Life Insurance For People With Anxiety – How And Where To Get Coverage

Written by Jeff Root

Anxiety is a general term that is used for many conditions, all of which caused individuals to be apprehensive or otherwise nervous.

These conditions can have a moderate impact on how you feel and how you behave but they can also manifest in real physical symptoms.

Mild forms of anxiety can be just an unsettling feeling while more severe forms can have a large impact on your daily life and potentially cause disabilities or suicidal thoughts.

In everyday life, you might worry about an important or challenging event like a public performance or a potential job interview.

This is normal. Anxiety, on the other hand, becomes a legitimate medical concern when it interferes with your ability to function on a daily basis, perhaps preventing you from working or causing trouble when sleeping.

Before we dive deeper into life insurance for people with anxiety; what to expect, what to look out for, sample life insurance rates, let’s take a second to look at the best life insurance companies for people with anxiety:

What Causes Anxiety?

Anxiety is typically triggered by stress, but it can also be influenced by brain chemistry, environmental factors, genetics, medical conditions, or drug and alcohol abuse. Typically, anxiety is a response to an external force.

Below are some common factors that can cause anxiety:

  • Environmental factors
  • Medical Factors
  • Substance abuse
  • Genetics
  • Brain Chemistry

How Is Anxiety Diagnosed?

Mental health professionals will diagnose anxiety and help individuals to identify their causes. In some cases, this can be uncovered by a physical exam is adequate.

In other cases, you might be asked to undergo additional medical and psychological testing in order to help your physician make the proper diagnosis.

Can I Get Life Insurance With Anxiety?

Being diagnosed with a general anxiety disorder will not prevent you from getting life insurance most of the time. The diagnosis itself is not grounds for rejecting your application.

However, you will be asked a specific set of interview questions during your application process to better determine what policies you are offered.

What Questions Do Life Insurance Companies Ask When You Apply?

The questions your life insurance company asks are designed to determine your overall risk as the applicant, so they naturally want to know about your general health.

Generally, life insurance companies will ask the following questions to applicants:

  • Do any diseases/health problems run in your family?
  • Are you currently taking any medications?
  • What is your occupation?
  • What are your hobbies?

They also typically run the following checks for applicants to further assess risk:

  • Medical history
  • DMV record
  • Prescription history
  • Criminal record
  • Credit check

After inquiring about general health many life insurance companies will also consider your lifestyle risk and for this they tend to ask about your occupation or whether you engage in dangerous sports.

People who have been diagnosed with an anxiety disorder will be asked a series of separate questions designed to determine how mild or severe your condition is. Using this information, they are able to recommend a policy that best fits your situation.

Life insurance companies will also ask these specific questions about your anxiety: 

When were you diagnosed?

Insurance companies want to see a long period of stability where you didn’t have any changes in your medication or any severe hospitalizations the results of your anxiety.

So, don’t worry, even if you have been diagnosed with anxiety for several decades, this doesn’t rule you out as a potential applicant.

Are you currently seeing a psychiatrist for this condition?

If you are seeing a psychiatrist or seeking any form of professional help you will probably be offered standard rates for the classification, but some carriers will make an exception.

Again, this is not a deal-breaker per se. It is simply a way to determine your level of risk.

Are you taking any medications to control your anxiety?

If you have well control anxiety or life insurance companies will offer you the top rate class in some cases.

Even if you have one or two medications prescribed by your family doctor you can still get the “preferred” rates.

One of the key differences that the insurance company will look for is whether your medications were prescribed by your regular physician rather than a psychiatrist.

Have you ever been hospitalized because of your anxiety?

It is possible for some patients to be hospitalized because of disorders like anxiety and still qualify for standard rates.

Life insurance companies will be looking to see whether you were hospitalized because of an attempted suicide and if you were, whether that hospitalization was more than 10 years ago.

If the hospitalization was more than a decade ago you could still potentially qualify for preferred rates.

Have you ever attempted suicide?

If there is any evidence that you have attempted suicide your condition will be considered a severe condition. This means that you may only qualify for a substandard rate.

If your anxiety is severe enough that it has placed you on disability in the past for more than 2 weeks the condition will also be considered severe. In some cases, this could result in denial of coverage and in other cases, it could simply result in a substandard premium.

Also, life insurance companies can cause the death benefit to be delayed, so that if you commit suicide within a certain period of the policy, it does not pay out to your beneficiaries.

Remember that life insurance companies want to verify that your anxiety does not prevent you from functioning and society and maintaining a job.

What If I Am Being Treated for Anxiety?

If your anxiety is very well controlled and you are being treated with standard medications you can still qualify for preferred rates. Life insurance rates for people with anxiety will vary per person, because of the many factors we have discussed already.

Below is a sample for male and female applicants who otherwise have good health and have control over their anxiety by way of medication prescribed by a family doctor:

This is a sample for a term life insurance rates for a female applicant looking for $500,000 in coverage, on a monthly premium:

Age 10-year term 15-year term 20-year term 30 year term
40 17.28 20.61 26.60 45.14
45 25.79 30.70 40.69 66.28
50 36.75 44.62 58.62 101.40
55 54.69 63.35 93.32 185.85
60 70.62 103.25 154 N/A
65 153.90 194.40 307.02 N/A

This is a sample for a term life insurance rates for a male applicant looking for $500,000 in coverage, on a monthly premium:

Age 10-year term 15-year term 20-year term 30 year term
40 23.19 24.85 32.38 56.63
45 29.39 39.72 51.71 86.54
50 44.62 59.94 78.75 137.01
55 72.80 91.87 124.34 258.00
60 119.00 154.37 212.43 N/A
65 207.50 278.21 412.37 N/A

What Do Life Insurance Companies Test For Anxiety Medical Exams?

In some situations, they might conduct a few other tests but most of the time the manifestations of a generalized anxiety disorder will appear in a regular medical exam.

This means doctors won’t have to go above and beyond to do any other form of invasive test. And again, most of the information that they need is derived from the interview questions they ask ahead of time.

You may have to undergo test such as additional blood test if you are taking certain medications or if your anxiety is caused by abnormal brain chemistry.

How Do Other Health Issues Impact Eligibility and Cost?

Minor health concerns like having to take blood pressure medications even if they are tangentially connected to your anxiety should not impact the rates that you receive for your premiums.

More serious ailments like diabetes or heart disease could increase the amount you pay but this is contingent upon the carrier you choose.

You can use a broker to help you compare rates from over a dozen top-rated life insurance carrier but once you narrow down your results you will need to work with experienced agents from each of those providers to figure out what options you have available in your state given your condition.

Tips to Get the Best Life Insurance Rates If You Have Anxiety

If you have anxiety you can still improve your chances of getting a preferred rate class and premiums you can afford.

The first thing you can do is work hard to make sure that all other aspects of your health and lifestyle are risk-free.

If you have diabetes, for example, take a few months to implement dietary changes so that you are not insulin-dependent.

If you are seeing a psychiatrist, talk to your psychiatrist about what options do you have for better self-control over your anxiety at home and how you might be able to gradually reduce your dependency on professional help.

If this is easily achievable within a few months or perhaps a couple of years, you might postpone your application until such time as you are in a better position and can, therefore, qualify for that are premiums.

Another thing you can do is postpone applying until you have to change your prescriptions so that they are being prescribed by your family doctor or general physician rather than a psychiatrist.

Best Life Insurance Companies for Anxiety

If you have anxiety, the best life insurance companies based on their rates include the following:

Company Types of Policies A.M. Best Rating Customer Reviews
Prudential
  • Term
  • Whole Life
A+ 4.2 / 5
Mutual of Omaha
  • Term
  • Whole Life
  • Universal Life
  • Accidental Life
  • Children’s Whole Life
A+ 3.9 / 5
American General (AIG)
  • Term Life
  • Guaranteed Acceptance
  • Whole Life
  • Universal Life
  • Variable Life
A+ 4.0 / 5
Sagicor
  • Term Life
  • Whole Life
  • Guaranteed Acceptance
  • No Exam Life
A- 4.0 / 5
Principal National
  • Term Life
  • Universal Life
  • Variable Universal Life
  • Survivorship Life
A+ 3.9 / 5
Brighthouse Life (MetLife)
  • Term Life
  • Whole Life
  • Group Variable Universal Life
  • Group Universal Life
A+ 4.1 / 5

Prudential

Prudential is known for its wide range of life insurance products, and their ability to secure applicants the best health rating possible for their given medical situations, to secure lower life insurance rates.

To back this up, they have over 100 years of company history behind them and hold collectively between all its subsidiaries over $2 Trillion in life insurance policies.

Needless to say, they are one of the best life insurance companies for people with anxiety.

Mutual of Omaha

Mutual of Omaha also offers an outstanding variety of life insurance policies for both whole life and term life policies and is generally very affordable with their life insurance rates.

Overall, they also are very lenient in terms of their risk classifications and rates for higher risk individuals as well.

The company was founded in 1926, and today has grown to be one of the most highly regarded life insurance companies in the world.

Mutual of Omaha is currently a Fortune 500 Company that manages well over $3 Billion in life insurance.

American General (AIG)

American General has been providing life insurance to American for over 150 years.

Today, they manage over $200 billion in assets and have over 88 million life insurance policies issued globally.

AIG offers both term and whole life insurance at very affordable rates.  They usually have very good life insurance rates for people who are in lower health classes, or are older as well.

Sagicor

Sagicor also has a rich history, dating back to 1840, making it one of the oldest life insurance companies in the world. They currently manage over $1 Billion in assets.

Sagicor is best known for their guaranteed issue and no medical exam life insurance policies, which offer superior rates and coverage in the market.

They also offer term, universal, and whole life protection for very affordable rates.  They often have some of the best life insurance rates for smokers as well.

Principal National

Principal National has been around for well over 100 years, and is also very prestigious and is a well-known life insurance company in the United States.

They offer coverage in the form of term life insurance, universal life insurance, variable universal life, and survivorship life.

Perhaps the life insurance product that Principal National is best known for is their $1 Million no medical exam life insurance policy.

This is a large policy in the no medical exam world, and it is quite affordable compared with competitors.

Brighthouse Life (Metlife)

Metlife, which recently branched into Brighthouse Life in order to specialize their life insurance products more, has been around since 1863.

Today, they are a Fortune 500 Company, and are a publicly traded company, managing over $700 Billion in assets, with over 12 million U.S. customers, and over $2 Trillion in issued policy coverage.

Brighthouse is best known for their Universal Life insurance policies, and their guaranteed level term life insurance, both of which are very affordable life insurance policies, with great riders and competitive coverage for the rates you pay.

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