4 Tips I Wish I Had Known for Getting Good Life Insurance with Anxiety

Recently, my husband and I have been getting set up for new life insurance. We had to go through health exams and fill out paperwork regarding our personal family histories and current medical information. I listed that I have anxiety and that I take Sertraline daily. I was not asked to elaborate on any treatment plan or history of my anxiety. My family has a history of diabetes. My husband's family has a history of cancer, diabetes, premature death, etc. My husband rock climbs, scuba dives, and flies planes. So when the final pass or fail results arrived, guess who passed and who failed?

Higher Life Insurance Premiums Due to My Anxiety Disorder

I was shocked. My husband was not only approved, but he was labeled as a "preferred" customer for the life insurance company. I wasn't denied, but I definitely wasn't "preferred" or even considered a "standard" customer. I am labeled "rated" due to my anxiety. According to the finance guy, if I don't reapply with a different, more lenient life insurance company and get that label removed, it will haunt me for the rest of my life. Being "rated" means my monthly payments are double what they would be if I wasn't so high risk.

Seriously? I have never been suicidal and the anxiety has never made me unable to live a normal life. But no one ever asked me those details.

Tips for Getting Life Insurance When Diagnosed with Anxiety

Since I'm diagnosed with social anxiety, what could I have done differently during the life insurance application process? I found some tips I wish I had known beforehand:

"If your broker submits a formal application, then any negative underwriting decisions will be placed into your application history. A negative history can make it even more difficult to find affordable coverage, next time you apply.

On the other hand, if your broker prequalifies you without a formal application, then any negative decisions will not be placed into your history and will simply fall by the wayside. Thus, prequalification protects your application history from the risk of negative underwriting decisions.

Yet, when done properly, prequalification still provides the same accuracy as a formal application."

Here are a few more tips for applying for life insurance when you live with anxiety:

(1) Understand the basic underwriting issues and information required by the underwriter.

(2) Get a copy of your doctors' notes. Review them and make sure they're accurate. Correct any errors.

(3) Be honest and don't hold back on your medical history. It'll come out, anyway, and it's best to let your broker handle it for you, upfront.

Have you ever had problems getting a good rate or even just getting accepted for life insurance while suffering from anxiety?