A topic gaining some traction is life insurance for people with mental illness because of the increase in mental health awareness.The research and public knowledge of mental health has led to better understanding of many conditions and diseases. The medications which are now being used of people with a mental illness are improving and now are more safe than ever.
The tough part about life insurance for people with mental illness is how many different conditions exist, and even further is the severity of each case. These cases can still be considered high risk life insurance policies by most carriers because of long term risks.
When considering life insurance for people with mental illness it will often come down to the medications in which you are taking, and the cause of the mental illness; such is the case for simple things like ADD or ADHD or bipolar. If the mental illness is event related such as a death or divorce, then traditional policies are still an option where severe cases may require a guaranteed acceptance type of life insurance policy. Another very important factor when applying for life insurance for people with mental illness is the presence of any suicide attempts, or any thoughts of suicide. Most carriers are very hesitant to insure someone with a history of suicide, but policies can still be obtainable if certain criteria are met. This post is meant to explain how insurers view mental illnesses, ratings to expect, and how to get started applying for a life insurance policy if you have a mental illness.
Purchasing life insurance often boils down to which medications you are taking and what caused the illness. Medications such as Zoloft and Xanax which are normally used for anxiety, or medications such as Prozac and Paxil for depression which often not greatly affect your ability to obtain life insurance. These medications are normally only used on a short term basis meaning they alone will not disqualify you from purchasing affordable life insurance.
Depending upon how you respond to these medication will also play a major role in your life insurance rates. If you only had mild depression or anxiety and the medications worked well then you can still qualify for the best life insurance in the market. The majority of life insurance carriers will take into account certain events happen in one’s life (death, divorce, job loss) can have an affect on someone’s mental health. In these cases they usually not drop someone to a substandard life insurance rate.
If your case is worse than this, and you were on multiple medications for your condition and it lasted for a prolonged period of time than lower insurance ratings are possible. This could possibly qualify you for standard life insurance rates, which are still very affordable for most people. The better your condition is documented in your records the better your chance at a good rating simply because information is key for life insurers.
We understand no all mental illnesses can be easily treated with medication, and many will last for prolonged periods of time. If your mental illness has caused you to commit suicide, purchasing life insurance will be a bit harder. Most companies will require a period of time after your suicide attempt before they will consider issuing a policy. They will also want to see all documented attempts for you to seek treatment and no existence of suicidal thoughts. Other factors such as drug or alcohol abuse will also be taken into account and if they are linked to the cause then insurance carriers will view you as a higher risk. We do have access to policies which are guaranteed acceptance which can cover you for a period of time until you can qualify for a traditionally underwritten life insurance policy.
When we work with anyone who is interested in life insurance for people with mental illness we will ask you a series of questions in order to get a better idea of which rating you may receive. It is important you answer these questions thoroughly and honestly to get a good idea of what to expect. Some of these questions may include:
Depending upon how you respond to these questions will allow us to evaluate your situation and which rates would be the best for your situation. It will also lead us to which carriers will be best in working for the best rate for you.
We speak with people on a daily basis who have suffered, or are suffering from a mental illness and feel they are completely uninsurable for life insurance. For most people, this is not the case as we have access to so many carriers and different types of policies. If you are serious about obtaining life insurance and don’t mind answering a few questions we will do our best to find a policy which meets your needs. We understand people who have some type of mental illness still need the protection of life insurance. Please reach out to us directly over the phone, or through our quote form on this page. If you choose the quote form, we will be contacting you soon to help with the application process.
Be sure to check out our full list of conditions we insure.