How Life Insurance Can Alleviate Anxiety About The Unknown

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According to the Anxiety and Depression Association of America, in the United States, 6.8 million adults struggle with generalized anxiety disorder. This means that they experience feelings of anxiety most days and these feelings can seep into their personal, social and work lives.

How Life Insurance Can Alleviate Anxiety About The Unknown

If you’re part of this group, the thought of securing life insurance can feel overwhelming. While an anxiety diagnosis can make navigating the shopping process more complicated, it doesn’t disqualify you from getting coverage.

Life Insurance With Pre Existing Conditions

From diabetes to depression, all health conditions carry some degree of risk. The insurer’s job is to answer the question: How much risk will you cover?

To calculate your risk, companies typically ask about your health and lifestyle as part of the life insurance underwriting process. They then use this information to determine if you qualify for coverage and set your rate.

If you have generalized anxiety disorder, you can expect answers to questions about your date of diagnosis and last anxiety episode, as well as prescriptions and treatments.

You may be asked if you have other medical conditions and if you have been hospitalized or have had suicidal thoughts or attempts. Finally, insurers may request medical records to get a more complete picture of your diagnosis, just as they would with other health conditions.

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The questions can be intrusive, but if you can prove that your anxiety is well controlled, you’ll be in a position to get the best coverage possible.

Insurers complete underwriting by placing you in a “risk category” — and there are about 20 to choose from, Natasha Cornelius, a Minneapolis-based certified life underwriter, said in an email.

“People with well-managed anxiety can often qualify for preferred grades. But if you have other health factors besides anxiety, preferred ratings can be more challenging to come by,” Cornelius said.

An independent life insurance agent or broker can help you navigate your options. These professionals work with multiple companies, making it easy to comparison shop.

Reasons For Life Insurance Claim Rejection Or Cancellation

Brokers work for you and can informally inquire with carriers on your behalf, says John Hansbrough, a licensed life insurance agent based in Los Angeles.

“The underwriter’s goal is to understand the worst-case scenario for someone with anxiety. “From the brokerage side, it’s about presenting the best possible story for that person,” Hansbrough said.

Most types of life insurance are open to concerned individuals. These include term life insurance, which lasts for a fixed number of years, and permanent life insurance, which usually covers you for life.

Above all, proceed with your insurer. Concealing your mental health history can delay the foreclosure process or deny your beneficiaries payments if you die.

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A broker experienced in finding life insurance for high-risk applicants can help you submit an application with the best chance of approval. Hansbrough compares brokers to defense attorneys.

“I need to know all the details and skeletons of your closet,” he says. “I don’t decide if you can get coverage, but I’ll do what I can.”

Make sure you and your loved ones are covered – compare customized life insurance quotes from our partners.

If you are struggling with anxiety or having suicidal thoughts, please get help now. Call 988 Suicide and Crisis Lifeline or contact Crisis Text Line by texting HOME to 741741. Both services are free, confidential and available 24/7.

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Katya Iervasi is an Associate Assignment Editor and Spokesperson. An insurance authority, he previously spent over six years covering insurance topics as a writer, where he loved to tackle complex issues and answer readers’ burning questions. She holds a Bachelor of Arts in Communication Arts and studied writing, fact-checking and editing with Poynter. His writing and analysis has appeared in The Washington Post, Forbes, Yahoo!, Entrepreneur, Best Companies, and FT Advisor. Originally from Sydney, Australia, Katja currently resides in New York. Read more

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Sign up and we’ll send you nerdy articles on the money topics that matter most to you, as well as other ways to help you get more from your money. So wait, you’re not perfect? That’s right – it turns out no one is. But you can probably still get affordable coverage.

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Let’s face it, we all have problems. And if Covid-19 has taught us anything, it’s that it’s important to take care of ourselves – physically and mentally – and to take care of the ones we love. But what about health problems and medical conditions you may already have or have no control over? It is estimated that up to half of all non-elderly persons living in the United States have some type of pre-existing health condition. If you live halfway across the country and need life insurance, you can get the protection you and your family deserve.

You can still get life insurance coverage if you have conditions like heart murmur, heart palpitations or coronary artery disease. Even if you have had a heart attack, you may still be eligible for insurance. A life insurance company will want to know the severity of the condition and whether the condition has been treated, is under control, or if there are other underlying health problems related to the condition.

According to the Centers for Disease Control and Prevention, 1 in 10 Americans has diabetes. The good news is that most Type 1 and Type 2 cases won’t prevent you from getting coverage. If you have both types, a life insurance company may want to know more from you, including your blood sugar and/or cholesterol levels. They’ll also want to know when you were diagnosed (diagnosed later in life to give you a better chance of coverage).

Recreational use of tobacco and marijuana will not prevent you from getting protection. If you use one (or both), the life insurance company needs to know how often. If you are using marijuana for medical purposes, they will also want to know what condition it is used to treat.

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The medical world has made incredible strides in diagnosing and treating this common cancer. If you’ve got it, life insurance may still be an option—especially if you’re three years into treatment. An insurance company will want to know more about the stage and grade of the tumor, as well as how you were treated (chemotherapy, radiation, surgery, or a combination of treatments).

According to the Anxiety and Depression Association of America, nearly 40 million adults in the United States suffer from anxiety. If you suffer from one or both, it’s important to get the help you need first. And second, know that you can still get the life insurance protection you and your loved ones deserve.

If you take steps to stay healthy and actively manage your health condition, life insurance companies will take this into account when calculating your policy rates.

For example, you may have heart disease, but have been controlling it for years with appropriate medication. Or maybe you’ve lived with diabetes all your life and recent labs show that your blood sugar is under control. Any documentation of effective treatment and regular medical checkups can help you get lower life insurance rates.

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Below is a sample to show how common marijuana habits can affect our monthly insurance rates Our example is a 30-year-old in excellent health applying for a $500,000, 30-year term life policy.

Speak with a licensed Legal & General America (LGA) life insurance advisor who can answer any questions you may have, or fill out our online application (it only takes 15 minutes to apply). If you want to talk to someone first, we’re here for you.

LGA is one of the few specialist life insurance companies that accepts pre-existing conditions. We’re a top life provider in the US, and we’re ready to work with you to get you the best rates, no matter what your health condition.

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