Anxiety and Over 50 Life Insurance
Anxiety is common among today’s hurried and stressed American society. Most men and women will feel anxious at some point in time as a result of big life changes (i.e. divorce, health crisis, new job) or small daily inconveniences (i.e. traffic, missed appointment, home repair).
However, for approximately 42 Million Americans, living with an anxiety disorder is a chronic mental health condition.
Sometimes those big life changes cause overwhelming anxiety within a person that must be treated professionally.
Other times an individual will develop an anxiety disorder in conjunction with additional physical or mental illnesses.
The Anxiety and Depression Association of America (ADAA) states that an anxiety disorder can develop from a complex set of risk factors including personality, genetics, brain chemistry, and life events.
If you are over 50 years old with anxiety then you may be feeling very worried, or even downright hopeless, about securing life insurance. Please let those negative thoughts go!
Over the years, I’ve worked with numerous clients seeking affordable 50+ life insurance while coping with anxiety.
Those clients felt the same as you and were pleasantly surprised to find there are plenty of life insurance companies willing to issue reasonably priced coverage.
Life insurers are certainly interested in learning plenty about your anxiety diagnosis and treatment plan but that will not be all they care about.
Insurance companies will also want to evaluate other aspects of your life such as hobbies, occupation, family history, driving record, and any other medical illnesses.
I can prepare you for what to expect when shopping for life insurance coverage.
In fact, read on for free tips about applying for over 50 life insurance with anxiety.
Tip #1 – Insurance Ratings Based on the Severity of Your Anxiety
A key component to getting life insurance with anxiety is to apply with the right insurance carrier.
Each insurance company has their own guidelines when reviewing applications. Some insurers specialize in a niche like applicants with heart disease or cancer and, therefore, are more willing to accept applicants with those illnesses.
In your case, I would help find a life insurer that looks favorably upon individuals living with anxiety.
The rate class you are approved for by the insurance company will most likely fall into one of the following categories.
Mild Anxiety: This applies if you either take no medications or 1-2 medications prescribed by your family doctor, rather than a psychotherapist. Your doctor decided you do not need counseling. Your mild anxiety does not cause you to miss work. You have never been hospitalized because of your anxiety.
Overall your anxiety has not negatively impacted your health or life in any significant way.
Life insurers may also view you as having “mild anxiety” if your condition is very well controlled. The better managed any conditions is then the better the rating usually will be.
In this situation, you may be approved at a Preferred or Standard Rate Class.
The reason for this category is because mild anxiety tends not to cause an increase in premature death. Therefore, most life insurers do not view applicants with mild anxiety as being high risk.
Moderate Anxiety: You have not missed more than 2 weeks of work because of your anxiety. You take medication and do attend outpatient counseling sessions for your disorder.
In this situation, you may receive a Standard to Sub–Standard (Table Rating 1–4).
Severe Anxiety: You have recurring anxiety attacks that require hospitalization and/or you are unable to maintain a job because of your severe anxiety. You have received disability payments as a result of your anxiety. You have attempted suicide.
Anxiety has negatively affected your other health conditions such as high blood pressure.
The life insurer may also view you as having “severe anxiety” if you are not able to properly manage your anxiety and keep it under control.
In this situation, you may receive a Sub–Standard (Table Rating 4 or lower).
Be aware, the insurer will also consider the type of anxiety disorder you have when assigning a rating.
Tip #2 – Insurance Ratings Based on the Type of Anxiety Disorder
As I already mentioned, another component of evaluating applicants with anxiety is to narrow down the anxiety diagnosis. The type of anxiety you suffer from can significantly influence your life insurance rating.
Check out some common ratings outcomes below!
Panic Attacks and Panic Disorders: These ailments are defined as sudden periods of intense fear. Panic can make the individual feel as if they are about to have a cardiac attack or even die. This is a fairly common phenomenon.
People with a panic disorder or history of panic attacks may qualify for a Standard Rating.
The only caveat to this common result is for those applicants also diagnosed with Post Traumatic Stress Disorder (PTSD) or a hospitalization within the last 10 years because of panic attacks.
In this case, give me a call so we can discuss your circumstances a bit more and figure out the best possible life insurance solution.
Generalized Anxiety Disorders (GAD): This anxiety disorder currently impacts nearly 7 Million Americans. GAD creates a general feeling of being overwhelmed or anxious that interferes with day-to-day life.
The majority of applicants with GAD are able to secure a Standard Rating or even Preferred Rating. Of course, this is really only when the individual has not been hospitalized because of GAD.
Obsessive–Compulsive Disorder (OCD): This disorder is diagnosed when an individual has unreasonable fears (obsessions) and thoughts that cause the person to perform repetitive behaviors.
Many applicants with OCD qualify for Standard Rating or even Preferred Rating. Of course, this is a possibility as long as the individual is still able to work and not collecting disability because of OCD.
REMEMBER, insurance companies will be evaluating your application in its totality. This means the carrier will assess your total health history (not just your anxiety), as well as other facets of your lifestyle, and then assign an insurance rating.
Your anxiety will be a big focus of the application – but it’s not everything!
Tip #3 – Typical Anxiety Questions from the Carrier
So how will the insurer determine the severity or type of your anxiety order? How will the carrier narrow down the right rating for your particular situation?
Well, life insurance companies gather as much information as they can about you, including your anxiety disorder.
They will ask lots of detailed questions so they may better understand the severity of your condition and properly evaluate your overall risk.
Some of the life insurer’s questions may include the following:
- What was the date of your anxiety diagnosis?
- Which treatment(s) were you prescribed at the time of diagnosis?
- Which treatment(s) are you currently receiving for your anxiety?
- Do you visit a psychotherapist for your anxiety? If so, how often do you see the therapist? How long have you been meeting with a therapist?
- Which, if any, anti-anxiety medications do you take? What is the prescribed dosage and frequency?
- Have you experienced any adverse side effects from the prescribed medications?
- Have you ever been hospitalized for your anxiety? If so, when?
- What was the outcome of your hospitalization?
- Are you currently employed?
- If so, have you ever missed work because of your anxiety disorder?Do you have suicidal thoughts? Or have you ever attempted suicide?
- Have you ever received electroshock therapy to treat your anxiety disorder?
Be honest! You may think it’s a good idea to keep some things to yourself so you can get a better rating. We must stress that this never works to the applicant’s advantage.
You see, the life insurer does plenty of homework on their applicants.
Carriers won’t just take your word for it. The insurance company may also review medical records, doctor’s notes, diagnostic test results, and run prescription drug check.
Tip #4 – Tobacco Use, Dangerous Hobbies, Health Status
Below are examples of other questions the insurance company will ask. As I mentioned before, the answers will help build an overall profile of you as an applicant.
Each of these questions can increase or decrease your insurance rating, and premium.
Tobacco Use – Do you smoke even one cigarette each day, week, or month? Do you use other tobacco products like chew, e-cigarettes, or cigars? Has it been at least 12 months since your last cigarette? If so, we can classify you as a non-smoker.
We all know tobacco use can undermine your health and ultimately result in a premature death.
Life insurers take this very seriously! So serious, in fact, that smoker premiums are normally DOUBLE their peers.
Hobbies: What do you do for fun? Do you bungee jump or ride a motorcycle? Do you have reckless driving, speeding, or DUI convictions? Are you a volunteer fireman? Are you taking piloting classes?
Health: What is your height, weight, Body Mass Index (BMI)? Do you live a sedentary life or are you physically active? Do you have any illnesses like cancer or ulcerative colitis? Are you being treated for any other mental conditions such as depression or bipolar disorder?
Tip #5 – Work with an Experienced Agent
Anxiety disorders are a very common condition for many American adults. So insurance carriers are definitely open to providing life insurance to those over 50 with anxiety.
How do you figure out which life insurer will work best for you and your family’s needs? How do you avoid wasting valuable time and energy trying to secure a great life policy?
The answer is simple. Work with an experienced agent to find the perfect policy for your unique situation.
To get started, please fill out the online form for a free instant quote. Or give me a call. I can help you find affordable coverage now.