More and more people are becoming aware of the importance of mental health and the connection between mental health and life insurance. If you have been diagnosed with a mental health condition, you might be wondering how that diagnosis will impact life insurance options. This blog post will cover what you need to know about life insurance and mental health.
Contact Medical Profiles Inc. today to schedule a paramedical exam!
Mental Health Conditions Insurance Companies Look For
Mental health conditions affect your health and well-being, so insurance companies account for them when issuing policies. Mental health conditions are classified as pre-existing conditions for insurance purposes, so they can affect the policies you are eligible for.
Examples of common mental health conditions insurance companies look for include:
- Depression
- Anxiety
- Phobias
- Schizophrenia
- Eating disorders
- Bipolar disorder
- Postpartum depression
- PTSD
- OCD
Mental Health and Life Insurance Coverage
Mental health conditions do not automatically bar you from coverage, so you can still get a life insurance policy even if you have a mental health diagnosis. When you apply for your policy, you will have to fill out a health disclosure form that will ask you about any mental health diagnoses. The insurance company will then consider your condition when determining mental wellness and life coverage.
You can still get coverage with a mental health diagnosis, but your premium payments might be higher and your death benefits lower. In some cases, the insurance company might ask for additional information before they make the final approval decision.
However, a mental health condition might bar you from coverage in some cases. This may be the case with severe mental illness or if your condition has recently gotten worse. The Equality Act of 2010 prohibits insurance providers from discriminating against individuals solely based on the presence of a mental illness, but they can still disqualify applicants based on relevant, reasonable, and reliable information.
Do I Have to Disclose a Mental Illness?
Yes, you must disclose any existing mental health diagnosis when you apply for life insurance. If you lie on a life insurance application and the insurance company finds out, they can cancel your policy and will not return any paid premiums. As such, it is crucial that you are accurate on your application for life insurance and mental health disclosures or else you can end up wasting a lot of money.
What, Exactly, Do I Have to Disclose About My Mental Illness?
Your life insurance application will have a section where you note any pre-existing conditions or diagnoses you have. Exact requirements will differ depending on the specific insurance company, but you will most likely have to disclose the following:
- The type of condition you have
- The date of your diagnosis
- Any hospital admission or specialist referrals
- Severity of symptoms
- History of self-harm
- Medications
The type, severity, and prognosis of your condition can all affect your insurance rates and whether you are eligible for life insurance.
What If I am Disqualified from Health Insurance?
If your mental health conditions disqualify you from traditional insurance, there are other insurance options for mental health support in life insurance. For example, simplified and guaranteed life insurance are two types of policies specifically meant for individuals who cannot get traditional life insurance because they have pre-existing conditions.
Paramedical Exams and Lab Testing for Life Insurance
It is important to understand the connection between life insurance and mental health when searching for coverage. If you have any questions about addressing mental health with life coverage or would like to schedule a paramedical exam, contact Medical Profiles Inc. online or call today at (832) 251-3926!
