You Can Get Life Insurance With a Mental Health History – Here’s How

mental health life insurance

If you have a mental health history you may wonder if you can still qualify for life insurance. The good news is that you can! This article discusses the steps you need to take in order to get life insurance coverage that is right for you.

Find Tailored Services 

If you are looking to purchase a life insurance policy, there are a number of brokers that are able to provide you with a customized plan that fits your specific needs. You can get the ball rolling by searching for free life insurance quotes and comparing them to see which fits you best. You may also want to find a policy that not only covers you but also your family in case of an unforeseen event. Make sure you understand the coverage and what it entails before signing on any dotted lines.

Some people are against getting a tailored life insurance plan because they believe it’s a way for the insurance company to get out of giving them the money they are entitled to. However, this simply isn’t true. By finding a service that caters to your specific needs, you’re more likely to get the coverage you need at a price you can afford.

Get A Lawyer

A skilled attorney can help you navigate the process of getting life insurance with a mental health history. Your lawyer can help you understand the application and underwriting process, and will work with you to gather the necessary documentation filled out and submitted. In some cases, your attorney may even be able to negotiate with the insurance company on your behalf.

If you have a mental health diagnosis, don’t assume that you won’t be able to get life insurance. Work with a qualified attorney to explore your options and find a policy that meets your needs. As strange as it may sound, getting a life insurance policy may have a positive impact on your mental health. This is because you will likely have greater peace of mind knowing that your loved ones will be taken care of financially if something happens to you. 

Demonstrate Your Case 

You must showcase that it’s your right to have life insurance, even if you have a history of mental health issues. You can do this by demonstrating or proving the following things:

  • Your mental health is currently stable
  • You have a support system in place
  • You are employed and have an income
  • You do not have any risky hobbies.

By demonstrating that you have your life together despite your mental health diagnosis, the insurance company will be more likely to approve your application. 

Keep in mind that they’re looking at the big picture and want to minimize their risk. So as long as you can show them that you’re a low-risk applicant, they’ll be more inclined to give you coverage.

Do Not Try To Conceal Anything  

Whenever you’re trying to get insurance, whether it be life, health, auto, or homeowners, the general rule of thumb is not to conceal anything. The reason is that if the insurance company finds out, they can use the things you hid as justification to not make any payouts. While you may think that not disclosing your mental health history will help you get approved for a policy, it could actually put you in a worse situation financially. If a mental health crisis occurs there is a possibility that you may be short on money when you really need it and you may not be healthy enough to work or secure funding through other means. 

When you apply for life insurance, you’ll have to go through underwriting. Part of underwriting includes a medical exam and questions about your medical history. If you don’t disclose your mental health history and the underwriter finds out later on, they could determine that you lied on your application and deny any future claims. Not only could this leave you without the coverage you need, but it could also put a black mark on your insurance history, making it difficult to get coverage in the future. 

So, when you’re applying for life insurance, be sure not to conceal anything from the underwriter. It’s better to be upfront about your mental health history and any other health conditions so that they can give you an accurate quote. And if you’re not sure whether or not something needs to be disclosed, err on the side of caution and tell them anyway. 

Negotiate The Rates

When you are trying to get life insurance, do your best to negotiate the rates. You don’t have to accept all the terms you are offered initially and you can even try to get better terms. Chances are the insurance company will work with you if they know that you have a mental health condition. It never hurts to ask, and it could save you a lot of money in the long run.

For example, if your broker offers you a policy with a $500 deductible, try to negotiate and see if they will lower it to $250. If they offer you a policy with a 20% co-insurance, try to negotiate and see if they will lower it to 15%. The worst they can say is no. But you won’t know what is possible unless you ask.

Evaluate Your Needs 

Always evaluate your needs before you get a life insurance plan. You want to make sure that you are getting the right policy for you and your family. There are many factors to consider when evaluating your life insurance needs, such as:

  • Your current age and health
  • Your income and debts
  • Your dependents (including children, aging parents, or a disabled spouse)
  • Your lifestyle (including hobbies or risky behaviors)
  • Your financial goals (including retirement planning or estate taxes)

This way, you can be sure that you are getting a policy that suits your unique circumstances.

Don’t Waste Time

It’s very important to have life insurance, so do not delay in getting it. The sooner you get life insurance, the sooner you can start benefiting from it. However, there are many different types of life insurance, so make sure you understand all of your options before making a final decision. Once you have a good idea of what you need, work with your lawyer and your insurance broker to get a policy that is right for you. This will not only give you and your family peace of mind, but it can also save you money as the years go by.