Can Canadians with anxiety get life insurance? Absolutely. There may be some extra steps along the way, though. This article explains what to expect when applying for life insurance with an anxiety diagnosis. Learn what the potential challenges are and how to get the most affordable coverage. Hopefully, it will ease your concerns and make your experience less stressful.

The Shifting Stigma of Mental Health and Life Insurance. 

Thankfully, there is waaaay less stigma around mental health and wellness than in the past. We still have a long way to go, and frankly, not all insurance companies or insurance brokers are the same. As I’m writing this blog, I feel like it’s relevant to share with you that I do in fact have anxiety. I’m writing this from the perspective of someone that has been through the process as well as an insurance broker who has helped others do the same. It is possible to get life insurance with mental health concerns. I appreciate that you likely have some extra worries that a person without anxiety might have. This article will help you understand what your options are.

What Are The Main Types of Life Insurance Application Options?

There are essentially two types of life insurance products: Simplified Issue and Traditional. They differ based on:

• Cost of insurance

• How questions are asked

• How long you have to wait for a decision

• What extra requirements are needed during the process

 Simplified Issue life Insurance Applications Can Be Completed Online 

Simplified issue insurance applications only ask questions with yes or no answers. The questions are pre-set so you won’t be caught off guard with anything. The life insurance application process for mental health conditions is basic and can be done online with your broker. Many Canadians prefer this option because you don’t have to wait for a decision and your coverage can be in place faster.

Traditional Life Insurance For People With Anxiety

Traditional products need full underwriting to get a decision about your coverage. This means they may ask more questions or request extra details during the application. Canadian insurance companies will evaluate both your physical and mental health. Bluntly, their main concern is how your health conditions might impact your overall life expectancy. On a good note, your mental health is assessed the same as your physical health conditions are. For example: When were you diagnosed? What medications are you currently taking? How often do you experience symptoms?

For full applications, answering “yes” to a question about a mental health diagnosis will lead to follow up questions. In spite of the extra steps, it can be an affordable life insurance option even if you have an anxiety disorder.

Examples of Mental Health Questions on a Traditional Life Insurance Application:

• Have you ever been diagnosed with a mental health condition, including but not limited to: anxiety, depression, bipolar, or schizophrenia?  Yes / No

• What conditions have you been diagnosed with? Check all that apply.

• A list usually includes: anxiety, depression, post-traumatic stress disorder, bipolar, schizophrenia.

• When were your most recent symptoms? Try to stay calm if you experience symptoms on a regular basis! This does not mean you will be declined – it’s just one part of the information they gather.

 TIP: Consider what type of application you are comfortable with and choose accordingly. One is not right or wrong, but there are differences in time and cost.

What Outcome Can You Expect?  

Apologies in advance that this list covers just about everything! Any of these may apply:

• Standard Rates

• Higher Premiums that individuals without anxiety

• Delayed decision: possible request to ‘delay’ a decision if your treatment has very recently changed.

• Uncommon: denial of coverage for severe cases

What Helps A Person With Anxiety Get Life Insurance?    

• Stability: consistent symptoms and treatment (i.e. medication and/or therapy)

• is viewed positively

• Professional Support: Receiving regular care (and adhering to treatment plans)  from health professionals is a good thing!

• Know Your Options: Insurance companies may assess your condition(s) differently form each other. Your broker will help you understand your best options so you can make an informed choice.

• Consider You Timing: If something has changed for your recently. (i.e. new medication dosage or different type of treatment), ask your broker if waiting will be helpful.

Key Points

• Remember that taking medications or accessing counselling is NOT a bad thing. Taking care of yourself = less risk = better insurance rates. (also better life in general, but that’s not what this article is about).

• Work with a broker that you trust. You can ask whatever questions you have and talk through the process so you feel comfortable. They can help choose the best option that suits your preferences (note re: full vs. simplified) and understand what to anticipate.

• Be honest about your condition(s), medication(s) and treatment(s).

Your insurance broker will not judge you based on your diagnoses. We are humans too and we have helped a lot of people with anxiety get insurance.