Yes. Policygenius rates depression and anxiety as low impact on life insurance prices. Steady treatment and no recent hospital stays help the most.
Depression and anxiety are common. The CDC says about 13.1% of people 12 and older had depression in a recent 2 week period. Policygenius rates both as low impact on life insurance prices.
Insurers look at how severe your condition is and whether it affects your work. Fewer medicines and a steady plan help. Insurers usually want 6 months to a year of steady treatment. A mental health hospital stay often means the insurer will wait at least a year before offering coverage.
Short term issues after a big life event, like depression after having a baby, are unlikely to affect your application, per Policygenius. You should still list them. Policygenius says Corebridge is not the best pick for mental health conditions.
What insurers look at
- How severe it is and whether it affects work or daily life
- Your medicines, how many, and if they change often
- Any hospital stay for mental health (Policygenius says within a year can mean a no)
- How long your treatment has been steady (Policygenius says 6 months to 1 year)
- Any past suicide attempt
- Whether you are working or on disability
Coverage that may fit
The usual fit. Policygenius names the Banner Life family as a top pick for anxiety and depression.
No exam, but you answer health questions. Coverage often reaches about $50,000, and you can still be turned down for serious conditions. Can work if your condition is mild and steady.
For people who cannot pass health questions. There is no exam and no health questions, coverage tops out around $25,000, and the price is high. Mutual of Omaha sells it to people 45 and older, per Policygenius. Most have a waiting period, often 2 years, before the full amount pays for a natural death (Policygenius, graded death benefit). A fallback if you were recently in the hospital or were turned down.
Common questions
Will taking an antidepressant hurt my rate?
Not by itself. Insurers prefer fewer medicines and a steady plan.
What if I was in the hospital?
Insurers often wait at least a year after a mental health hospital stay.
Do I have to share therapy visits?
Yes, if asked. Forms ask if you are getting therapy now. Leaving out facts can put a claim at risk.
Sources
General information, not medical advice. Insurer rules change. An agent can tell you which companies treat your condition best.
