Life Insurance with Anxiety Disorder
For those of you who have anxiety, the process of getting life insurance might seem a bit daunting. First off, you probably do not like to talk about your condition no matter how mild or severe it might be even though anxiety disorder is quite common. The other reason is that you might think it could prevent you from getting coverage or make coverage unaffordable altogether, so you don’t even bother applying. The fact of the matter is that those with mild anxiety can get preferred rates and even those with moderate anxiety can still qualify for standard rates. Your health class will ultimately depend on the severity of your anxiety and how it impacts your daily life. Here’s how it breaks down.
Anxiety vs Depression – Anxiety is generally characterized as a state of continuous worry, fear or apprehension. It is not the same as depression, but in many cases, people with anxiety will suffer from depression as well. Both anxiety and depression are underwritten as separate impairments when it comes to life insurance. For the sake of this post, we will focus on anxiety as the main impairment.
What to Know About Underwriting Life Insurance with Anxiety Disorder? – As you might understand, the life insurance underwriter will want to know as much about your anxiety condition as possible. They are essentially trying to assess whether there is any added mortality risk associated with your anxiety level. Obviously, the more severe your anxiety condition, the greater it will negatively impact your health rating. So the question truly comes down to how well your anxiety is controlled and how much is your anxiety impacting your overall life.
For many, their anxiety disorder doesn’t interfere with their work or social function. They might be on a small dose of medication but can function normally with little or no symptoms. For others with severe anxiety, their symptoms can be so severe that they often miss work and have trouble functioning socially. They are usually on multiple medications and may have been hospitalized in the past due to their condition. The insurance underwriter will determine the severity of your anxiety by asking you to fill out an anxiety disorder specific questionnaire and by reviewing your medical records if necessary.
How is Your Anxiety Level Assessed? – It is the underwriter’s job to figure out exactly how well your anxiety level is being maintained and the impact it is having on your life. They will do this by asking some important questions about your anxiety such as:
- What diagnosis was given? This is asked to determine if you simply suffer from general anxiety or if your diagnosis is more severe.
- When was the diagnosis given? This asked to determine how long you have had anxiety. In some cases, a recent diagnosis could be an issue if severe.
- Number of episodes and date of last episode? This is asked to determine how often you have episodes of anxiety. Obviously, episodes that happen more frequently may be an underwriting issue.
- Type of treatment? This is asked to determine how your particular anxiety is treated whether it is by medication only or in addition to professional therapy.
- Names of any medications taken, past and present? This is asked to determine the number of medications taken as well as doses and frequency.
- Any hospitalizations due to anxiety? This is asked to determine the severity of any episodes that might have caused hospitalization. Some insurance companies might decline if hospital stay was recent.
- How much time lost from work due to anxiety disorder? This is asked to determine if anxiety is interfering with your ability to work.
- Any past alcohol or substance abuse issues? This is asked to determine if your anxiety could be connected to alcohol or substance abuse.
The answers to these questions should give the underwriter a solid understanding of your particular situation and enough information to make a decision on the severity of your anxiety. Of course, they will most likely request your medical records so that they can verify your answers so it is important to always be completely truthful on your application.
What to Expect for a Health Rating with Anxiety Disorder – If you have minimal symptoms that are well controlled and don’t interfere with your work or social life, you will most likely be considered a preferred rating. Of course, all of your other health and lifestyle characteristics such as blood pressure, cholesterol, build and tobacco use will have to meet the preferred ratings guidelines of the insurance company as well. If you have mild anxiety and want to know roughly how much life insurance might cost you, use the free quote feature on our website and choose “preferred rating”. If your anxiety is a bit more severe, choose “standard rating”. This is just a guide as your final health rating will depend on the overall facts of your particular case. If you would like to start the application process, simply click the more information button and we will start the application process for you.
Conclusion – Just because you have anxiety, it doesn’t mean you can’t get affordable coverage to protect your family. Life insurance companies have become a bit more liberal in how they underwrite anxiety disorder as it has become more common and more treatable. Let us know more about your situation by filling out an online quote. We can walk you through the application and underwriting process so that you know exactly what to expect. We will shop your case to over 40 of the industry’s best insurance companies to get you the best rate.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
