Life Insurance with Mood Disorders – Don’t be declined Coverage!

An In-Depth Guide to the Best Rates for Life Insurance with Mood Disorders

Life insurance with mood disorders may make you hesitant to apply for life insurance coverage. 

We get that. 

It can be the fear of the unknown of whether you can be approved for traditional life insurance coverage or if the rates will be too high for your budget.

The good news? Life Insurance with Mood Disorders is 100% Doable

You absolutely can be approved.  That’s why we are here.  We wanted to give you an overview of the steps necessary and what to expect when applying for life insurance with any form of a mood disorder.

According to, currently 1 in 5 adults or roughly 18.5% of individuals experience some form of a mental illness or mood disorder each year.  That’s roughly 44 Million people.

That’s way too many people in our opinion that may be sacrificing protecting one’s family out of the fear of the unknown on how it can impact your life insurance rates.  Let’s clear the air on this subject ASAP! Life insurance with mood disorders is again. 100% doable!

The surprising part of this whole scenario?  It probably won’t impact your rates or chances of approval nearly as much as your thinking.  It does however depend on many different factors.

Don’t worry, we will cover these factors in depth to ensure you know the steps to an easy application process and an approval for your life insurance coverage.

A Deeper Look at the Numbers- Life Insurance with Mood Disorders

The numbers of individuals impacted by mood disorders or mental illness are extremely high to say the least.  You are not alone if you are someone who has had a run-in with a common mood disorder.

  • 1 in 25 adults which is roughly 10 million individuals experience a serious mental illness in any given year which limits one or more major life activities.
  • 1% of America live with Schizophrenia
  • 6% of America live with Bi-polar disorder
  • 9% have had one major depressive episode in the past 12 months
  • 1% have experienced an anxiety disorder or PTSD related phobia
  • 2 Million Americans also had substance abuse linked to the mental disorder

What disorders are we referring to? What kind of Mental Illness does Good Life Protection handle?

As stated previously, obtaining life insurance with any mood disorder or mental illness can be done.  It does however depend on several factors.

Here’s a quick guide to several of the mood disorders and mental illnesses that we handle at Good Life Protection.

For a more in depth look at each disorder, feel free to read the individual articles by clicking your specific disorder. They will give you a more in depth look at each mood disorder and the application process.

life insurance with mood disorders

The above image is just a small fraction of the cases we handle for individuals struggling with a mood disorder or mental illness. Just because you don’t see your’s above, doesn’t mean we don’t cover it.  We probably absolutely do.

As we have already stated, obtaining life insurance with a mood disorder is completely possible. You just need to do a little homework ahead of time.

The first thing to understand is that you need to be upfront and detailed about your situation and mood disorder.  Your life insurance agent will guide you along the way and ask the appropriate questions necessary to help you apply for coverage.Or, at least they should ask these questions.  If they don’t, work with another agent or agency.

From here you can slowly begin and move through the process of applying for life insurance.

PTSD (Post-Traumatic Stress Disorder) as an example to demonstrate the process.

Let’s use PTSD as the gopher for our example on how the process may look. Many people always ask us questions such as, “Will PTSD disqualify me for life insurance”?

The answer is No!

First, you need to speak to an independent life insurance agent that can navigate through several carriers to help find the best fit and price for you.

Following step 1, you can expect questions such as the following to come up during the application process.

  • When was your PTSD (or insert other mental illness here) originally diagnosed?
  • Have you ever been hospitalized due to the PTSD or other mental illness?
  • What medications are you currently taking for the said condition?
  • Has the medication and condition remained stable and controlled?
  • Have you ever attempted suicide?
  • How severe is your condition?

Now let’s break these items down a little further. When was your PTSD or other mental illness diagnosed?

The reason this is so important because the life insurance underwriters prefer to build a timeline so to speak of the condition.  They want to know what impacts it has on your life and how stable the condition is.

Has any…

  • Substance abuse shown up as part of the condition?
  • Any lifestyle impacts such as bankruptcy, divorce or issues with a criminal record?

The time of when the condition was diagnosed helps the life insurance company put all the pieces together.

Trust us, we get it . Life insurance with mood disorders sure does want a lot of information from you.

Have you ever been hospitalized due to the mental illness?

If you have been hospitalized for a condition, it doesn’t necessarily disqualify you, but it can impact the rates that you can expect.  Typically, any hospitalizations within the past 6-12 months would guarantee that you can only obtain sub-standard rates which just means you aren’t going to get into the top 25% of the pricing. Still not that bad if you ask us, but we will let you be the judge of that.

Besides that, it depends on why you were hospitalized. If it was due to a suicide attempt, you most likely will want to wait at least 12 months before applying.

A recent suicide attempt can leave you declined if you attempt to apply to early.

What medications are you currently taking for your mood disorder?

This is a huge factor for your application.  We will continue to use PTSD as the example.

The first thing the life insurance company wants to see is stable medication history.  If you have changed medications non-stop, it doesn’t look good.  Why?

It doesn’t give the best light to your application because it can be viewed as an issue with getting the mood disorder under control.  Life insurance companies fear huge risk so the better we can make the condition look or the more we can document and prove, the better.

How many medications total?

Another huge factor is how many total medications are you taking?  Typically, 2 medications are okay but once you start hitting medication number 3,4 and 5, problems begin to arise.

Using the PTSD as an example of how things may turn out for you depending on medications, you can expect the following.

  • 1 Medication and Well Controlled- Preferred rates possible
  • 2 Medications and 1 can be considered an Antipsychotic- Standard rates available
  • Multiple Medications and use of an MAOI, Table rated- Decline
  • How severe is the condition or mood disorder? Life insurance with mood disorders has a lot to do with medications as well.

Medications and Approval Ratings for Mood Disorder Life Insurance

The severity is also extremely important when it comes to approvals and overall pricing for your life insurance policy.

Most mood disorders with life insurance underwriting will have categories they can fall into.  Your agent can always help you determine which of these ratings your mood disorder get’s classified as in the eyes of the life insurance world.

For the example of PTSD here’s how your condition may be broken down.

It could first be categorized as Bipolar, Anxiety or a mood disorder and then broken down 1 step deeper.

  • Mild
  • Moderate
  • Severe

What else matters with Underwriting your application?

Is the mood disorder including any major depression?

General health is a major concern.  Unfortunately, it’s not just your mood disorder that the life insurance company is concerned with.  They will have several other questions for you as well such as…

  • Any Other Medical Conditions outside of the mood disorder?
  • Are you currently a tobacco user? Any tobacco use in the past 5 years?
  • Your current height and weight?
  • Any family history of cancer, heart issues or diabetes?
  • Any other medications being taken currently?

The steps broken down for applying for life insurance with mood disorders.

Many clients always ask the question.  What’s next or how do I move forward?  What can I expect?

We wanted to take the time to cover those bases on how an application with a mood disorder may look.

Step 1- Be Prepared. 

This sounds Simple and silly but it’s important.  You have somewhat already completed step 1 just by reading this blog or researching what’s to come.  Having a detailed breakdown of your mood disorder and the information readily available goes a long way to give you a kickstart on the application process.

Step 2- Make the call. 

Call an agency such as Good Life Protection to help you navigate which life insurance company may the best fit for you and your mood disorder.

All life insurance companies view different disorders and pre-existing medical conditions differently.  An experienced Independent Life Insurance can help you in walking through this step.

Step 3- Apply for the life insurance with mood disorders

You can always submit a life insurance application and underwrite for free.  This includes the medical exam that is payed for by the life insurance company.  Always apply for the maximum amount of coverage you desire and the longest-term duration that you desire.  Once you are approved, adjustments and changes can be made if necessary.  

The reason to always apply for the maximum is that’s it’s absolutely zero cost to you and no obligation to keep it at the high end.  You can always decrease these numbers after approval to fit your budget but typically the life insurance company will not permit to ask for additional years or additional coverage once approved.

Step 4- Complete the Medical Exam.

Although no-medical exam options may be possible with a mood disorder, it’s most likely going to be way easier to gain approval with the traditional route of purchasing life insurance. 

Schedule your exam and prepare for it.  If you are told to fast or not consume fluids or food prior not to throw off the blood results, then follow these instructions. 

Avoid caffeine prior to the exam and get a good night’s rest.

Step 5- Be Patient and Wait for Further Instruction or Approval

Sometimes it takes nothing else but time after the exam.  Time for the company to review your case and exam results.  Additional time may be needed if an attending physicians’ statement (APS) is needed.  If your agent has additional information for you that’s needed, attempt to be prompt and gather the necessary information to help wrap the case up for you.

Step 6- Tailor your Policy to Fit your Needs

After your policy is approved, you are still allowed to adjust.  Once you have your approval, if you would like to finalize at less coverage or a lower term duration, you should do so.  Coverage is important but it’s also imperative that you keep the coverage within your budget and affordable.

If you don’t and it comes down to your cable bill or life insurance, my bet would be you drop the life insurance policy first.  This is not the correct approach to take when it comes to protecting your family and financial future.

Putting it all together- Life insurance with mood disorders

As stated before, obtaining life insurance with a mood disorder or a mental illness is 100% doable.  You just must get started.

Many people are under the impression that the rates will be to high or they will be declined. 

This simply isn’t true.  We handle hundreds of cases with all forms of mood disorders and more times than not, we get an approval for the coverage at a price the client is happy with.

Really, no valid excuse exists for not trying.  It’s free to underwrite and go through the process.  Even if you face the possibility of a decline, other options are available such as Accidental death coverage or a guaranteed issue whole life policy.

Regardless of the situation, reach out to an agent and at least see what options exist.  Feel free to give Good Life Protection a call.  We would love to help hassle free.

Have we missed anything related to obtaining life insurance with a mood disorder?  We would love to hear from you.  Drop a comment below or fill out our no hassle quote form to the right.

May the best price win.


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