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The first thing to remember is that having depression or anxiety doesn’t have to hold you back from getting life insurance, as most people have a mental illness at some point during their lives. And from the past ten years, the percentage of young adults experiencing mental illness has significantly increased. If you have a complex mental health history, it can be challenging if you have never shopped for life insurance. Under this blog, you can get a clear idea about employee life insurance and make the process more comfortable than ever.

Can you get employee life insurance if you have depression or anxiety?

If you die, life insurance is there to provide a financial cushion for your family or loved ones. Even if you are dealing with mental health challenges, there is a life insurance policy out there for nearly everyone. As insurers want to know how likely you are to die when you apply, your health is one of the main things that insurers consider. You might be wondering if life insurance covers people with depression and other mental illnesses if you have a mental health diagnosis. How severe it is and how it might affect your life expectancy will decide the impact of depression or anxiety on your life insurance.

For instance, it might not have much of an impact if you have a history of mild anxiety and depression that is well-controlled. Your insurance company will ask you health questions, including questions about your mental health when you apply:

  • Are you being treated by a medical health professional or therapist?
  • Which medications or other treatments are you taking?
  • How severe is your condition?
  • When were you diagnosed?

You might also need to take a medical exam and provide details on current and past prescriptions depending on the type of policy, such as employee term life insurance. 

Ideas for getting covered with depression or anxiety:

  • Learn to be honest- If your insurer finds out later that you lied, it can decline to cover you or deny your family a life insurance payout later. Still, it might feel awkward to discuss personal details about your anxiety and depression. Your life insurance company will be better equipped to help you find the right fit if you are honest about your condition.
  • Look around- If you have a history of health issues, then some life insurance carriers might be more lenient than others.
  • Avoid giving up. There are life insurance options available where you are not required to take a medical exam if you don’t qualify for term life insurance or permanent life insurance.

How will mental illness affect employee term life insurance?

It may not impact your rates much if your depression or anxiety is mild and you’re under professional care. It could raise your rates or prevent you from qualifying at all if it is severe and you’ve been hospitalized or are at risk of suicide. Your loved ones receive a cash payment called a death benefit to use for whatever they need if your policy is still active when you die.

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