Does Mental Illness Affect Your Life Insurance?

Does depression, anxiety, or other mental illnesses affect your ability to secure life insurance?sad woman on laptop in the dark

During the underwriting process, life insurers will factor in a variety of health issues and conditions when determining your rates.  If you suffer from depression, anxiety disorders, or other types of mental illness, then you may be wondering how this affects your ability to secure affordable coverage.  Here’s what you need to know about life insurance and mental illness.

  • How Will Mental Illness Affect Your Rates?

Many people worry about their mental illness increasing their life insurance rates.  In many cases, anxiety or depression without additional complications does not actually place you in a higher risk classification.  However, if your anxiety, depression, or other mental health issues impacts your ability to do well at school or work or requires frequent medication changes, then this could raise your premiums.  In particularly severe cases, mental illness can also make you ineligible for traditional life insurance coverage.

  • Can You Lower Your Rates?

If you are worried about your mental illness driving up the cost of your life insurance, then there are steps that you can take to lower your risk.  For instance, getting the care that you need is one way to keep your life insurance costs down.  When you follow doctor’s orders, take your medication consistently, and take other steps to manage your condition, your life insurance provider will see you as lower-risk to insure.  This, in turn, will translate into lower life insurance rates

  • Don’t Put Off Life Insurance

Many people suffering from mental illness assume that they cannot secure the affordable life insurance that they need.  As a result, they don’t bother trying to secure a policy.  However, it’s important to remember that depression, anxiety, and other disorders do not automatically disqualify you from life insurance coverage.  Rather than leaving your loved ones exposed to serious financial risks, you need to be proactive about securing life insurance.  By being upfront about your mental illness, asking questions, and exploring your options, you can secure the coverage you and your loved ones need.

This is what you need to know about securing life insurance with a mental illness.  Do you have additional questions about your life insurance?  If so, then contact the team at VGW Walker Insurance in Texas.  Our experts are ready to assist you with all your coverage needs today.