your actual age, or for a different amount of coverage, we can help. Please feel free to give us a call toll-free at 855-247-9555 or request a free instant online quote here.
If you have minor health issues like cholesterol medications or blood pressure medications, they shouldn’t have an impact on your life insurance rates. However, if you have serious ailments like heart disease or diabetes, you should always work with an experienced agent who is appointed by multiple carriers. By working with a no-cost broker like us, you’ll be able to compare rates for dozens of top-rated life insurance carriers to make sure you get the best rates available.
It’s important to remember that not all life insurance companies have the same health and lifestyle guidelines. Many life insurance companies have specific conditions that they specialize with and applying with the right company can save you a considerable amount of money.
Shopping for life insurance can be overwhelming, especially when you consider all of the options available. Our agency is licensed in all states and we work with more than 40 highly rated life insurance companies.
By having access to so many life insurance companies, we’re able to shop the market on our client’s behalf. This saves our clients the time and hassle of having to call multiple life insurance companies and agents to find the best rates.
Our agency is owner-operated, and our licensed agents do not have sales quotas. We take our time with each client to explain the best options available to them for their life insurance needs. Give us a call today toll-free at 855-247-9555 or request a free instant life insurance quote below. In less than a minute, you’ll be able to compare rates and options from dozens of insurers – saving you time and money.
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