People apply for life insurance with anxiety and depression disorders virtually every day in the United States. Medical experts claim that everyone suffers from some form of this condition at least on a temporary basis. This is one of the most common mental illnesses in the United States and the rest of the world. This article will be an information packed resource to get you pointed in the right direction and show you exactly how you can buy life insurance at a very affordable premium.
This is the most common mental illness in the United States affecting over 40 million adults ages 18 and older.
If you are like millions of people diagnosed with this condition and is controlled with or without medication. You could qualify for preferred rates if you’re otherwise in good health.
Table of Contents
- Purchasing life insurance with anxiety
- Being examined and diagnosed by a doctor
- Denied life insurance because of anxiety
- Most common symptoms you may experience
- Does anxiety affect life insurance?
- Can you buy life insurance if using antidepressants?
- The best life insurance companies to apply with
- Who should I see if I have anxiety or depression?
- Receiving disability benefits
- Questions the insurers carriers will ask
- The main types of anxiety
- Health classifications you may expect
- In Conclusion
Just a simple case of nervous tension is considered a form of anxiety. If you visit your family doctor and mention you feel a little anxious or nervous about something from time-to-time. You will probably be permanently branded as an anxiety patient and this will be placed in your records if you know it or not. The doctor will trip over his own feet trying to get that noted in your records. Now when you go to apply for life insurance, you will have the condition found in your medical records which will remain there forever.
Most doctors are alarmists and put conditions into your records without proper consideration and diagnosis. Applying for life insurance with anxiety can sometimes be a challenge but only with extreme conditions. This will always depend on the complexity of one’s specific condition. To properly discuss how to apply for life insurance. We should try to understand what the condition is all about.
Periodically we hear of people being denied life insurance because of anxiety. About 90% of the time this is due to the applicant using the wrong agent. First of all, you are going to want to be working with an independent agent that specializes in life insurance and is contracted with ample carriers so he can properly shop the market for you.
You will also want to make sure your agent is knowledgeable and experienced with risky medical conditions such as this condition. One of the most important factors to getting approved and also getting the best life insurance rates is choosing the correct life insurance company. This does not happen by pulling a rabbit out of a hat. It requires experience and plenty of knowledge on your agents part.
Your agent will have to prescreen your condition with multiple carriers to know your best choice in companies and plan designs. This hard work on your agents part will inevitably enable you to receive the best underwriting decision along with the lowest rates.
Anxiety along with all the other mentally related conditions will definitely affect your life insurance application. The most import concept the life insurance companies consider is how severe or hopefully mild is your condition specifically to you. Here are the most important information they need to know with no close second.
- Did you ever have thoughts of suicide or made actual attempts?
- What medications and dosages do you take daily?
- Have you ever been hospitalized for your condition?
Just the answers to these three simple questions will tell the insurers where you are going with this application. As I said earlier in this article, it all depends how simple or mild your condition is.
If your condition is severe enough, it could be observed as a partial or even a total disability. A total disability would be being confined to a hospital for extended periods or mental institutions for years on end. This is very rare and in most of the cases, people with anxiety just find that their condition is a inconvenience for their everyday life. Here are some good articles to read by clicking these links:
- A mild or intense feeling of nervous tension and stress
- Feelings of impending danger or doom with possible panic affect
- Heart rate increases such as a possible heart attack affect
- Uncontrolled hyperventilating
- Excessive perspiration (not caused by hot temperature conditions)
- Uncontrolled body trembling
- A strong or severe physical feeling pf being very weak or tired
- Unable to concentrate on anything other than the impending danger
- Severe or mild insomnia condition
- Belly aches (gastrointestinal pains)
- Constant sensation of worrying
- Strong feeling of paranoia
- Thoughts of suicide
Some of the companies that work well with anxiety:
- Prudential Insurance Co.
- AIG (American General) offering guaranteed acceptance
- Lincoln Financial
- Protective Life
- Banner Life
We use over 40 of the most competitive life insurance companies in the nation. These carriers will normally come back with the best health class and the lowest rates. Choosing the exact one will have to be determined by your answers to a few specific questions.
You can get an idea of what your rates will be by activating our instant quotes tool. You can vary the “health class” drop down menu between “preferred” and “standard” to see how the premiums react.
- When were you first diagnosed with the condition?
- Have you ever been hospitalized due to anxiety?
- What medications are you currently taking for your condition?
- What level was your last diagnosis (mild, moderate, or severe)?
- Are you currently participating in any psychotherapy treatment?
- Are you currently undergoing any form of treatment?
- Have you ever attempted to commit suicide?
- How frequently are your anxiety related episodes, including panic attacks?
- Have you ever missed going to work because of your anxiety?
- Do you use any forms of drugs or abuse alcohol?
Due to the fact that all carriers have their own specific underwriting guidelines, your agent will have to prescreen this for you to make sure. Most of the time you can be approved for life insurance even if you use antidepressants. This decision will also be based on what your dosages are and what other drugs you take at the same time.
Post Traumatic Stress Disorder (PTSD)
Probably by now most everyone has heard of this version of anxiety. PTSD is an extreme form of anxiety which usually stems from terrifying events such as soldiers in combat experiences, firefighters that have witnessed near death situations and police officers involved in shootings for example. Even the normal everyday individual can suffer from PTSD due to a very serious car accident, being a victim of a physical attack or robbery attempt. People have also developed PTSD from long drawn out volatile divorce cases.
Generalized Anxiety Disorder
Generalized Anxiety Disorder is a version of chronic anxiety, uncontrolled worry and nervous tension. Regardless the stress level, the individual will constantly worry. This is not only limited to adults, many children have been diagnosed with generalized anxiety disorder also.
People diagnosed with panic disorder experience repeated and totally unexpected sessions of intense fear. They will experience shortness of breath, dizziness, chest pains accompanied by other physical symptoms. These might include chest pain, heart palpitations, shortness of breath, dizziness, and even abdominal issues.
Obsessive Compulsive Disorder
OCD will usually inflict obsessions and repetitive impulses to wash their hands, cleaning things and counting them also. If they don’t perform these exercises, the anxiety will steadily increase to a more steady and intense level.
Social Phobia is also known as Social Anxiety Disorder also. This is a disorder that produces excessive self consciousness from being around other people. People with this condition have a fear of speaking in formal or even informal situations. They also dislike drinking or eating in front of other people in restaurants and taverns.
There are several health classifications you may expect to be placed in after the underwriting process has been completed. They are as follows:
Preferred Plus & Preferred
These two ratings are issued to people that would be considered very healthy. If your condition is controlled and you don’t have any other risky type medical conditions or are overweight, you should fall into one of these two classes.
Many people with anxiety and also depression disorder can fall into this category. The standard rating is often issued to life insurance applicants who are in average health, and their anxiety is controllable.
A substandard rate class is also associated with a letter or a number “rate table” system such as Standard rate class 2 or Standard rate class B for example. The numbers run from 1-10 and the letters run from A-J. This designates the severity of the underwriting decision. Some companies use the number system and others use the letter system.
The first person you should see is your family Physician. He can exam you and possibly run a primary test to determine if you have any type of mental illness. He may want to send you to a specialist such as a Psychiatrist or a Psychologist to make a more educated diagnosis. Your condition could even be temporary but that is for a medical professional to decide. If you are wondering what is the difference between a Psychiatrist and a Psychologist is, find out so you know.
The only way you are going to actual know what your final rates will be is to apply. We can also speak with you and run a quick prescreen which will enable use to choose the correct company and projected rate class you be be assigned.
Purchasing life insurance with any mental illness such as anxiety disorder, can take a little more work but that is what your agent is for. I am sure by now you have a much better understanding on how life insurance companies view your condition. This will help you when you are ready to apply.
Contact us today and we will answer all your questions and remove all the guesswork you make have stored up. We will provide you with life insurance quotes for anxiety from all the most competitive companies specifically chosen for your condition. You can also conveniently apply over the telephone within 15 minutes of your time.
Check out our let’s get started article for more valuable information.
All the best,
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