Life insurance with mental illness covers a broad spectrum of health conditions.
In some cases, mental illness can be relatively benign, or it can be considered high-risk life insurance.
Your best bet when needing life insurance as a high-risk individual is to lean on high-risk life insurance brokers or agencies who specialize in these types of policies.
Can you get life insurance with mental illness? Yes, you can get life insurance with mental illness that is well-controlled, stable, and mild in severity. Certain mental illness cases qualify for preferred life insurance rates and no-exam life insurance as well.
The best life insurance companies for mental illness will take a more in-depth look at your mental health history to get you the best rate available.
Use our free rate comparison tool to compare the prices of the best life insurance companies when it comes to mental illness.
You can do so easily directly below.
Our article will also cover some best practices when looking for life insurance with mental illness.
Feel free to skip ahead if you see a section that interests you with these links below.
Is it Possible to Get Life Insurance with Mental Illness
Yes, it is possible to get life insurance with mental illness up to preferred rates.
Mental illness encompasses numerous conditions, such as depression, so getting life insurance with mood disorders can vary greatly.
You can get life insurance with anxiety and other forms of mental illness at preferred rates easily as long as your condition is well-documented as mild, controlled, and stable.
If your mental illness is moderate or severe, it can increase the cost of your coverage.
For example, life insurance with bipolar is considered a more serious form of depression.
Insurance companies want to see that your mental illness is not interfering with your health or your life.
For example, life insurance with ADHD is typically easy to get since ADHD can be managed with medications and usually will not impact your livelihood or health.
However, if you are on disability from work or you have suicidal thoughts or attempts in your history, that is an indicator that your mental illness is hazardous to your health.
Life insurance companies will also look at outside stressors if you have a mental illness.
For example, bankruptcy may affect your life insurance rates since the stress can trigger a flare in your mental illness.
Also, the life insurance company will look closely at your lifestyle to see if you are using tobacco or self-medicating with alcohol or drugs.
Getting life insurance with PTSD will be more challenging if you have a history of alcohol abuse, for example.
Can I Get No-Exam Life Insurance with Mental Illness?
Yes, you can get no-exam life insurance with mental illnesses as long as they are mild, well-controlled, and a documented history of stability.
The best no-exam life insurance companies will offer you a policy with less severe forms of mental illnesses.
Since most no-exam life insurance companies will either underwrite you without medical records, your prescription history and honesty are critical to getting improved.
No-exam life insurance companies will want to see that your prescriptions are stable and that your condition is well controlled on one or two medications max.
If you are taking three plus medications, it will be too risky to get approved for no-exam life insurance with depression.
Additionally, the type of medications that you take is important as well.
If you were prescribed an antipsychotic medication, that might be too risky for a no-exam life insurance company to underwrite.
Mental health can have many grey areas.We have encountered clients that have been prescribed anxiety medications “off label” as sleep and relaxation aid.
If you were prescribed any mental health medication in the past, even if you’re not taking it currently, we must disclose that upfront on the application.
Independent Brokers Improve Your Odds of Approval with Mental Illness
Mental illness is on the rise in the United States.
As mental illness diagnoses increase, life insurance companies are learning more about how to underwrite the condition.
Life insurance companies have slightly different views on underwriting and rates when it comes to mental illness, so you want to work with an expert in high-risk life insurance.
Independent brokers work with numerous life insurance companies daily to find their clients the best rates.
High-risk life insurance brokers specialize in finding their clients life insurance with pre-existing conditions.
Even if you’ve been declined in the past, contact a high-risk life insurance broker for a second opinion, primarily if you worked with a captive agency like State Farm Life Insurance.
Captive or career agents work for insurance companies directly and usually are restricted or highly incentivized to sell their company’s proprietary products.
If that particular life insurance company has strict underwriting standards for mental health, captive agents might not have alternatives to provide you.
What If I am Declined for Life Insurance with Mental Illness?
If you are declined for life insurance with mental illness, you still have options to protect your loved ones.
If you are looking for final expense insurance to cover your burial costs, more options open up for you.
The best burial insurance companies don’t even ask about mental illness!
Even if you are declined for life insurance with mental illness, you can still qualify for guaranteed issue life insurance, which has zero health underwriting!
Guaranteed issue life insurance typically is a whole life policy with a modified death benefit in the first two years for non-accidental deaths.
If you die during the modified death benefit period of non-accidental death, your beneficiary will receive all the premiums you paid with interest.
Accidental deaths are paid the full death benefit from day one with best-guaranteed issue life insurance policies.
If you need higher coverage amounts than burial costs, we suggest considering accidental death coverage.
Accidental death pays a death benefit for accidental deaths, but not non-accidental deaths, such as illness.
Accidental death is your next best option for protecting your family if life insurance is unavailable, and accidental death is affordable.
You can blend guaranteed issue life insurance and accidental death insurance into an affordable solution to protect your family while you wait for traditional life insurance to open up.
Final Thoughts on Life Insurance with Mental Illness
If you have a mild well-controlled mental illness, life insurance is still an option.
We propose that you work with a professional high-risk life insurance broker to determine what your best life insurance options are.
Depending on the severity of your mental illness, you may still qualify for no-exam life insurance coverage.
If you’re declined for life insurance due to mental illness, there are still alternative forms of death benefit protection available, such as guaranteed issue whole life or accidental death insurance.
Life insurance with mental illness doesn’t need to cost a ton either.
Use our free rate engine to compare the rates of over 50 reliable life insurance companies to see how affordable life insurance can be.
Thank you for reading our article on getting life insurance with mental illness.
Feel free to contact us with any further questions.