Life Insurance With Anxiety 

The discussion of anxiety has changed dramatically in the last several years, becoming less stigmatised. It may surprise many Canadians who are dealing with anxiety problems, nevertheless, a disorder of anxiety might make it more challenging to get life insurance with anxiety in Canada.

Protecting your family and lessening the effects of an untimely death require life insurance. Anxiety disorder can, however, raise rates and make life insurance policy acceptance more difficult.

This guide explains the complex link between life insurance and anxiety in Canada and describes the possible difficulties someone with an anxiety disorder may have when trying to get coverage.

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How Anxiety Affects Life Insurance

Although many are often considered pre-existing ailments, it shouldn’t stop you from getting life insurance. You may still receive life insurance with anxiety, but you should be aware of possible difficulties with the application procedure.

When a person applies for life insurance with anxiety, they may face longer application wait periods, higher rates, and, in certain situations, rejection.

Each application is evaluated by insurers for risk before it is approved and the cost of premiums is established; applicants with prior medical issues may be deemed higher-risk.

To assist the insurer in understanding the possible risks, you will probably be asked a number of questions regarding your disorder throughout the application process. While insurers ask different questions, these often consist of:

• What disorder was created when?
• What degree of severity does your disorder have?
• Which symptoms are you having?
• When do these symptoms usually appear?
• How does your everyday life become impacted by these symptoms?
• What is your course of treatment?
• What prescription drugs do you take?
• Could you tell us about any past hospital stays?

Along with disclosing your medical history, including any prescriptions you take, you may be asked to have a medical checkup to determine your current state of health.

Many insurers provide no medical life insurance through simplified or assured insurance plans, which are advantageous for applicants with pre-existing problems if they are worried about being rejected or do not want to face a medical test.

Though most individuals should apply for life insurance as soon as possible to be eligible for reduced rates, those with health issues may choose to wait until later.

Showing insurers that you are in charge of your illness by effectively handling your disorder or symptoms may result in application acceptance and reduced rates.

Anxiety That Are Considered by Insurance Providers

The Public Health Agency of Canada describes Anxiety as marked by major changes in behaviour, thought, or emotion that are distressing and hinder functioning. Typical mental conditions taken into account by life insurance companies include:

• Depression
• Disorders of worry
• Illness
• Psychosis
• Borderline personality disorder, or BPD
• Hypomania
• OCD, or obsessional-compulsive disorder
• Dependencies on drugs
• PTSD, or posttraumatic stress syndrome
• Disorders of eating
• Diseases of Dissociation
• ADHD, or Attention Deficit Hyperactivity Disorder

Approval and premiums are mostly dependent on how serious a mental disease is. For accepted anxiety diagnoses, Canadian insurers adhere to the DSM-5.

Usually, anxiety’s severity and its effects on a person are evaluated using the Global Assessment of Functioning (GAF) Scale. Those deemed to have a complete disability with a GAF score of 50 or less have their premiums and application status impacted.

What to Do if You Are Denied Insurance Due to Your Anxiety

Though it is possible to be turned down for regular life insurance with anxiety, you still have choices, like assured and simplified issue life insurance plans.

Guaranteed Issue Life Insurance

• No medical examinations or questionnaires are needed.
• Developed for hard-to-insure people.
• The premiums are higher than with standard insurance.
• Less coverage is available than with conventional plans.

Simplified Issue Life Insurance

• No physicals are needed.
• Those applying need to finish a medical questionnaire.
• Made for people with quite serious ailments.
• The premiums are a little more than with standard insurance.

What Happens if You Fail to Disclose an Anxiety Disorder?

It seems sensible to worry about being turned down for coverage because of your health, but it is never a good idea to keep a health condition a secret from your insurer since this can cause more problems than simply having your application refused.

With the applicant’s consent, insurers obtain personal information straight from applicants and medical specialists. To confirm any medical information supplied, they could also search databases such as the Medical Information Bureau (MIB).

If you lie on your application regarding medical issues, it may be viewed as fraud with dire repercussions. Should insurance companies find errors, they may cancel your coverage or decline to pay out a death benefit.

Giving insurers honest and correct information guarantees that you get the coverage you need securely, in addition to being the proper thing to do.

Best Companies for life insurance with anxiety

There are several excellent life insurance companies in Canada that provide different choices. Depending on how serious their mental disease is, applicants can still apply for standard insurance goods.

The applicant’s financial interests and aspirations will determine the ideal supplier. These are a few instances of insurance companies providing life insurance to people with prior anxiety issues, without requiring medical examinations and with few questions:

Humania Assurance: 

• IWME, or insurance without medical exam
• $5,000–300,000 in coverage
• Coverage lengths of 10, 20, or 100 years; issue ages of 18 to 70
• Six qualifying questions, twelve medical questions for premium rates, no medical test needed

Industrial Alliance (iA) – Access Life

• $10,000–$500,000 in coverage
• Coverage lengths of 15, 20, 25, or lifetime
• Issue ages: 6 months to 80 years old; 
• Number of questions: None for Guaranteed Access; 5 medical questions for Deferred; 9 for Deferred Plus; 13 for Immediate Plus; no medical exam necessary

Canada Protection Plan (CPP) – Guaranteed Acceptance Life

• $5,000–50,000 in coverage
• Coverage length: entire life
• Ages of issue: 18 to 75 – No medical exam or questions needed

Frequently Asked Questions for Life Insurance with Anxiety

Can you get life insurance for anxiety?

You can obtain life insurance while suffering from a mental disease. Pre-existing condition candidates may, however, encounter difficulties like higher rates or fewer plan alternatives. Generally speaking, most people with less serious anxiety difficulties may apply for standard life insurance without any significant problems.

More serious diseases can still be applied for with assured and simple issue life insurance plans, which have few or no medical questions and no medical tests.

Can I get life insurance if I’m on antidepressant medications?

Even when taking drugs, those with anxiety issues may be eligible for life insurance. Long-term effective management of your anxiety can show insurers that you are a lesser risk, which may result in cheaper rates and eligibility for more policies.

However, since it suggests a higher-risk candidate, using anxiety drugs for different ailments or switching prescriptions often might make it more difficult to get inexpensive life insurance.

Which anxieties can affect life insurance?

It varies across insurers what anxiety issues they cover. Disorders of anxiety include anxiety, schizophrenia, addiction, eating disorders, bipolar illness, and depression.

The seriousness of the condition also affects life insurance applications; more serious symptoms translate into higher rates and more challenges in obtaining coverage.

Does life insurance cover death by suicide?

Suicide deaths within the first two years of an insurance policy are not usually covered. Afterwards, the insurance may offer a death benefit. Know your insurance inside and out.

Please call 9-8-8 to the Suicide Crisis Helpline if you or someone you know is experiencing depression, anxiety, or suicidal thoughts.

To guarantee your peace of mind, request a quote from SureInsurance right now.