Life insurance for people with depression and anxiety

Anxiety affects nearly one in five U.S. adults, or over 40 million people, according to the Anxiety and Depression Association of America (ADAA). Of these, more than 7% experience at least one major depressive episode a year.

If you live with anxiety or depression, you may be concerned about your ability to protect those you love financially. But a mental health condition doesn’t have to stop you from getting covered. These tips can help you navigate the life insurance process and find the right fit for you.

Can you get life insurance if you have depression or anxiety?

If you’re new to life insurance, it can seem a little overwhelming, especially if you have a condition that could make getting coverage more complicated.

First, the basics: Life insurance is a contract between you and your life insurance company for a certain amount of coverage. Like health or auto insurance, you keep up your end of the deal by paying a monthly or yearly premium. If your policy is still active when you die, your loved ones receive a cash payment called a death benefit to use for whatever they need. Many people use the money to cover bills, pay off debts, or save for the future.

Life insurance offers a financial backup plan in case the worst happens. It’s especially important if you have people depending on your income, such as kids, a spouse, or elderly or disabled relatives. If you’re single with no dependents, it can help your family fill any financial gaps you leave behind and cover funeral costs. 

Health is one of the major considerations for life insurance companies when you apply for a term life insurance policy. When you apply for a policy, your insurer will likely ask you: 

  • How severe is your condition? 
  • When were you diagnosed?
  • Are you being treated by a doctor or therapist?
  • What medications or other treatments are you taking?

In addition, your insurance company will ask questions about your overall health and lifestyle. It’s important to be upfront about your medical history – even if it feels awkward to share details about your mental health. If you don’t share health information and it comes up later during your medical exam, it can severely delay the approval process. Even worse, the provider could deny your beneficiary’s claim if they find out later that you weren’t straightforward about your health.

How does mental illness affect life insurance rates?

If your depression or anxiety is mild and you’re under professional care, it may not impact your rates much. If it’s severe and you’ve been hospitalized or are at risk of suicide, it could raise your rates or prevent you from qualifying at all.

But don’t assume that term life insurance is out of reach because you struggle with mental health. Fidelity Life has a range of products designed to meet your needs, regardless of your history. Mental health can be a struggle, but the process of choosing a life insurance policy doesn’t have to be. 

Fidelity Life’s team of agents are available to support you every step of the way, answer your questions, and help you find the plan that fits your needs. Get in touch with us or start your online quote today.

If you are struggling with depression or have thoughts of suicide, know there are people who can help.  Please call the National Suicide Prevention Hotline 24/7 at (800) 273-8255 or reach the Crisis Text Line by texting HELLO to 741741.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed and updated regularly to ensure the information is as relevant as possible.

Citations — 2 sources

  1. 1. Anxiety & Depression Association of America (ADAA) https://adaa.org/
  1. 2. National Institute of Mental Health (NIMH) https://www.nimh.nih.gov/