Graphic illustration of a person in a canoe to symbolize life insurance with mental health problems
Health Hacks

Life insurance for people with depression and anxiety

Health Hacks

Life insurance for people with depression and anxiety

Mental health disorders can affect your life insurance application—find out how

Mental health is a critical aspect of our overall well-being and can influence various facets of life. This can be most prominent when it comes to the process of securing life insurance and financial protection for those we care about. For anyone navigating the complexities of depression and anxiety, understanding how these conditions can affect life insurance is crucial. 

Those who face waves of depression and anxiety often find themselves weighing crucial questions like “How do mental health conditions affect my life insurance options?”, “Will this impact my premiums?”, “Will I be denied life insurance because of depression or anxiety?” This blog is a guide to help you navigate the complex waters of acquiring life insurance while juggling mental health challenges. 

Main points:

Conditions: Depression affects around 14.8 million U.S. adults, while anxiety disorders impact about 31.9% of adolescents.* Women are more frequently affected by both conditions​​​​.

Impact on life insurance: Depression and anxiety are considered pre-existing conditions by insurers, affecting policy rates and eligibility. Honesty about the condition is crucial during the application process​​.

Application process: Insurers inquire about symptom severity, medication, and any history of hospitalization or suicide attempts. Rates vary based on the condition's severity​​​​.

Options based on severity: Mild cases of depression or anxiety may qualify for standard or preferred rates, while more severe cases could face higher rates or temporary coverage declines​​.

Empowerment through knowledge: Understanding the influence of mental health on life insurance and comparing different providers can lead to securing appropriate coverage.

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  1. What are anxiety and depression disorders?
  2. What to do if you suspect you suffer from anxiety or depression?
  3. Can I get life insurance if I have anxiety?
  4. Obtaining life insurance with mental health problems
  5. Can I get life insurance with depression or anxiety?
  6. Types of policies and premiums to consider

What are anxiety and depression disorders?

Mental health can be a tricky thing. And when it comes to things like anxiety and depression, life insurance may seem like another complication. But before we get into all that, we have to establish what anxiety and depression disorders are and what they are not.

What is anxiety?

There is a difference between the general feeling of anxiety and anxiety disorders. An anxiety disorder is defined as an intense, excessive, and persistent sense of worry about everyday situations. Symptoms of an anxiety disorder can include things like:

  • Difficulty controlling worry
  • Feeling nervous, restless, or tired
  • Breathing rapidly (i.e., hyperventilation)
  • Trouble concentrating on anything except the worry
  • Gastrointestinal problems

What is depression?

Officially speaking, depression is a mood disorder that causes feelings of sadness and/or a loss of interest in activities you once enjoyed. More than just feeling sad, depression can affect how you think, feel, and behave. And it can affect your day-to-day life. Symptoms of depression can include:

  • Feelings of sadness, emptiness, or hopelessness
  • Irritability, frustration, or even outbursts
  • Loss of interest in activities once enjoyed
  • Tiredness and lack of energy
  • Slowed thinking, speaking, or body movements

What to do if you suspect you suffer from anxiety or depression?

If you are grappling with tough times, it's okay to lean on others. Seeking professional help, like therapy or counseling, can make a huge positive impact. Professionals are there to give you the tools to navigate life's ups and downs and to offer new perspectives to better understand your feelings. Also, never underestimate the power of a good chat with friends or family. 

Combining expert advice with a strong support network is key to dodge the downsides of feeling isolated. Taking these positive steps not only helps smooth out the rough patches now but also builds a sturdy foundation for your mental and emotional health down the road. 

Obtaining life insurance with mental health problems

Life insurance companies assess risk through a process called underwriting, examining factors like medical history, hobbies, and lifestyle. This involves a thorough evaluation of various personal factors to consider how at risk someone is of losing their life. As morbid as it may sound, it’s a crucial practice for financial protection and understanding who may be a good fit for a policy. Underwriting can be done both digitally (by a computer), or manually (by a person) nowadays, depending on the application and insurer’s capabilities.  

Medical history may include looking for any chronic illnesses (anxiety and depression included) or past medical events that might affect your longevity. They also consider your hobbies and lifestyle choices, assessing whether activities like skydiving or deep-sea diving might increase your risk profile.

Graphic of info includes:  Time of most recent episode  Time of diagnosis  Daily life impact  Medications?  Suicidal thoughts? Self harm?

Because mental health can be essential to overall well-being, this is a fairly big part of the evaluation. Conditions like anxiety and depression might point to potential health concerns during the underwriting process. Insurers might ask about the recent or frequent episodes of depression or anxiety. They may also examine medication usage, age at diagnosis, instances of self-harm, or work-related impacts due to these conditions.

These are some examples of questions your life insurance application may ask regarding depression and anxiety:

  • When was your most recent episode?
  • Are you taking any medications?
  • Age at the time of diagnosis?
  • Any suicidal thoughts or instances of self-harm?
  • Have you taken days off from work due to your condition?

Can I get life insurance with depression or anxiety?

Overall, yes, applicants with anxiety or depression can generally secure life insurance, with varying outcomes. These range from standard coverage with no premium increase to possible higher costs or postponed applications. However, all this will still differ depending on recent episodes and your overall health management. It’s important to note that each insurer views mental health differently. 

Research and comparison are crucial in finding a policy that aligns with your needs and circumstances. If you suspect you have anxiety or depression, prioritize speaking with a healthcare professional or trusted individuals.

Types of policies and premiums to consider

Understanding the various life insurance options and how premiums may vary based on mental health conditions is essential. This knowledge empowers you to make informed decisions tailored to your unique situation.

Embarking on the journey to secure life insurance with depression or anxiety may have seemed like a huge hurdle a while back. But today, it's a path marked with plenty of possibilities and support that’s improving day by day. By proactively managing your mental health and thoroughly exploring your insurance options, you can find a solution that offers peace of mind and security for both you and your loved ones.

*National Institute of Mental Health. (n.d.). Major Depressive Disorder. Retrieved from

The opinions we expressed in this post are for general informational purposes only and are not intended to provide specific advice or recommendations.