Although anxiety is a common medical problem, it might have an impact on your life insurance rates or possibly your ability to obtain coverage. While you may still be able to get coverage especially if your anxiety is under control you may have to pay higher premiums.
Can you be denied life insurance for anxiety?
People with a variety of mental health conditions may have their life insurance policies denied. As is always the case with just about any kind of health condition, criteria vary from insurance company to insurance company. Consequently, there is no general rule when it comes to depression and anxiety.
Does mental illness affect life insurance?
What impact does mental illness have on life insurance premiums? If your depression or anxiety is light and you’re under competent care, it may not effect your rates substantially. It could raise your rates or prohibit you from qualifying at all if it’s severe and you’ve been hospitalized or are at risk of suicide.
What questions will a life insurance company ask about my depression, anxiety or mental illness
A life insurance company will commonly ask the following questions linked to depression/mental illness:
- Are you currently taking (or have you been taking) any medications? If so, what medicine were you using and for how long?
- Have you had any time off of work (or been unable to carry out regular duties if you are not working) (or been unable to carry out daily activities if you are not working)
How does depression, anxiety or mental illness impact life insurance premiums?
- You will be accepted with an increase applied to your premiums (referred to as a rating) (referred to as a rating)
We have given four examples in our table below which could lead to each of the possible outcomes:
Based on a 35-year-old non-smoker applying for £200,000 level term assurance over 25 years
Will a life insurance company speak to my doctor about my depression, anxiety or mental illness?
It is possible that a life insurance company will write to your GP, however it is not always the case. It would most likely be determined by how much information you have about your situation. A life insurance company can often make a decision based solely on the information you provide if you are able to provide clear information such as dates and types of medication.
Can I get life insurance if I take medication for depression?
Yes, as our table above shows, you can get life insurance if you take medication for depression. The underwriting procedure can differ depending on which insurer you apply through and thus we would always recommend that you speak to an independent professional. ‘Which is the greatest life insurance company if I have depression, anxiety, or mental illness?’ is a section of our website. ‘ explains more
If you have indicated that you have suffered from depression, all insurers will question whether you have had suicide thoughts. Our research shows that Legal and General are more lenient with their underwriting stance in this area.
Can I get life insurance if I have previously been declined for depression?
Yes. Life insurance is a competitive market with many carriers vying for your business and so even if you have been denied for mental illness, anxiety or depression by one company, another insurance firm may be pleased to extend protection to you. Each insurer has its own unique underwriting process when it comes to pre-existing medical conditions so you should speak to an independent specialist as they have the knowledge and expertise to ensure you approach the insurance company that will provide the best cover. Jump to the next section, which discusses more about applying for life insurance via an independent professional.
Does a life insurance policy cover suicide?
Most life insurance policies will pay out if a claim is made as a result of suicide, although most will have a suicide clause that excludes any claims made within the first 12-24 months of the policy’s inception. A life insurance company’s suicide clause will be detailed in its terms and conditions, also known as a ‘Key Features’ document. Below is an illustration of a suicide clause.
We will not pay a claim for suicide during the first year of your policy, which begins on the start date shown on your policy schedule. We would also refuse to pay a claim if your death was caused by your own deliberate actions. If you attempt suicide and survive, but later die from complications related to your attempt, this is an example. This would also apply if you contracted a terminal illness as a result of your own deliberate actions during the first year of your policy. We’ll determine the most likely cause of death or terminal illness based on our best judgment. We will decide whether or not to pay a claim based on this information. We won’t always trust what’s written on a death certificate or a coroner’s report or something similar. We would cancel the policy and not pay any claims if we had reasonable grounds to believe you had died or developed a terminal condition as a result of your purposeful conduct. We would also not refund any of your payments to us.
Which is the best life insurance company if I have depression, anxiety or mental illness?
Every life insurance company has a slightly different underwriting policy, so you won’t be treated the same by all of them. I have worked in the life insurance market for over 20 years and have seen several situations where a client has been rejected insurance with one insurer but has been offered cover elsewhere. The goal is to figure out which insurer is best for you, and the best way to do so is to speak with an independent specialist* who, after asking the correct questions, will have the experience and knowledge to match you with the finest life insurance company based on your answers.
Comparison websites and online calculators are incapable of comprehending the complexities of depression and mental illness. They don’t go into the level of detail needed to get an accurate quote, which could lead to you applying with an insurer that will dramatically raise your premiums or, worse, turn you down. We’ve personally reviewed the services of one of the UK’s premier insurance brokers*, who specializes in finding the best coverage for anyone suffering from depression, anxiety, or mental illness. An independent professional can also assist with the application process by contacting the insurer on your behalf, speaking with the doctor’s office to obtain medical evidence (if necessary), and even assisting with the trusting of your policy.
Can I get critical illness insurance if I have depression, anxiety or mental illness?
The short answer is yes, but it will likely depend on a variety of things, including the severity of your condition, if you take any medications, how long it has been since your last episode, and whether you have attempted suicide or self-harm. We recommend speaking with an independent specialist* who can utilize their significant experience to ask the correct questions and propose the best insurance company depending on your answers.
Our post ‘Can I Get Health Insurance With Depression, Anxiety, or Mental Illness?’ also has some important information. If you’re thinking about obtaining private medical insurance and income protection to safeguard yourself against being unable to work, our article ‘Can I receive sick pay insurance with depression, anxiety, or mental illness?’ has some useful information.
Does having anxiety affect health insurance?
You can still obtain insurance if you have a mental health problem, but you’ll have to spend some time investigating the options.
Is anxiety a pre existing condition?
A “pre-existing condition” is a medical ailment or injury that you have before starting a new health-care plan. Pre-existing health issues include diabetes, COPD, cancer, and sleep apnea, to name a few. They are usually chronic or long-term in nature.
How are pre-existing conditions determined?
A pre-existing ailment is one for which you had treatment or obtained a diagnosis before enrolling in a new health plan. Prior to 2010, when the Affordable Care Act (ACA) was passed, an insurance company would analyze your enrollment application and, if they discovered you had a pre-existing condition, might deny you coverage or offer you coverage at inflated prices.
Because of the Affordable Care Act, it is now illegal for health insurance companies to refuse coverage or raise rates based on a pre-existing condition.
What are some examples of pre-existing health conditions?
Many types of cancer, diabetes, lupus, epilepsy, and depression are examples of chronic illnesses and medical problems that may be considered pre-existing. Pregnancy is also considered pre-existing and chronic prior to enrollment, however less serious diseases including acne, asthma, anxiety, and sleep apnea may still qualify.
Can I be denied health insurance if I have a pre-existing condition?
No, your insurer cannot legally reject you coverage or charge you more premiums because you have a pre-existing condition if you have been enrolled in a plan after 2010.
The Affordable Care Act of 2010 made it illegal for insurers to deny coverage or charge exorbitant premiums to anyone with pre-existing diseases. Furthermore, if your health changes and you develop a chronic medical condition while enrolled in a health plan, your insurance carrier is prohibited from raising your rates as a result of the medical condition. Annual premium hikes, on the other hand, may apply to your plan for various reasons.
If you’re enrolled in a plan that began before 2010, though, you’re in a “grandfathered plan.” Due to a pre-existing condition, these plans have the ability to cancel your coverage or charge you higher prices.
If you’re looking at different insurance options, you should be aware of any prospective changes in health-care legislation that could affect how pre-existing conditions are covered.
Is pregnancy considered a pre-existing condition?
No. You cannot be denied coverage or charged more if you get pregnant before enrolling in a health plan. Pregnancy and delivery coverage begins the day you enroll in a plan.
Is there health insurance for pre-existing conditions?
The concept of a pre-existing condition is no longer used when choosing a health plan. If you have a medical condition at the time of enrollment, a health insurer cannot deny you coverage or boost your premiums. If you have a chronic or pre-existing medical condition, however, some health plans may be a better option for you than others.
If you require regular medical care, surgery, or treatments, for example, a plan with a little higher monthly premium and smaller deductible may give you with the coverage you require while also allowing you to budget more predictably.
Could my health plan have a pre-existing condition waiting period?
No, medical insurance do not have any waiting periods, including for pre-existing conditions.
Consider your medical requirements before selecting a health plan. If you have a chronic or continuous medical condition that necessitates more frequent treatment, the type of plan you choose may be influenced by your needs, but you cannot be denied coverage or paid more because of a pre-existing condition.
Will life insurance pay for suicidal death?
Suicidal death is normally covered by life insurance policies provided the policy was obtained at least two to three years before the insured died. There are a few exceptions since the suicide clause and contestability provision in a life insurance policy expire after this time period. However, if you omitted to disclose information at the time you purchased the insurance, such as risky habits or a diagnosis of depression, your beneficiary’s claim may still be refused.
Does insurance cover anxiety medication?
Anxiety drugs are usually covered by health insurance. To be sure your prescription is covered, check your prescription drug plans, including the formulary (a list of covered drugs).
What causes anxiety?
Anxiety disorders are frequently triggered by difficult experiences in childhood, adolescence, or adulthood. Experiencing stress and trauma when you’re young is likely to have a significant influence. Physical or emotional abuse are examples of experiences that might create anxiety difficulties.
Does seeing a psychiatrist affect life insurance?
You can still receive life insurance if you have a mental health problem. You may, however, have to pay higher premiums.
Your medical history will be required when you apply for life insurance. You’ll almost certainly be subjected to a medical examination as well as questioning about your mental health history.
“The carriers will also run a prescription search to see what kind of medications an applicant is taking,” says Jason Veirs, president and owner of Insurance Experts Solutions, Inc., a family-owned and operated independent broker. “They can sort of triangulate the severity of the condition via their medical questions that are completed during an in-person interview or a phone interview.” “When an applicant has a mental disease, such as bipolar disorder or schizophrenia, obtaining coverage can be difficult. It all comes down to the complete history and what’s in the medical records in the end.”
- Have any medical issues that are linked to mental illness, such as a history of drug or alcohol abuse?
“Past suicide attempts are often not looked favorably upon by life insurance companies, unless they were a one-time incident. With that considered, if the attempt was made more than five years ago, there may be more carriers who are willing to provide coverage. However, because carriers are extremely sensitive to previous suicide attempts, it can be difficult “According to Veirs.
If your disease is under control thanks to treatment or medication, however, an insurer may give you a better rating and lower premiums.
“Everything revolves around control. If a person’s disease is under control and their physician has medically recorded it in their records, they have a strong possibility of getting life insurance rates that are Standard or even Preferred “According to Veirs.
An insurer’s decision on coverage will be based on your medical history. If you’ve had isolated spells of depression or mental health issues, though, you shouldn’t be too concerned about how this may effect your life insurance rates.
“Insurance carriers are aware that some life events, such as postpartum depression, the death of a loved one, or even work or medical school stress, might cause someone to experience a temporary spell of sadness or anxiety,” Veirs adds. “An individual incidence, such as the ones stated above, usually has little bearing on one’s life insurance rates, and you should be unconcerned. At the end of the day, underwriters are people like you and me, and depending on the circumstances, they can empathize with someone’s predicament.”
What can stop you getting life insurance?
When it comes to life insurance, a medical check isn’t always required. Based on the quantity of coverage requested and your responses to the application questions, we’ll determine whether an exam is required. The following information about you will be required:
If you’re in good health, you’ll probably be able to get life insurance on regular terms without having to take a medical exam. Before we can issue you an insurance, we may require you to complete a medical exam.