Life Insurance and Mental Health Diagnosis

The World Health Organization recently reported a 25% increase in depression and anxiety, likely due to Covid related restrictions. Isolation, feelings of loss, and financial stress are at an all time high.

Thankfully, social stigma related to mental health issues continue to decline, but misconceptions remain on how such issues affect our ability to purchase life insurance.

The National Institute of Mental Health states that 1 in 5 adults in America suffers from some form of mental illness, most of which are common and treatable. Many individuals diagnosed with a mental health issue assume life insurance is out of reach.

As an example, a 45 year old male was diagnosed with ADHD as a teen and prescribed medication. As an early adult he was diagnosed as suffering from generalized anxiety disorder and mild depression. Applying for life insurance, the gentleman submitted a list of current medications and his treatment plan, and a life insurance policy was issued.

When applying for life insurance it is important to be honest about all diagnoses and treatment. Be detailed and upfront about medications (including names, dosage, and duration.) In some situations a doctor’s report may be required.

A fulfilling life is a reality for many with a mental health diagnoses. Simply giving a hug, gardening, exercising, and connecting with loved ones regularly will have a huge impact on our quality of life.