It can be challenging to cross things off your to-do list when you aren’t feeling your best. While life insurance may have crossed your mind – the process of securing it may feel overwhelming and you may have questions about how your mental health condition may affect life insurance.  


If you have depression or anxiety, then understanding your options for life insurance is integral to finding the right life insurance provider and plan for you.  


Poor mental health can cause other health issues such as stress, high blood pressure, cardiovascular issues, and more. This is part of the reason why depression and anxiety may affect your ability to get life insurance or the type available.  


Here are three ways depression and anxiety may affect life insurance: 

1. Qualifying for Life Insurance 

The good news is, even if you have depression or anxiety, you can indeed still qualify for life insurance depending on the provider. There are no hard and fast rules that people with mental conditions cannot get life insurance. It ultimately depends on the provider to decide based on their guidelines if they will qualify those who have mental illness.  


While, many people feel symptoms of anxiety or depression, a life insurance provider may be interested in those diagnosis that require medication, or professional psychotherapist services, or conditions that affect your daily life. Although, it’s important to note that If you have severe mental illness then depending on the life insurance provider, there is a chance that they may deny coverage altogether. 


2. Premiums 

Depending on your life insurance provider, your premiums may be higher if you have depression or anxiety. Although, note that certain providers will have different criteria for their premiums, which means it’s not an absolute that your premiums will be higher based on your mental health diagnosis.  


Life insurance providers base their premiums on underwriting guidelines. This determines the amount of risk a person has for passing away. Typically, the poorer health, the more likely a life insurance provider will need to pay out a claim.  


Medical history tends to be an important factor a life insurance provider considers, and they’ll want the full picture of your health status. Therefore, if they believe your risk of death increases because you have depression or anxiety then they will factor this risk into your premiums. Therefore, you may be expected to pay higher premiums. 


3. Application Process  

There are two types of life insurance to choose from: traditional life insurance and no medical life insurance.  


Traditional life insurance involves a full medical exam and tests (including needles and drawing of fluids), it can take months to be issued a policy. For those who have mental illness, this may not be an attractive option since the provider will use information obtained through these tests as the basis for your policy. 


An alternative option for the hard insure is no medical life insurance. This type of life insurance doesn’t require medical exams or tests. Instead, an applicant simply needs to answer some health-related questions and the insurance provider will decide if they qualify based on this information.  


Sharing medical history can be daunting for some people, especially those who may not have a clean bill of health. If you have depression or anxiety, then you may feel more comfortable answering questions versus undergoing a full medical exam. It’s extremely important to be honest about your diagnosis since excluding any information may cause challenges for your loved ones to get the life insurance claim approved when you pass away.  


Find the right insurance broker  

There are many life insurance companies to choose from in Ontario. If you have depression or anxiety, shop around for the right plan for your needs. Consider companies that are offering you affordability, the right amount of coverage, and excellent customer service.  


Ultimately, one of the best ways to find top insurance companies and the best rates, is by working with an insurance broker. Ensure you choose a reliable and professional insurance broker that will work in your best interests. 


Our team is highly knowledgeable and experienced in helping you find insurance options that will fit your lifestyle seamlessly. Get in touch and we’ll help you explore the best life insurance solutions for your needs.