Do you have a history of mental illness? Are you concerned that this might adversely affect your search for life insurance? Are you worried that you might have to pay for life insurance because of your history of mental illness? A history of mental illness does not necessarily mean higher life insurance costs. Insurance companies are generally most concerned if your condition will affect your life expectancy and make you a high death risk. So if your mental illness does not affect your life expectancy or make you a high death risk, you can very well get affordable life insurance. Do not conceal anything from the insurance company. The less they know about your situation, the higher the risk they will see you as. Show them all your medical records. So if you took anti-depressants after a tragedy, your life insurance company probably won’t view you as a significant risk if you can show that the depression was reactive depression and triggered by a tragedy and that you took the steps to get better. By doing so, you will be able to get better rates and premiums. Even if you have a serious case of clinical depression, like manic depression or bi-polar disorder, if you can show that you are in control of the situation and you are addressing the problem, you can get affordable life insurance rates. The golden rule is that if you leave the problem untreated, you will end up paying more for life insurance.
Never apply immediately when you have been diagnosed with a mental illness. First thing you need to do is to get yourself treated for the problem. Once your treatment starts, wait for a month or two for the treatment to show positive results. Tell the insurance company everything about your illness. – when you were diagnosed, who your doctor is, what kind of treatment you received and how you are progressing with your treatments.
Probably the only red flag is suicide. If you have a history of suicide attempts or even attempted suicide once, you must provide proof that you are receiving full treatment. If you have been hospitalized for suicidal tendencies or for attempting suicide, you are considered a higher risk than someone who has suicidal tendencies, but is able to function in society, goes to work and has been taking medication to treat the illness. Without proof, the insurance companies will not consider you for a life insurance policy. Most insurance companies generally wait for a year or two after your last suicide attempt before issuing a life insurance. To get affordable life insurance in such cases, you mush show that you are taking care of yourself and your condition. The policy will probably be more expensive the first few years, and may include a suicide clause that denies death benefits to be paid out if you die from suicide within the first two years.
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