Applying for life insurance can be stressful regardless of your current health. If you’ve been diagnosed with a mental illness of any kind, you may be even more worried about the potential for your life insurance application to be denied. Even though life insurance applications can be denied for practically any reason, plenty of providers with the best term life insurance will approve applications for people with mental illnesses.
Can You Obtain Life Insurance If You Have A Mental Illness?
Having a history of a mental illness doesn’t mean that you won’t be able to receive life insurance. However, the life insurance policy you qualify for depends on the insurance provider you apply with.
When you fill out an application for life insurance, you’ll likely need to answer numerous health questions, including questions that relate to your mental health. Keep in mind that mental illnesses are considered pre-existing conditions if a medical professional has diagnosed you or prescribed any medication for the illness.
What The Insurance Application Process Involves
When it comes time to apply for life insurance, you’ll need to fill out an application, answer questions during a phone interview, and go through a medical examination. The exam typically includes urine and blood tests. Your primary doctor may need to provide a statement confirming your submitted answers with the application.
Common Mental Health Disorders
The types of mental health illnesses and disorders that could affect your life insurance application include:
- Bipolar disorder
- Anxiety disorders
- Borderline personality disorder
- Eating disorders
- Obsessive-compulsive disorder
- Post-traumatic stress disorder
Not every insurance provider asks mental illness questions during the application process, which should increase your chances of being approved.
Can Life Insurance Be Denied If You Have A Mental Illness?
Your life insurance application could potentially be rejected because of your mental illness. However, denial is largely based on the risk of providing you with life insurance. Your application could be denied if your lifestyle and health have a high amount of risk attached to them.
Not every mental health illness is the same. If you’ve been diagnosed with anxiety, this might not add too much risk during the underwriting process. On the other hand, a mental illness with a substantial risk of suicide could lead to your application being denied.
Does Mental Illness Increase Life Insurance Costs?
Having a mental illness doesn’t automatically mean that your life insurance costs will be higher. If the application you fill out has questions about mental health, there’s a good chance that your life insurance costs will increase because of your mental illness. Remember that insurance providers can view all of your mental health records and any prescriptions that have been filled in the past.
The Bottom Line
Obtaining life insurance is possible even if you have a mental illness. However, every insurance provider differs in how they treat mental illnesses during the approval process. Whether you’ve been diagnosed with anxiety or an eating disorder, life insurance isn’t an impossibility for you. Call Prudential today to discover the life insurance policies we provide.