You may not think anxiety would affect your life insurance rates, but it may be considered high-risk life insurance if severe.
Does anxiety affect life insurance approvals? Yes, anxiety does affect life insurance approvals. If you have a mild history of anxiety, we’ve seen approvals for preferred life insurance rates. However, if your anxiety is severe, your life insurance rate can increase, or you can be declined for life insurance with anxiety.
The hard truth is that anxiety is a complex health condition.
Severe anxiety, if left unaddressed, can lead to other health risks, such as substance abuse, but deciding if anxiety is severe is not always black and white.
The best thing you can do to get approved for life insurance with anxiety is to work with a high-risk life insurance broker who is experienced in underwriting anxiety.
We work with the best life insurance companies for anxiety to find you and your family the best deal.
Life insurance with anxiety doesn’t need to be expensive.
Use our free rate engine to compare the rates of over 50 of the most reputable life insurance companies in America directly below.
Our article will cover all the information you need to determine how your anxiety will affect life insurance approvals.
Feel free to skip ahead if you like.
- How Does Anxiety Affect Life Insurance Approvals?
- Life Insurance with Anxiety Case Studies
- What are the Best Life Insurance Companies for Anxiety?
- What if I am Declined for Life Insurance with Anxiety?
- Final Thoughts on if Anxiety Affects Life Insurance Approvals
How Does Anxiety Affect Life Insurance Approvals?
Anxiety affects life insurance approvals differently for everyone.
As anxiety diagnoses increase, we see this condition more frequently in our high-risk life insurance practice.
Getting a top-rate approval for life insurance boils down to how severe your anxiety condition is.
The best life insurance companies for anxiety will approve you at discounted preferred rates, but they want to see your anxiety is well-controlled, stable, and mild.
Since underwriting life insurance with depression, anxiety, and other mood disorders can be nuanced, you must work with a veteran high-risk life insurance broker.
Your high-risk life insurance broker can assess the severity of your condition by asking thorough underwriting questions to determine how your anxiety will affect your life insurance approval.
Questions Needed to Get Approved for Life Insurance with Anxiety
- When were you diagnosed with anxiety?
- What anxiety treatments are you receiving?
- What anxiety medications are you taking or previously were taking? (if any)
- Were you ever hospitalized for your anxiety?
- If yes, when, how many times, and for how long?
- What was the outcome of your hospitalization?
- How you missed work or received disability from your anxiety?
- Do you use tobacco products?
- Do you have substance abuse history with drugs or alcohol? (including DWI/DUIs)
Remember that life insurance companies will want to see a documented history of stability first and foremost regarding your anxiety.
If your anxiety has been recently diagnosed, the life insurance company may not have enough history of stability to approve you at top rates.
Additionally, if your medications have changed recently, that could be a red flag that your anxiety condition is not stable.
Life insurance companies will want to see that your anxiety doesn’t adversely affect your daily life and is well-controlled.
If you’ve recently been hospitalized, are disabled, or missed work due to your anxiety, this can indicate that your condition is more severe.
Finally, life insurance companies will want to see that you’re not self-medicating.
If you have a history of substance abuse, that can be a major red flag.
However, life insurance companies are becoming more progressive about alternative treatments for anxiety, like medical marijuana.
Today, you can get life insurance if you smoke pot, especially if you have a prescription for medical marijuana.
Life Insurance with Anxiety Case Studies
Case Study: Approval for $500,000 of Life Insurance at Preferred Rates
A female in her 50s applied for $500,000 of life insurance with an A-rated life insurance company.
During underwriting, it was discovered that she had previously taken anxiety medication.
The client’s doctor temporarily prescribed her anxiety medication as a sleep and relaxation aid during a stressful period of work 5-years ago.
The client did not miss any work due to her condition and eventually was able to discontinue the medication.
Today, the client no longer needed the medication nor experienced symptoms.
This client was approved at preferred rates for $500,000 of death benefits with no medical exam!
Case Study: Rated Approval for $100,000 of Life Insurance
Female client in her 50s diagnosed with anxiety applied for $100,000 life insurance with an A-rated company.
Nine years ago, the client went on temporary disability and missed work for three months.
The client is on one medication and sees a therapist regularly.
They were approved at a table-b rate due to the severity of their anxiety in the past.
The company said they would reconsider at standard after 10-years of stability post the short-term disability.
What are the Best Life Insurance Companies for Anxiety?
If you have a history of anxiety, then working with the wrong life insurance company can cost you thousands of dollars!
See, not every life insurance will view anxiety the same way.
That is why working with an independent life insurance broker who specializes in high-risk life insurance is critical to getting the best deal.
Independent brokers don’t work for one life insurance company like career agents; they work with you to find the best life insurance company for anxiety.
Best Life Insurance Companies for Anxiety [Exam May Be Needed]
If your anxiety condition is mild, stable, and under control, you can even qualify coverage with the best no-exam life insurance companies with anxiety.
Best No-Exam Life Insurance Companies for Anxiety
What if I am Declined for Life Insurance with Anxiety?
If you are declined for life insurance due to your anxiety condition, you still have options.
If you are looking for life insurance for final expenses and burial costs with anxiety, there are some burial insurance companies that won’t even ask about it.
In a worst-case scenario, you can apply for guaranteed issue life insurance, which asks no medical questions at all!
American General Life Insurance Companies does happen to offer one of the best forms of these policies you can purchase.
However, if you are looking for greater than $25,000 of death benefits, you’ll have to look at alternative options.
Accidental death insurance has no medical underwriting and will cover your family for fatal accidents, such as a car accident.
Accidental death is usually affordable and still will protect your family from some of the most common causes of life insurance death claims.
Remember, a decline for anxiety isn’t necessarily a decline forever.
Once your anxiety stabilizes, you can always replace or supplement your coverage with traditional life insurance.
Final Thoughts on if Anxiety Affects Life Insurance Approvals
Absolutely, anxiety does affect life insurance approvals.
If your anxiety is stable, well-controlled, and mild, you can be eligible for discounted preferred rates with the best life insurance companies for anxiety; sometimes without a medical exam!
If you are declined for life insurance due to your anxiety, there is still hope for approval in the future once your condition is stable.
In the meantime, you can purchase accidental death insurance or burial insurance to protect your family.
Take a look at our websites quote tool to easily compare the rates of the best life insurance companies for anxiety today.
If you have any further questions on if anxiety affects life insurance approvals, please contact us.