Written by
Mary Van Keuren
Edited by
Natasha Cornelius, CLU
Natasha Cornelius, CLU, is an insurance editor for Bankrate, specializing in auto, home and life insurance.
Updated Jun 18, 2024At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity ,this post may contain references to products from our partners. Here's an explanation for how we make money .This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our Insurance Disclosure .
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On This Page Jump toMental illness is increasingly common in the U.S., with roughly one in five adults experiencing a mental condition each year, according to the National Alliance on Mental Health (NAMI). Mental illnesses can range from mild depressive episodes to psychoses that require hospitalization, and few generalizations are possible regarding it. One generalization says that it's not possible to have life insurance if you have a mental illness — but this is not true. If you are living with a mental condition, you may be able to find coverage that suits your needs. Bankrate created this guide to help you understand why mental health impacts life insurance and how you can find life insurance for bipolar disorder, anxiety and other mental health issues.
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Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers inThere are different types of life insurance, and some may be better options than others for those with mental health conditions. However, there are other factors that also play a significant role in determining your best choice for coverage — such as your budget and the length of time you need coverage for. Everyone's circumstances are different, so you may want to shop around before you settle on a policy type or carrier. You may also find it helpful to work with a licensed life insurance agent or broker who can answer your questions and help you find an insurer who is more likely to write you a policy despite any mental health challenges.
A mental health condition is one that “affects a person’s thinking, feeling, behavior or mood,” per NAMI. Those with a mental illness can oftentimes feel alone, yet it is estimated that one in five U.S. adults live with a mental illness. Although the mental health conditions considered by life insurance companies vary from carrier to carrier, if you have been diagnosed with any of the following mental health conditions, it may impact your premium and potentially your ability to purchase life insurance:
When shopping for life insurance, both your mental and physical health will typically be evaluated. Depending on the carrier and type of life insurance policy, you may have to fill out a health questionnaire or participate in a medical exam. Some common questions you may see on a questionnaire include:
Certain mental health conditions that have a higher likelihood of suicide, such as severe anxiety or depression, schizophrenia and substance abuse, may result in higher premiums than other mental illnesses, lower coverage limits available or even application denial.
Seeing a mental health professional may help increase your chances of being approved for life insurance at a better rate, especially if you are following the treatment plan, have not been hospitalized recently and have a consistent employment history.
You should never lie about anything on the application, including a mental health diagnosis. Life insurance underwriters use databases like the Medical Information Bureau (MIB) to confirm the medical history information you supplied. If it is found you lied on the application, the underwriter will need to conduct an investigation to gather more information about the discrepancies found and it could lengthen the application process.
Most life policies, including term life insurance, have a two-year suicide clause. This clause is in place to prevent people from purchasing life insurance with the intent to commit suicide and have their family’s income protected.
Companies may also include a contestability clause for the first two or three years of the policy. This clause allows the company to investigate any death claim during that time for misrepresentation. If it finds you lied on the application, your beneficiary may not get the full death benefit you selected. They might get a reduced amount based on what your premiums would have qualified you for with accurate representation or they may only get the premiums paid into the policy up to your death.
Yes, it is possible that an insurer may turn you down for coverage if it has determined that you pose too high a risk based on its statistics regarding others with similar pre-existing conditions. But every insurer uses its own proprietary policies and algorithms to determine who it will sell policies to, so even if you are turned down by one or two companies, that doesn't mean that others will do the same.
When looking for life insurance with mental health challenges, it can be important to shop around. Find a handful of likely companies and ask each one for quotes for the same levels and type of coverage. Don't be discouraged if you are turned down by any of them — you may be able to find the right carrier with diligent research. Working with an experienced life insurance broker may also be beneficial as they can shop around on your behalf.
If you have not found a traditional term or permanent policy that works for you, consider guaranteed issue life insurance. This type of coverage offers low levels (usually less than $50,000) of protection but does not require a medical exam or questionnaire. If you are in the workforce, you may also want to ask your human resources department if there is group life insurance available for employees.
Yes, you may be able to get life insurance regardless of your diagnosis. Remember that insurers consider their risks when determining who they will sell policies to, so you will have a better chance of finding coverage if your health in general is good and if you are currently being treated for and compliant with any doctor's instructions and medication needs. Unless you are purchasing guaranteed issue life insurance, your potential insurer will most likely review your medical records and will be able to determine your level of risk.
Insurance companies are in the business of risk. The higher a risk you are — that is, the more likely it is that you'll file a claim sooner — the more you are probably going to pay for your coverage. Since some mental illnesses may shorten life expectancy, this may be one factor that an insurer will take into consideration when determining if it will cover you. However, mental health is just one piece of the puzzle when it comes to life insurance rating. Factors such as your age, physical health, lifestyle and occupation all play a role as well.
Possibly. You may find that some insurers won't be willing to write life insurance for applicants with clinical depression, depending on the severity of the condition. It may take a little more effort, but by searching around, you may find an insurer who will work with you. If you are struggling to find coverage, you may want to consider guaranteed issue life insurance. The coverage limits are typically lower, but you will be able to secure coverage even with a pre-existing condition.
