Life Insurance With Anxiety | Buyer’s Guide For Approval
last updated on December 2, 2020Your anxiety will not prevent you from buying life insurance, thankfully.
However, it is important to be prepared for the application – so that you can evaluate the ways your condition will impact the type of coverage you can buy, and just how much it will cost.
We’ll cover important topics on what life insurance companies will want to know about your medical condition:
- Type
- Treatment
- How much it affects your life
- Overall health
Think of this as your definitive buyer’s guide to finding life insurance coverage with a history of anxiety.
Table Of Contents
Life Insurance With Anxiety
The business model of a life insurance company is to evaluate risk, absorb risk, and charge premiums, accordingly.
Anxiety is deemed as a potential red flag in the eyes of a carrier because the condition often causes negative health and lifestyle outcomes.
You may be wondering:
- Does my condition impact my ability to financially protect my family?
- Can I qualify for coverage?
- What if I have been denied coverage in the past?
Fortunately, everyone with anxiety can buy life insurance.
Even if you have been previously denied on a life insurance application, there are options.
What is important to determine is the type of life insurance you can qualify for – based on your answers to important questions the life insurance company will ask you.
Underwriting Anxiety
Take note of the important underwriting questions.
For traditional life insurance (e.g. 20 -year term ), you can expect a fairly comprehensive phone interview.
Note – modest forms of life insurance, like guaranteed issue, is a form of coverage with no health questions.
Often referred to as a mental health questionnaire by life insurance companies, anxiety (or other mental condition) will prompt your underwriter to ask the following supplemental application questions.
1. Age of diagnosis
Your age at diagnosis and your current age are important underwriting factors.
Why? You will need to demonstrate effective management of the condition.
If you are recently diagnosed, potentially, not enough time has passed to communicate that your anxiety and corresponding symptoms have been clearly identified, addressed, and treated.
Note – for some, management of the disorder becomes more difficult over time.
If, for example, you have had anxiety for most of your life, your underwriter will need to understand if your condition has worsened or improved over the years.
2. Type
What specific type of anxiety do you have?
- Acute stress reaction
- Agoraphobia
- Generalized anxiety disorder (most common)
- Panic disorder
- Phobia-related disorders
- Post-traumatic stress disorder
- Other
Each form of the disorder includes its own symptoms, as you know. Carriers want to know the type of anxiety you have for that reason.
3. Treatment plan
What does your treatment plan include?
Do you receive:
- Counseling
- Cognitive behavioral therapy
- Electroconvulsive treatment
- Drug therapy
4. Medications
Be sure to list the specific medications you have been prescribed.
Common forms drugs used in the treatment of anxiety include:
- Selective serotonin reuptake inhibitors (SSRIs)
- Tricyclic antidepressants (TCAs)
- Monoamine oxidase inhibitors (MAOIs)
- Other antidepressants
- Azapirones
- Benzodiazepines
- Antihistamines
- Anticonvulsants
- Beta or alpha-blockers
- Antipsychotics
- Prescription marijuana
Note – often, the number of prescriptions you take is just as important as the type. For example, some carriers allow up to 3 anxiety medications for Standard approval.
Some specific drugs that are commonly prescribed for anxiety are often flagged by underwriters. You won’t be denied coverage necessarily, but you may not qualify for traditional no exam life insurance:
- Abilify
- Geodon
- Lithium
- Risperdone
- Seroquel
- Serzone
- Zyprexa
5. Symptoms
This is an important question in the eyes of an underwriter.
The seriousness of your symptoms, especially if they are not well-managed, impacts your life insurance application.
- Irritability
- Fatigue
- Sleep issues
- Uncontrollable worry
- Depression
- Heart palpitations
- Intense fears
- Headache
- Seizure
- Cognitive issues
6. Effects
Symptoms often have major effects on your life.
The symptoms can interfere with daily activities such as job performance, school work, and relationships.
– NIMH
And, while it sounds impersonal and somewhat ominous, your odds of major health/lifestyle problems (e.g. divorce) and mortality risk increase with an unmanaged anxiety disorder.
Specifically, most life insurance companies will need to know about:
- History of drug abuse or alcoholism
- Missed work as a result of anxiety
- Ability to maintain a job
- Legal difficulty
- Hospitalization
7. Overall health
Keep in mind, the questions pertaining to your anxiety typically come from a supplemental questionnaire. You will also need to answer general questions about your health and lifestyle, too.
Underwriters will ask you questions about your general health.
If you have major medical conditions, in addition to your anxiety, plan to disclose that information.
Common concerns include:
- High blood pressure
- Overweight
- High cholesterol
- Heart disease
- Smoker
- Alcoholism or drug abuse
- Financial health (bankruptcy)
Best Life Insurance Companies For Anxiety
The severity of your anxiety and how much it has impacted your life determines the type of policy you qualify for.
Thankfully, some carriers tend to underwrite the condition more favorably than others.
Every applicant has unique needs, but the following companies are often recommended for applicants with a history of anxiety.
1. John Hancock
John Hancock is a go-to carrier.
In fact, depending on your symptoms, some applicants are still eligible for Preferred rates.
In order to get the lowest rates, your condition needs to be:
- Stable
- Mild or moderate with no limitations
- No history of alcohol abuse, psychotic symptoms, hospitalization, suicide attempt, or anti-psychotic medication
2. Prudential
Prudential often underwrites applicants with a history of anxiety and/or depression favorably.
Preferred and possibly Preferred Plus health classes are available for mild forms.
Prudential also offers underwriting credit opportunities for a mild health impairment, like slightly elevated blood pressure – that is well-controlled.
3. Nassau Re (Phoenix)
Nassau Re is a top-rated no physical life insurance company.
If you insist on skipping the medical exam, consider Nassau Re.
You can be approved if:
- You are taking 3 or fewer medications
- No history of hospitalization within the last 2 years
- No suicide attempt
- Stable condition
Quotes
For a general idea of cost, consider the following 10-year term quotes for $250,000.
Your specific quote will depend on a number of factors, including policy type, face amount, and overall health.
Sample Life Insurance Rates With Anxiety Male
| Age | Preferred | Standard | Table 2 | Table 4 | Table 8 |
|---|---|---|---|---|---|
| 20 year old | $11.62 | $16.65 | $19.99 | $24.94 | $34.83 |
| 25 year old | $11.62 | $16.65 | $19.99 | $24.94 | $34.83 |
| 30 year old | $11.62 | $17.32 | $19.99 | $24.94 | $34.83 |
| 35 year old | $11.83 | $17.42 | $20.19 | $25.20 | $35.23 |
| 40 year old | $14.78 | $21.07 | $28.67 | $35.51 | $52.19 |
| 45 year old | $21.31 | $30.74 | $37.99 | $48.93 | $70.82 |
| 50 year old | $29.85 | $45.31 | $55.86 | $72.75 | $106.55 |
| 55 year old | $45.26 | $69.69 | $86.33 | $113.39 | $167.51 |
| 60 year old | $69.68 | $109.00 | $134.78 | $177.99 | $264.41 |
| 65 year old | $113.53 | $187.62 | $225.69 | $299.20 | $446.22 |
| 70 year old | $210.12 | $313.75 | $393.55 | $523.01 | $781.93 |
| 75 year old | $402.94 | $596.53 | $719.37 | $957.44 | $1433.58 |
Sample Life Insurance Rates With Anxiety Female
| Age | Preferred | Standard | Table 2 | Table 8 |
|---|---|---|---|---|
| 20 year old | $10.24 | $14.12 | $16.96 | $28.76 |
| 25 year old | $10.24 | $14.12 | $16.96 | $28.76 |
| 30 year old | $10.32 | $14.12 | $17.28 | $29.41 |
| 35 year old | $10.77 | $14.34 | $17.48 | $29.80 |
| 40 year old | $13.30 | $18.92 | $22.77 | $40.37 |
| 45 year old | $18.36 | $25.63 | $31.28 | $57.40 |
| 50 year old | $24.86 | $36.65 | $44.32 | $83.49 |
| 55 year old | $34.47 | $50.87 | $63.32 | $121.48 |
| 60 year old | $49.66 | $71.69 | $98.43 | $191.69 |
| 65 year old | $81.38 | $125.18 | $165.33 | $316.15 |
| 70 year old | $131.35 | $193.44 | $280.65 | $527.76 |
| 75 year old | $248.06 | $386.32 | $499.10 | $994.07 |
Keep in mind, if your anxiety is serious, for instance, if you have been hospitalized or attempted suicide, traditional life insurance may not be an option.
In that case, look to guaranteed issue life insurance. There are no health questions asked. And, although face amounts are modest, some life insurance is better than no life insurance.
Frequently Asked Questions
Questions commonly asked pertaining to finding life insurance with anxiety.
Can I buy no exam life insurance?
Often.
Many life insurance carriers issue policies without a medical exam. In general, your anxiety will need to be stable, somewhat mild, and treated with no more than three medications.
And, guaranteed issue is always available with no exam.
Do I need to be honest on my application?
Always.
It’s the right thing to do. Further, electronic databases are cross-referenced, so any discrepancies will pop up.
Electronic databases include:
- Medical Information Bureau (database of previous insurance applications)
- Prescription history
- LexisNexis (risk management service)
- Department of Motor Vehicle report
You could be declined coverage if it is determined you were dishonest on the application.
How do I secure the best rates?
Be prepared.
Review the underwriting questions and write down your answers. That way, an independent agent can seamlessly navigate your options.
Further, communicate how you are proactively taking care of yourself. Exercise regularly, quit smoking, and maintain a healthy lifestyle.
How To Buy
Because each life insurance carrier uses an in-house underwriting process, you want options.
By partnering with an independent agent, you will have someone advocating for you. Multiple quotes from multiple carriers provide context and choices.
Be sure to have your important information readily available to communicate, so that the application process is streamlined.
- Name and address
- Beneficiary name and address
- Medical history pertaining to anxiety
- Overall medical history
- Physician contact information
- Financial needs
Simple fill out a free quote to get started.
