Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Oct 29, 2021

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The Brief

  • Many life insurance companies offer coverage to people with anxiety or depression
  • The severity of your diagnosis could affect your rates
  • Applicants should always be honest about medical conditions and medications when filling out life insurance information

Life insurance is an incredible tool for people with anxiety, but when shopping for life insurance, you must complete an application process that will require you to share a lot of personal information.

This includes not only a description of your physical health but your mental health as well.

The good news is that even if you have a mental health diagnosis of depression or anxiety, affordable life insurance companies that offer life insurance for people with anxiety can still help you get the coverage you need.

Keep in mind, if you want life insurance, depression, anxiety, and other health conditions can cause your rates to rise.

Despite this, you should still get life insurance quotes from companies that offer life insurance for people with anxiety so you can continue to provide for your loved ones after you’ve passed.

Enter your ZIP code into our free tool to get compare rates from life insurance companies that offer life insurance for people with anxiety near you.

Which are the best life insurance companies for people with anxiety?

Does insurance cover anxiety medication? Yes, your medical insurance will take care of that, but can you get life insurance with anxiety? Absolutely, but there are some things you should keep in mind.

Insurance companies are aware that suffering from clinical depression and anxiety can pose a threat to your physical health, so applicants with anxiety are considered risky to insure.

However, all life insurance companies weigh risk factors a little differently. Avoid accidentally shopping for life insurance rates from life insurance companies that don’t offer life insurance for people with anxiety.

To get you started, here is a list of life insurance companies that offer life insurance for people with anxiety:

  • AIG
  • Banner
  • Brighthouse
  • Lincoln
  • Mutual of Omaha
  • Pacific Life
  • Principal
  • Protective
  • Prudential
  • SBLI
  • Transamerica

While all of these companies provide insurance to individuals with anxiety or depression, each has a limit to the number of medications that an applicant can be on in order to qualify for a more favorable rate.

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What factors will affect my life insurance rates?

Even if you are in good physical health, your mental health can still affect your life insurance rates. For example, if you have a more severe diagnosis or inconsistent treatment records, you could face higher rates.

You may also be given a higher rate if you have had multiple hospitalizations or have recently been hospitalized.

If you’ve been diagnosed with schizophrenia, bipolar disorder, or severe depression you could face increased rates too, as these conditions put you at a higher risk for suicide.

On the other hand, your rates may not be all that high if you are on fewer medications or have a consistent medication plan with your doctor.

Does anxiety affect life insurance? It can, but it’s very important to be honest and upfront when filling out a life insurance application, as giving false information could be seen by the life insurance company as an excellent reason not to pay out a claim.

What happens if I omit my mental health diagnosis?

Even if you were to lie or omit vital health information on your application for life insurance, the standard medical record check conducted by your insurance company would reveal your diagnosis and prescription history.

If it is clear that you falsified or tried to hide any of your information during the application process, you could be denied coverage.

And if for some reason a falsehood wasn’t discovered until it was time to pay out the death benefit, the insurance company could cancel the policy and refuse to pay.

What will life insurance companies ask me on an application?

There’s no better feeling than being prepared, and it’s important that you not be caught off guard when trying to get life insurance. When you apply for a life insurance policy, you may be asked:

  • If you’re taking medication for depression or anxiety
  • If you’re currently undergoing psychotherapy treatment
  • If you have ever been treated for depression
  • If you’ve ever taken medication for anxiety
  • If you’ve recently been hospitalized due to depression or anxiety
  • If you’ve ever been hospitalized due to depression or anxiety
  • The date of your diagnosis
  • If your diagnosis was categorized as mild, moderate, or severe

If you have anxiety, most life insurance companies are primarily interested in the medications you need. Your application could face some scrutiny if you have:

  • A panic disorder
  • Generalized anxiety disorder
  • PTSD
  • OCD

Each insurance company will evaluate your application on an individual level. For example, if you only need to take medication to handle your anxiety in certain situations rather than every day, you could receive lower rates.

Can people with depression or anxiety be denied life insurance?

You could be denied life insurance for anxiety if you:

  • Have severe depression
  • Have untreated depression
  • Have untreated anxiety
  • Have been hospitalized due to self-harm
  • Have attempted suicide
  • Are on disability due to depression
  • Are unable to work due to anxiety or depression

If you’ve been denied traditional life insurance because of your anxiety, you can still find other ways to gain coverage.

Guaranteed issue life insurance is one option you can pursue to plan for your loved ones’ financial future.

While these policies tend to be more expensive and usually have restrictions on the age of applicants, many don’t require you to undergo a medical exam.

If you can, you might also consider group life insurance. These policies are typically offered by employers and also don’t require a medical exam.

You should also note that simply because you were denied life insurance once, you are not banned from applying for insurance ever again.

If you’ve been on a steady course of treatment or have had positive developments in your mental health since the first denial, you should certainly reapply for coverage.

Does life insurance cover suicide?

Every life insurance policy contains a suicide clause. These clauses state that if you were to die by suicide within two years of purchasing a life insurance policy, your loved ones would not receive a penny of the death benefit.

However, after the two years, suicide would be covered.

Bear in mind that if you have an employer-sponsored life insurance policy, it most likely doesn’t contain a suicide clause, and the policy would pay out even if you haven’t worked with the company for two years.

That being said, every policy is different so you should always review the details of your policy rather than making assumptions.

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What You Need to Know About Companies That Offer Life Insurance for People With Anxiety

Life insurance and anxiety are not mutually exclusive.

If you’re living with anxiety and you’re looking for life insurance companies, you have a lot of great options to choose from. Companies like AIG, Pacific Life, and more can get you the coverage you need.

Even if you are denied coverage initially, you can almost always get a guaranteed issue policy or a group life insurance policy from your employer.

Don’t wait to find the best life insurance company for you. Enter your ZIP code to get free quotes from life insurance companies that offer life insurance for people with anxiety today.