Applying for Life Insurance with Mental Illness
It is common knowledge that physical illnesses and smoking are two common factors that can greatly affect your life insurance policy. Rates can go up or you can lose your policy. Mental illness is one health criteria that can affect your life insurance rate. Here is what you need to know about your life insurance when you have mental illness.
History of Mental Illness
Mild brushes with anxiety or depression that responded well to treatment, either through therapy or pharmaceuticals, will not affect your rate. This is due life insurance companies realize that everyone goes through stressful periods in their lives that could cause short term depression or anxiety. More often, life insurance companies are more concerned with individuals who are on multiple medications or hospitalized to stabilize their condition.
Life insurance companies will not look through your mental health records to deny you coverage. Most actually feel that a hint of a mental problem is much more of a risk that one that has manifest and has been treated. The company will want to know when you were diagnosed, who is treating you, and how treatment is going. That is why it may be a good idea to wait a few months since the insurers will have to understand how you are responding to the treatment.
More serious mental health problems, such as suicide can make it extremely difficult to obtain life insurance. Some insurers will draw up a policy after a few conditions are met but may wait one or two years after an attempt to issue one. Some may charge an additional premium for a few years if there is an ongoing rick for suicide.
Life Insurance and Mental Illness in Los Angeles
Overall, mental illness such as depression and anxiety should not affect the rate too much. In fact, some individuals make it to the top tier rate despite the mental illness they have. If the policy holder was forthcoming with every single aspect of their illness, there is no reason for their policy to be voided. If this has happened to you then it is time to seek the guidance of a professional. At The Law Office of James T. Hudson, we have the attorneys who can aid you during your life insurance case. For a free consultation, contact our office at (213)386-2747.