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Can I get life insurance if I have anxiety?

Do you prefer to learn by watching? We answer this question in a video below. Click here to jump ahead.

Many health issues affect the cost of life insurance, including anxiety medical conditions. Feeling anxious before making a big decision is not the same as having an anxiety disorder. According to the National Alliance on Mental Illness (NAMI), an estimated 40 million adults in the U.S. have an anxiety disorder.

Many individuals who deal with an anxiety diagnosis still apply for life insurance and are accepted for coverage. The good news is that not all insurance companies underwrite health conditions like anxiety in the same way. Some treat it more favorably than others. Quotacy is here to dig through the different life insurance companies to help you find life insurance coverage to protect your loved ones.

Buying Life Insurance with an Anxiety Disorder

Quotacy agents often work with applicants whom have an anxiety disorder. It’s a condition our agents are very familiar with and have had a lot of success helping people with anxiety get life insurance coverage.

If you have diagnosed anxiety, your best chances of getting affordable life insurance is to apply through a broker, like Quotacy. Brokers are not tied to one life insurance company and are able to shop the market.

We want you to get approved and will work hard to help you get coverage. Start the process by getting a free life insurance quote or keep reading for more in-depth information about life insurance and anxiety.

Not all insurance companies underwrite health conditions like anxiety in the same way. Some treat it more favorably than others.

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Understanding Anxiety

Everyone feels stress and anxiousness at some point in their lives. But anxiety disorders involve more than just a temporary feeling. There are several types of anxiety disorders, including generalized anxiety disorder, panic disorder, and various phobia-related disorders.

Roughly one-third of individuals recover and a further third continue with mild symptoms. Anxiety symptoms often become less severe and troublesome with middle age. However, there may be chronic physical symptoms such as fatigue, weakness, insomnia, or amnesia, which may lead to depression.

Anxiety disorders can include:

  • panic attack with or without agoraphobia
  • agoraphobia
  • specific phobia
  • social phobia
  • obsessive-compulsive anxiety disorder
  • generalized anxiety disorder
  • anxiety disorder due to a general medical condition
  • substance-induced anxiety disorder
  • stress-related anxiety
  • post-traumatic stress disorder
  • acute stress disorder
  • mixed anxiety and depression disorder

Psychotherapy and relaxation techniques are often useful as treatment for anxiety disorders. Anti-anxiety medication and antidepressants are also often prescribed.

» Learn more: Mental and Behavioral Health and Their Effect on Life Insurance

Applying for Life Insurance If You Have Anxiety

One of the biggest concerns life insurance underwriters have when evaluating an applicant with anxiety is drugs and/or alcohol abuse. If you are self-medicating with drugs or alcohol or there is a history of misuse, life insurance companies will tread very lightly. These situations will be looked at on an individual basis as to whether coverage can be offered.

Your best chances of getting approved for life insurance with a current anxiety diagnosis or history of is to apply online at Quotacy. As an independent broker, your dedicated agent can take your case and shop it to the different top-rated life insurance companies we work with.

Not all life insurance companies underwrite, or evaluate, medical conditions in the same way. Anxiety being one of them. The company you choose to apply to can make all the difference.

» Calculate: Life insurance needs calculator

How strictly the insurance company underwrites you determines not only if you can get coverage, but how much it will cost. The insurance company will assign you a risk class which is a category based on how much risk you are for them to insure.

Consider the real-life client example below.

John Smith* is a 52-year-old non-smoker applying for a $500,000 20-year term life insurance policy. He was diagnosed with GAD (generalized anxiety disorder) with a history of panic attacks and a nervous breakdown due to a stressful work environment. He is no longer at that job.

John is now doing well with treatment consisting of prescription medication (Prozac, Wellbutrin, Klonopin) and cognitive-behavior therapy.

When his Quotacy agent anonymously shopped John’s case to our insurance companies, their offers varied considerably. Some carriers wouldn’t even offer him life insurance coverage. Another would only offer him Table 3. However, one company was more lenient and offered Standard. (See the table below for an idea of how risk class affects the price you pay for life insurance.)

John decided to go with the company that offered him Standard and his Quotacy agent helped get his policy active.

Estimated Monthly Costs of a $500,000 20-Year Term Policy for a Non-Smoking 52-Year-Old Male Based on Risk Class
Risk ClassMonthly Premium
Preferred Plus$90.61
Preferred$107.87
Standard Plus$143.34
Standard$171.74
Table 1$205.06
Table 2$238.39
Table 3$271.72
Table 4$305.04
Table 5$338.37

*Client name and some personal details have been changed.

This is just one example of many clients we have helped get life insurance coverage. Your individual factors will determine if you can get coverage and at what cost.

Start the process by running quotes online here at Quotacy. Our quoting tool can give you an idea of what life insurance costs, but cannot factor how anxiety will affect the pricing. There are just too many variables for online quoting tools to calculate.

To find out exactly how much life insurance will cost you, simply run a quote and apply online and your Quotacy agent will set realistic expectations after reviewing your application. We’ll walk you through the process of buying life insurance and can help answer any questions along the way.

Watch the Life Insurance and Anxiety Video

Video Transcript

Hey everyone we’re Jeanna and Natasha from Quotacy an online life insurance agency where you can get life insurance on your terms.

At Quotacy our goal is simple: To make it easy for everyone to buy life insurance to protect their loved ones.

Today we’re talking about anxiety and the impact it has on the life insurance buying process.

The good news is just because you have been diagnosed with anxiety or have a history of panic attacks doesn’t mean you’ll automatically be declined for life insurance.

Anxiety disorders are very common in the U.S. If you have anxiety and are looking for life insurance know that you are not alone. Here at Quotacy our agents work with clients diagnosed with anxiety quite often.

Anxiety is a term often used to describe a wide range of emotional and stress-induced symptoms. Because there are many disorders that fall under the umbrella of anxiety it’s important to mention that life insurance companies would evaluate your unique situation as a case-by-case basis. The life insurance company reviews many things such as the information you provided on your application, your medical records, and family health history to determine what kind of risk you are for them to insure.

The cost of your life insurance policy will be based on this risk class they offer you and each life insurance company evaluates anxiety a little differently.

Because anxiety diagnoses are unique we can’t simply tell you whether or not you’ll get approved and at what risk class. To find out if you can get approved for life insurance and what it would cost you’ll need to apply. Online life insurance quoting tools alone can’t give you 100% accurate information. With an anxiety diagnosis there are just too many variables for a computer to calculate.

To make sure you’re getting the best price possible work with an independent broker like Quotacy. We are not tied to one insurance company and can shop the market to find the policy that best fits your needs and budget.

» Compare: Term life insurance quotes

When you apply online for life insurance through Quotacy and you check Yes for anxiety you’ll see additional questions pop up.

screenshot of Quotacy's online application process yes or no medical questions

By answering these questions honestly and with as much detail as possible your dedicated Quotacy agent will be able to set realistic expectations up front regarding the cost of life insurance.

The details of your anxiety condition will affect the price of your life insurance. The medication and treatment plan also have a strong impact.

Anxiety and Life Insurance Case Studies

Here are some real life examples to help illustrate how different everyone’s situation is and the variation among insurance companies’ offers.

life insurance and anxiety case study 19 year old woman

Here we have a 19-year-old non-smoking female client. She applied for a $250,000 30-year term policy. She has general anxiety and occasional panic attacks which stemmed from the stress due to the death of a family member. As treatment she was prescribed medication.

When her Quotacy agent anonymously brought her case to the different insurance companies we work with her pricing ranged from $18 to $27 per month based on the risk classes the carriers were willing to offer her.

life insurance and anxiety case study 52 year old man

Here we have a 52-year-old non-smoking male client. He applied for a $500,000 20-year term policy. He has general anxiety and a history of panic attacks. He previously had a nervous breakdown due to stress at work. As treatment he was prescribed medication and he goes to therapy.

When his Quotacy agent anonymously brought his case to the different insurance companies we work with his pricing ranged from $170 to $290 per month based on the risk class the carriers were willing to offer him. Some carriers even declined coverage.

life insurance and anxiety case study 41 year old woman

Here we have a 41-year-old non-smoking female client. She applied for a $250,000 20-year term policy. She has general anxiety and her life insurance medical exam also revealed she had mildly elevated liver enzymes. As treatment for her anxiety, she was prescribed medication.

When her Quotacy agent anonymously brought her case to the different companies we work with, her pricing ranged from $21 to $45 per month based on the risk classes the carriers were willing to offer her.

Those examples show that having anxiety doesn’t equal identical life insurance outcomes. Every diagnosis is unique and is evaluated as such. If you and a friend both have been diagnosed with anxiety and both apply for life insurance, chances are high that you’ll receive very different offers depending on your symptoms, treatment plans, and overall history.

Another reason why you and your friend would receive different offers is because the life insurance carriers all have different guidelines they follow when evaluating certain factors. If you apply for life insurance at a carrier that is very strict with anxiety, you will pay higher premiums than if you went with a carrier that is more favorable.

This is why working with Quotacy can help you. Your agent will anonymously shop the details of your case with all the top-rated life insurance companies we work with and match you with the company that will give you the best offer.

As we mentioned before, everyone’s situation is unique. To determine how much life insurance would cost you, simply apply through our website and we will work with you to find the best carrier.

When you apply through Quotacy, this is how it works:

First, choose a policy and complete your online application. Then your dedicated Quotacy agent will introduce themselves and, if needed, ask a few follow-up questions about your anxiety via email. This is to make sure we have a clear understanding of your unique situation so we can set realistic expectations up front. It’s important to mention that we are on your side so the more we know the better we can assist you.

From there your agent will send any and all details you’ve provided to our research team that has over 30 years of experience reviewing and underwriting life insurance applications. If our research team feels that a different insurance company other than the one you chose online is going to give you a better price your agent will present you with some options. The choice to either stay with your original pick or switch is 100% up to you. We just want to be completely transparent about your options. Whatever you decide, your agent is your advocate and will keep you updated every step of the way through the process.

If there is a company out there showing you a cheaper price than what your Quotacy agent can find, that other company is likely only showing you a best-case scenario price and not factoring in your anxiety condition properly. There are no coupons or promo codes when it comes to life insurance. It’s all very tightly regulated.

To find out how much life insurance would cost you, head on over to Quotacy.com, run a quote, and apply right online. It takes less than five minutes and there’s no obligation to buy.

If you aren’t satisfied with the life insurance policy Quotacy finds you you can walk away. There’s no cost to apply for life insurance, no fee to cancel the process, and no hard feelings.

» Calculate: Life insurance needs calculator

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Marketing Content Manager

Natasha is a writer and content editor at Quotacy. She is also co-host of Quotacy’s YouTube series. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Connect with her on LinkedIn.