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Most insurers will cover you for life insurance even if you have anxiety. However, there are some companies that may deny coverage.
Insurers will determine your acceptance, rates or denial based on your medical history and the risk associated with developing drug or alcohol abuse.
If you’re currently on medication or attending therapy or counseling sessions, these are positive signs to address with your insurer to help you get approved, although you may pay higher rates. But be sure to let your insurer know which medications you’re taking and who prescribed them.
Anxiety affects life insurance by either ruling out certain companies, or by giving you higher rates than you would have without anxiety.
Since there are many levels of anxiety, not all insurers evaluate anxiety in the same way. Insurance companies look at how anxiety affects your life on a day-to-day basis, particularly with medication.
Severe anxiety can also have an impact on your ability to drive a car. These factors can make some insurers hesitant to offer life insurance to people struggling with anxiety, while others might offer it to you at higher rates.
Depending on your level of anxiety, you have a couple suitable options to explore:
In order to find a company that’s okay with anxiety, you’ll probably want to look online for life insurance companies that allow pre-existing conditions, or go through an independent insurance agent to give you multiple options.
To give yourself the best chance possible of getting approved for life insurance, follow these steps:
If you have dependents who rely on your income, life insurance can protect their ability to stay afloat if you die.
If you pass away prematurely and have debt such as a mortgage, student loans, credit cards or car loans, these debts are passed to your spouse or family. Having life insurance to cover debts removes an otherwise large burden on your loved ones.
A rule of thumb is to have your life insurance policy’s death benefit be 5x to 10x your annual income, though this should only serve as a starting point since it doesn’t factor in your total debt. Having life insurance as income replacement — even if it’s only for one year — can allow your loved ones enough time to figure out how to replace your income in the long term.
Your life insurance rates increase as you age. Even with anxiety, your rates will also likely only go up over time. It’s best to buy a policy while you’re young to lock in the best possible rate.
If you don’t have debt or don’t need to worry about replacing lost income, it can still be beneficial to carry some life insurance. Having protection against unforeseen medical expenses and end-of-life fees — like burial costs — can remove the worry of how your loved ones will cover those expenses.
While it may be tempting to lie about or try to hide your medical history, this can put your policy in jeopardy.
If you pass away within the first two years of starting your policy — called the contestability period — your insurer has the right to investigate your death for any misrepresentations during the application process. If you failed to disclose your diagnosis, your insurer can deny your beneficiaries your death benefit payout.
Even after the first two years, if your insurance company finds out that you purposefully failed to disclose your anxiety, your death benefit could be jeopardized.
Anxiety might prevent you from buying life insurance with some companies, but there are still plenty that will offer you coverage. Be transparent and honest about your condition and any medication you’re taking, even if it costs you higher rates.
Review all your options by comparing different life insurance companies to find a policy that’s right for you.
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