Anxiety is one of the most common mental health conditions in the world. In fact, statistics indicate that about 18 percent of the adult population in the US has some form of anxiety. If you are one of the many people that struggle with anxiety, you may be wondering if it can affect your life insurance coverage. Having anxiety will not prevent you from getting life insurance coverage. Here’s what you need to know about buying life insurance with anxiety.
What is anxiety?
Anxiety is a category of mental health disorders that affect the way a person processes stressful situations. People with anxiety are more likely to feel stressed and worried, and these feelings are often disproportionate to the situations that are causing them. People with anxiety are also more likely to feel restless, and they may experience physical symptoms like excess sweating, trembling, shortness of breath, and rapid heartbeat, particularly when they feel panicked. Generalized anxiety disorder is the most common form of anxiety, but there are many other anxiety disorders, including social anxiety disorder, panic disorder, and obsessive-compulsive disorder.
Many people who have anxiety also experience depression or other mental health disorders. The physical stress that anxiety causes can also lead to other illnesses and injuries. While anxiety is relatively easy to treat, a huge percentage of people who have it do not receive treatment. However, people with anxiety are much more likely to need to go to the doctor or even be hospitalized than those who do not have it.
How Will Anxiety Affect my Life Insurance Policy?
When life insurance providers evaluate new policyholders, the first thing they do is look at your current health and medical records. People who are in poor health typically need to pay more for their life insurance than those who are in good health. This is because people who are in poor health are statistically more likely to die, which puts the insurance company at a higher financial risk. They will then charge more for their policies to compensate for the financial risk.
If you have been diagnosed with anxiety, you will still be able to get life insurance, and many people who have anxiety can get affordable policies. There are several factors that can affect the cost of your life insurance policy. The first is the severity of your anxiety and your history of symptoms. Someone who only has mild anxiety is going to be much less of a risk for an insurance company that someone who has panic disorder and experiences attacks weekly.
Another factor that insurance companies take into consideration is how you manage your anxiety. If you have seen a doctor for your anxiety and are on an effective treatment plan, you will be considered less risky than someone who has anxiety symptoms but does not do anything to manage them. Seeing a therapist can also be incredibly helpful for anxiety, so having that as part of your routine is a great way to signal to your insurance company that you are managing your symptoms appropriately.
For people who have anxiety, insurance companies will take a look at whether or not you use drugs and alcohol to cope. Drinking, smoking, and using hard drugs can all increase your chances of developing serious health problems, so this is very risky for insurance companies. If you are looking to get life insurance and you have anxiety, it’s important to cut back on your drinking and smoking. If the problem is serious, it may be worth it to invest in treatment options to get sober, both for your health and to help you get an affordable life insurance policy.
If you have anxiety and are looking for life insurance, it is important to shop around and compare policies. Insurance policies for the same person can vary greatly in cost depending on which insurer you decide to use. Really taking your time when shopping for life insurance will help you narrow down your options and ensure that you are getting the best possible deals. If you have severe health problems and are worried that you may be denied coverage, you may want to take a look at insurance policies that don’t require an exam. These policies usually provide a modest death benefit intended to cover funeral expenses. An increasing number of companies are offering policies that do not require medical examinations due to popular demand.
It’s also important to note that your premiums are directly connected to the amount of your death benefit. Make sure you only take out what you need instead of getting the largest policy you qualify for. You should also consider term life insurance instead of a more expensive universal or whole life policy, particularly if you need your insurance to cover any existing debts you have. Having anxiety can make it difficult to find great life insurance, but being thorough when shopping can help you find the most reasonable policy. It is best for you to compare quotes from many providers so that you can get the lowest priced policy that provides the benefits that you need.
Are You A Risk for Suicide?
Life insurance companies are understandably concerned with your odds of dying during the period that they will provide coverage on your life. If your anxiety is accompanied with depression, as anxiety often is, you may be a risk for suicide. If the life insurance company deems you to be a high enough risk, they may either assign you a special health rating, exclude suicide from a covered death, or decline the policy altogether.
Most companies have a suicide clause in the contract that comes standard in the contract. This clause allows the life insurance company to deny a claim during the first two years after the policy is issued if the cause of death is suicide. This is to prevent people from taking out large life insurance policies right before they intend to commit suicide.
