- Life insurance with anxiety or depression
- June 24, 2015
There are a number of valid reasons why someone might feel anxious or depressed. If you have lost a job, are going through a divorce or there is a death in the family, these traumatic life events can interfere with your general sense of well-being, and in some cases, your life insurance rates.
While most people may have experienced occasional bouts with anxiety or depression, the situation becomes much more serious if the condition becomes a regular part of their life.
The National Institutes of Mental Health reported that 26.2 percent of Americans age 18 and older who are being treated for severe, chronic depression can attribute this feeling of hopelessness to a diagnosable mental disorder. That is approximately 14.8 million adults suffering from a major depressive disorder and about 40 million adults suffering from anxiety.
A study conducted by the University of Michigan reported that in today’s faltering economy, where job loss and financial strain are common, this can lead to depression that lasts up to two years after an individual is employed in another position.
Insurance companies are interested in an individual’s mortality rate and anything that might prematurely shorten their life. The information provided can red flag an underwriter into giving the application a second glance in order to determine if they should assign a waiting period (before the person can apply for life insurance), deny coverage or offer a “rated” policy.
In most cases, depression and anxiety count as “pre-existing” medical conditions on a life insurance application. If you are overweight, smoke, skydive regularly and happen to be depressed, you would have a higher mortality rate than a fit nonsmoker who has a less exciting hobby and a better state of mind.
In fact, a recent study by the Netherlands Institute of Mental and Health Addiction found that mortality rates for those with depression are significantly higher than those of mentally healthy individuals. This is not only due to risk factors such as suicide, but to the toll that depression takes on the body, which can include high blood pressure, heart problems and decreased immune function.
This translates to someone who is not eating right or not at all, sleeping poorly and not exercising. When you couple this with a higher rate of drug and alcohol abuse among those who are depressed, this can put a person at a high risk of developing a serious medical condition.Pages: 1 2
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