Life Insurance with Anxiety: Actual Rates by Age
Although most anxiety disorders are easily treatable, life insurance companies will consider your condition when reviewing and approving your application for coverage.
Fortunately, it is possible for patients with well-controlled anxiety to receive standard or even preferred rates!
JRC Insurance Group specializes in finding the most-affordable life insurance options available to our clients by working with 63 top-rated providers. This article explains what the life insurance companies consider when approving someone that has been diagnosed with anxiety.
Quick Article Guide
Here’s what we'll cover in this post:
- How Does Anxiety Affect My Life Insurance Rates?
- Questions Your Life Insurance Agent Will Ask You When Shopping for Your Best Rates
- How Much Can I Expect to Spend on My Life Insurance 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
How Does Anxiety Affect My Life Insurance Rates?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.
In the following section, we’ve outlined the typical rate classes we see for the most common anxiety disorders:
Generalized Anxiety Disorder (GAD) – Every year, GAD affects about 6.8 million people in the United States. This condition 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 if their anxiety has not required hospitalization.
Panic Disorder and Panic Attacks – Panic disorders or panic attacks are classified as sudden periods of intense fear. During an episode, patients often describe feeling like they are dying or having a heart attack. Women are twice as likely to suffer from panic attacks, and they affect about 6 million people in the U.S. every year.
People with panic disorders or a history of panic attacks can qualify for standard rates with some companies if they have not been hospitalized for their anxiety. If you have been diagnosed with PTSD, or if your anxiety prevents you from working, you'll need to consider Guaranteed Issue Life Insurance.
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 45 or older may be eligible for up to $25,000 of guaranteed issue life insurance.
Questions Your Life Insurance Agent Will Ask You When Shopping for Your Best Rates
It’s important to remember that the life insurance companies are going to consider your overall “risk” as an insurance applicant. They'll also need to know about your general health, occupation, and family health history.
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?life insurance companies prefer to see long periods of stability without any hospitalizations or changes to medications. In general, the longer your anxiety has been considered "well-controlled," the less it will affect your rates.
Are you seeing a psychiatrist for your condition?Patients that are seeking professional help from a psychiatrist can prevent you from qualifying for coverage with some carriers, but their are always exceptions. An independent agent can advise you of your best options before you apply.
Are you taking any medications to control your anxiety? If so, which ones?Some life insurance companies will offer their top rate class, "Preferred Best," to applicants that have well-controlled anxiety. Preferred rate classes are usually available for applicants that are prescribed one or two medications by their family doctor, not a psychiatrist.
It’s important to note that most life insurance companies will not approve applicants that are prescribed more than one medication for their anxiety. However, there are a few companies like Prudential that will offer Preferred rate classes to applicants if they're in good 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 still be available.
Have you ever had suicidal thoughts or attempted suicide?If 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 your application could be declined. In this situation, your only option might be 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. In this situation, you can expect a substandard risk class or denial of coverage.
Life insurance companies will 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 willing to offer you an exception if your spouse is insured.
How Much Can I Expect to Spend on My Life Insurance if I’m Being Treated for Anxiety?If your anxiety is considered to be well-controlled, you could qualify for preferred rates with a handful of the life insurance companies we represent.
Below we’ve provided some sample rates for healthy female and male applicants taking one anxiety medication.
If you would like to see rates based on your actual age, or for a different amounts of coverage, we're here to help. Give us a call toll-free at 855-247-9555 or you can request a instant online quote using the form below.
How Do Other Health Issues Affect My Cost and Eligibility for Life Insurance?If you have minor health issues like elevated cholesterol or high blood pressure, 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, you’ll be able to compare rates and policies from dozens of top-rated life insurance carriers to make sure you get the best rates and coverage 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.
How We Can Help You Find the Best Rates for Your Life InsuranceShopping for life insurance can be overwhelming, especially when you consider all of the options available. Our independent agency is licensed in all states and we work with 63 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.
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.