If you are planning on purchasing Term life insurance with a mental illness, you’re going to have to pre-screen this condition as you would any other medical issues and do not just dive in and apply with the first company that sounds promising. Keep in mind that when you apply with a life insurance company and you are declined, any other companies you apply with after that will have knowledge of your past application and the fact that you were rejected from purchasing a life insurance policy.
You don’t want to start out on the wrong foot. This is where some research on the part of your agent and a medical pre-screen can really make a difference. Using the correct carrier will make all the difference in the world.
There are quite a few different mental illness conditions and we will go through the most commonly seen conditions when applying for Term life insurance.
Let’s start out with Bipolar otherwise known as Bipolar Disorder and formally known as Manic Depression then go from there. Underwriting a Bipolar life insurance application depends on whether the condition is bipolar 1 or bipolar 2, medications taken to control the condition, the current status of the condition and history of the condition from its inception.
The severity of mental illness issues are going to be strongly considered by the life insurance companies so they can analyze your specific condition and know if the conditions has ever had you hospitalized. Also they will want to know if you were ever confined to a mental illness institution for any long periods of time.
Is your Bipolar condition mild or severe or just somewhere in between will be the main question the life insurance companies will need to know.
This would distinguish if your condition is mild or severe. Having a Bipolar condition in a mild form will not prevent you from purchasing affordable term life insurance, but it is the more severe form of the condition we have to be concerned with. The worst case scenario the insurance companies consider is the thought of suicide which would naturally trigger the payout of the Term life insurance. This is rare in most cases but the companies have to be careful when underwriting these policies especially with larger face amounts. Purchasing term life insurance with a mental illness is a common service we perform on a regular basis.
The mental illness condition Depression is more common than the Bipolar and the life insurance companies have a better understanding of this condition.
Life insurance underwriting of depression depends on whether it is mild or severe, and how well controlled the depression is. Many people have Depression in the United States and the illness is relatively simpler to treat and control when compared to some of the other forms of mental illness. There are many good drugs to suppress the condition and keep the Depression in check. Again, the severity of the condition is strongly considered and far as regular office visits with a Psychologist or confinement in a hospital. What prescription drugs the applicant uses and the dosage come into the total underwriting picture.
Purchasing low cost Term life insurance with Anxiety can be purchased at a low cost indeed but this totally depends on the severity of the condition.
The third mental condition on our list is Anxiety and this is one of the most common of all mood disorders. Life insurance underwriting of anxiety generally focuses on if the anxiety disrupts a person’s ability to function in their workplace and normal society. Many cases of Anxiety are even found in juveniles. Quite a few people in the U.S. have Anxiety and live normal lives thanks to the arsenal of medications developed for this very common illness.
Anxiety is not to be taken lightly due to the fact that this illness can cause a lot of discomfort and nervous tension. This illness can cause a person to become extremely nervous, paranoid, inability to safely operate a motor vehicle, walk a straight line or talk normally. Some of the symptoms can be very frightening to the patient.
Purchasing Term life insurance with a mental condition can be very successful for the applicant today compared to years ago.
A life insurance quote engine like we have on our website with the rate class set to the proper setting can give the agent and perspective applicant a nice list of life insurance companies displaying their rates and quotes on a side by side basis to save a lot of time. Feel free to activate our quote engine to review the vast list of life insurance companies we use along with their financial status with the A.M. Best reporting agency.
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