Can you qualify for life insurance if you have a mental health condition?
In most cases, insurers won’t deny you life insurance coverage just because you have a mental health condition. You may pay more with some insurance companies, but others might offer you their most affordable premiums. Like any other health condition, your options will depend on how you manage your mental health and the type of diagnosis you received from your physician.
However, it can be more difficult to qualify for traditional life insurance with certain types of mental health conditions. For instance, schizophrenia and bipolar disorder are considered a higher insurance risk than anxiety or depression, especially if the conditions aren’t being treated.
Life insurance terms you should know
Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.
Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.
Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.
Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.
Insured: The person who is covered by the insurance policy.
Policy: The legal document that includes the terms and conditions of your life insurance contract.
Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.
Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.
Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.
Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.
Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.
Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.
What do life insurance companies consider a mental health condition?
When it comes to a mental health issue, insurers are mostly interested in any diagnoses that require medication, or that might affect your daily life or ability to work. The National Alliance on Mental Illness (NAMI) defines the following as mental health conditions:
Anxiety
Attention deficit hyperactivity disorder (ADHD)
Bipolar disorder
Borderline personality disorder
Depression
Dissociative disorders
Eating disorders
Obsessive-compulsive disorder
Post-traumatic stress disorder
Psychosis
Schizoaffective disorder
Schizophrenia
Mental health conditions are very common. One in five U.S. adults experience a mental health disorder each year, according to NAMI, [1] and almost 1 in 5 U.S. adults experienced a major depressive episode in 2020. [2]
What do life insurance companies consider when you're applying with a mental health condition?
Mental health conditions can affect your physical well-being and ability to complete day-to-day tasks, so insurance companies consider them a health risk. Insurers vary in how they weigh those risks.
Generally, your policy may be more expensive if you have:
More severe diagnoses
Inconsistent treatment records
Health issues linked to your mental health
Recent or multiple hospitalizations
Life insurance companies will want to see a complete picture of your diagnosis, treatment history, and the rest of your medical history to accurately set your premiums.
Depression and anxiety can cause physical health risks, such as cardiovascular disease and panic attacks, [3] [4] which insurers factor into your rates.
Other mental health conditions, such as eating disorders, can lead to serious health complications related to the gastrointestinal system, the heart, and other organs, and may also impact your premiums.
Conditions more commonly linked to suicide, like severe depression, bipolar disorder, or schizophrenia, may increase the cost of your policy and may be more difficult to qualify for. [5]
Temporary conditions following a major life event for which you sought treatment or counseling, such as postpartum depression, are unlikely to affect your application. Still, it’s important to disclose them to the insurance company.
The insurance company will mainly want to see a pattern of consistency, such as steady employment and a consistent treatment plan, says Jake Herskovits, a carrier relationships manager at Policygenius. An insurer will also be more willing to offer you a better rate if you’re on fewer medications, or if you have a medication plan without frequent changes in dosages or types of medications.
You’ll be more likely to be declined coverage if you:
Can’t work or are on disability due to anxiety, depression, bipolar disorder, or schizophrenia
Have attempted suicide
Were hospitalized due to anxiety or depression in the last year
How do mental health diagnoses affect the cost of life insurance?
When you apply for life insurance, insurers use your age, gender, overall health, and lifestyle habits to determine how risky you are to insure — in other words, how likely it is that you die while your policy is active. Based on those factors, they’ll assign you a health classification that, in turn, will determine how much you’ll pay for coverage.
In general, the lower the impact of your mental health condition on your overall health, the better your health classification will be — and the cheaper your rates.
Health classifications, explained
Preferred Plus offers the most affordable premiums. It’s usually assigned to people who have no or one well-controlled or resolved minor health condition and no family history of conditions like heart disease or cancer.
Preferred offers the second-lowest premiums. It’s usually assigned to people with one or two well-controlled or resolved minor conditions and no family history of conditions like heart disease or cancer.
Standard Plus offers the third-lowest premiums. It’s usually assigned to people who may have well-controlled or resolved mild-to-moderate conditions and who may have one death from heart disease or cancer in their immediate family.
Standard offers the fourth-lowest premiums. It’s usually assigned to people with well-controlled or resolved moderate health conditions and who may have more than one immediate family member who died of heart disease or cancer.
Table Ratings are assigned to applicants with more serious health conditions and are divided into 10 sub ratings — table 1 has the lowest premiums and table 10 the highest.
Tobacco/Smoker ratings are assigned to people who currently use tobacco or nicotine products or have in the past 12 months. These ratings can also be applied to frequent marijuana users. There are usually three categories for people in this rating: Preferred, Standard, and Table Ratings.
While the same health classifications are used by most insurers across the industry, every insurance company assesses each risk factor differently — which means you may receive a lower-than-average rate with one company and a higher-than-average rate with another. That’s why comparing quotes from different insurers can help you find the most affordable policy for your specific situation.
As an example, the table below shows whether people diagnosed with depression or anxiety can qualify for two of the best health classifications, Preferred Plus and Preferred — which come with the cheapest rates — with 10 of the best life insurance companies on the market.
Company | Anxiety | Depression | |
|---|---|---|---|
Yes, with up to 1 medications | Yes, up to 1 medication | ||
Yes, with up to 1 medication | Yes, with up to 1 medication | ||
Yes, with up to 1 medication | Yes, up to 1 medication | ||
Yes, with up to 1 medication | Yes, with up to 1 medication | ||
Yes, up to 1 medication | Yes, up to 1 medication | ||
Yes, up to 1 medication | Yes, up to 1 medication | ||
Yes, with up to 1 medication | Yes, with up to 1 medication | ||
Yes, with up to 1 medication | Yes, with up to 1 medication | ||
Yes, up to 1 medication | Yes, up to 1 medication | ||
Yes, up to 1 medication | Yes, up to 1 medication |
Methodology: Based on underwriting data provided by Policygenius partner insurers as of April 2024. Qualifying for a Preferred Plus or Preferred health classification is dependent on specific treatment history and medication requirements that are approved for each age group and vary by insurance company.
If you don’t fit the medication guidelines, some insurance companies will offer an improved health classification if you have a mild diagnosis and can demonstrate that you have a steady treatment history. And even if you don’t qualify for an affordable classification, you can still get covered — your rates will just be slightly higher.
Every application is evaluated on an individual basis, so the charts above are just guidelines. The best way to find the right coverage option for your personal situation is to work with an independent broker. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.
How to prepare for the life insurance application if you have a mental health condition
During the application process, be prepared to answer questions about your mental health.
What was your exact diagnosis?
What was the date of your diagnosis?
Are you currently receiving psychotherapy treatment?
Are you currently taking medication for depression or anxiety?
Have you ever been treated for and/or taken medication for depression or anxiety?
Have you ever been hospitalized due to depression or anxiety?
Depending on your condition and medical history, the insurance company may require you to take a medical exam. This is very similar to an annual checkup. It can be conducted by a medical examiner at your home or office, lasts around 30 minutes, and is covered by the insurer.
These steps will help you increase your chances to get coverage at an affordable rate.
Follow your doctor’s guidance on medication. If you’re prescribed medication and don’t take it as directed, the insurance company may think your condition is untreated, which can result in more expensive premiums.
During the application process, be ready to disclose the names, dosages, and frequency of any medications, if you’re taking any as part of your treatment.
Disclose any other treatment, including past hospitalizations. (In the event of a hospitalization for a mental health condition, life insurance companies will generally postpone the application for at least one year.)
Regardless of your condition, it’s important to disclose any mental health diagnosis. Lying or hiding medical information can be considered fraud and have serious consequences for you. Your application might be declined, you could end up paying higher premiums, or your policy could be canceled down the road.
What types of life insurance policies are available if you have a mental health condition?
Term life insurance
Term life insurance is one of the most popular types of life insurance available because it’s affordable and lasts as long as you need — usually between 10 and 30 years. It’s the best option for most people looking to protect their income and other financial responsibilities (such as children or a mortgage) for a set period of time.
If you have a mental health condition, you can qualify for affordable term life insurance rates in many cases. But if you’ve had a recent hospitalization or in-patient treatment, the insurance company may see it as a sign of a higher insurance risk, and decide to postpone your application.
Whole life insurance
If you have complex financial planning needs and are seeking whole life insurance, which is a type of permanent life insurance that comes with a cash value component that can be used as an investment vehicle, you should still be able to qualify with a mental health condition.
Similar to term, your eligibility will be delayed if you’ve had a recent hospitalization or in-patient treatment.
No-medical-exam life insurance
At Policygenius, we work with several insurance companies that don’t require medical exams automatically, even if you have a mental health condition. In these cases, you’d complete a health questionnaire online or over the phone instead.
If your condition is mild with stable treatment, you can speak with a Policygenius expert to determine which no-exam life insurance options might be available for you.
How much does life insurance cost if you have a mental health condition?
A 30-year-old female who doesn’t smoke and has depression can expect to pay $23 per month for a 20-year term life insurance policy with a $500,000 payout. A 30-year-old male with a similar profile can expect to pay $29 per month for the same coverage.
A 30-year-old female who doesn’t smoke and has anxiety can expect to pay $23 per month for a 20-year term life insurance policy with a $500,000 payout. A 30-year-old male with a similar profile can expect to pay $29 per month for the same coverage.
The cost of your life insurance policy will depend on your age, gender, overall health, and lifestyle habits, as well as the details of your mental health condition.
Below you’ll find average rates for common mental health conditions, including depression, anxiety, bipolar disorder, and ADHD. For a more accurate quote for your particular situation, connect with a Policygenius agent.
20-year term life insurance rates for people with depression
Age | Gender | Non-smoker | Smoker |
|---|---|---|---|
20 | Female | $22.65 | $74.34 |
Male | $30.20 | $102.27 | |
30 | Female | $22.98 | $83.92 |
Male | $29.32 | $110.73 | |
40 | Female | $35.27 | $150.37 |
Male | $42.94 | $201.96 | |
50 | Female | $78.29 | $350.72 |
Male | $102.50 | $477.29 | |
60 | Female | $194.16 | $805.79 |
Male | $268.04 | $1,110.30 |
Methodology: Monthly rates are calculated for male and female smokers and non-smokers in Preferred and Standard health classifications, obtaining a 20-year, $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2024.
20-year term life insurance rates for people with anxiety
Age | Gender | Non-smoker | Smoker |
|---|---|---|---|
20 | Female | $22.65 | $60.59 |
Male | $30.20 | $76.43 | |
30 | Female | $22.98 | $65.75 |
Male | $29.32 | $80.95 | |
40 | Female | $35.27 | $113.40 |
Male | $42.94 | $145.39 | |
50 | Female | $78.29 | $257.05 |
Male | $102.50 | $351.50 | |
60 | Female | $194.16 | $617.51 |
Male | $268.04 | $887.93 |
Methodology: Monthly rates are calculated for male and female smokers and non-smokers in Preferred and Preferred Plus health classifications, obtaining a 20-year, $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2024.
20-year term life insurance rates for people with bipolar disorder
Age | Gender | Non-smoker | Smoker |
|---|---|---|---|
20 | Female | $60.57 | $141.31 |
Male | $74.07 | $197.37 | |
30 | Female | $58.86 | $165.79 |
Male | $74.59 | $217.21 | |
40 | Female | $100.26 | $301.52 |
Male | $125.74 | $404.97 | |
50 | Female | $230.38 | $695.70 |
Male | $269.10 | $924.50 | |
60 | Female | $626.00 | $1,671.88 |
Male | $787.04 | $2,248.53 |
Methodology: Monthly rates are calculated for male and female smokers and non-smokers in Substandard T4 health classifications, obtaining a 20-year, $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2024.
20-year term life insurance rates for people with ADHD
Age | Gender | Non-smoker | Smoker |
|---|---|---|---|
20 | Female | $22.65 | $60.59 |
Male | $30.20 | $76.43 | |
30 | Female | $22.98 | $65.75 |
Male | $29.32 | $80.95 | |
40 | Female | $35.27 | $113.40 |
Male | $42.94 | $145.39 | |
50 | Female | $78.29 | $257.05 |
Male | $102.50 | $351.50 | |
60 | Female | $194.16 | $617.51 |
Male | $268.04 | $887.93 |
Methodology: Monthly rates are calculated for male and female smokers and non-smokers in Preferred and Preferred Plus health classifications, obtaining a 20-year, $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Legal & General America, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2024.
Best life insurance companies if you have a mental health condition
Every life insurance company weighs the risks of every health condition differently — including mental health diagnoses. However, some insurers are more accommodating than others if you have a mental health condition.
We used industry data, pricing from Policygenius carrier partners, and ratings from third parties like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance for mental health conditions: Prudential
2024 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
For conditions that are moderate to severe, Prudential is more likely to offer a better health classification than other insurers. The company tends to offer more affordable rates even if you have more than one mental health condition. And if your condition is mild and well-controlled, Prudential may offer you even its best rates — as long as you otherwise qualify for coverage.
Best life insurance for bipolar disorder: Prudential
Prudential can be a bit more flexible than other insurance companies when evaluating applications from people with bipolar disorder. Like other companies, Prudential will use your medical exam and health records to determine how well you’re managing your condition.
Best life insurance for depression: Legal & General America
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Legal & General America can offer affordable rates if you’re on no medication, one medication, or two medications for depression. If your condition is mild, you may be able to get approved with a health questionnaire instead of an in-person medical exam.
Best life insurance for anxiety: Legal & General America
Legal & General America can offer its best rates to people who take one anxiety medication and have a well-controlled condition. The company also offers cheaper rates than some of its competitors to people taking two or three anxiety medications.
Best life insurance for PTSD: Legal & General America
Legal & General America can offer more flexibility when it comes to post-traumatic stress disorder (PTSD) than some other insurers. If you’re currently on up to one medication for treating PTSD, you’re eligible for the third-best rates, assuming you’ve consulted a therapist and are able to work full-time.
Best life insurance for ADHD: Brighthouse Financial
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Brighthouse Financial offers flexibility for people diagnosed with attention-deficit disorder (ADD) or ADHD. This company may offer you even its best rates — usually reserved for people in excellent health — regardless of how recently you were diagnosed with this condition.
Best no-exam life insurance for people with mental health conditions: Brighthouse Financial
Brighthouse Financial offers an instant decision option that leads to a quicker turnaround time — meaning you can get approved the same day you apply. It offers affordable rates and comprehensive coverage.
Comparing the best life insurance companies for people with mental health conditions
Insurer | Policygenius rating | Best for | AM Best rating | |
5.0/5 ★ | No-exam, ADHD | A | ||
4.9/5 ★ | Depression, anxiety, PTSD | A+ | ||
4.1/5 ★ | Overall, bipolar disorder | A+ |
Read more about the best life insurance companies of 2024
Applying for life insurance with other mental health conditions
Eating disorders
There are many different types of eating disorders, so the impact on your life insurance rates will vary based on your specific situation.
If you have a history of eating disorders or are currently experiencing this condition, the insurance company will likely ask some follow-up questions regarding your health and treatment, including any history of other mental health conditions.
If you haven’t had any recent symptoms or abnormal bloodwork and you’ve been seeing your doctor regularly, you’ll likely find it easier to qualify for coverage. Having an average height-to-weight ratio can also help if you’re in recovery.
Schizophrenia
Life insurance companies generally view schizophrenia as a high-risk condition. When applying for life insurance, you’ll likely answer questions about when you were diagnosed, to what extent it affects your activities of daily living, what your treatment consists of, and whether you’re able to work full-time.
It’s possible to qualify for traditional life insurance with mild schizophrenia, but you’ll pay more in premiums than someone without this condition. On the other hand, it can be difficult to qualify if you have schizophrenia that prohibits daily function.
If you’re managing schizophrenia and seeking life insurance, it will be best to speak with an independent broker who will be able to compare life insurance quotes for you and find the best type of policy. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.
Mental health & other life insurance considerations
Can you qualify for life insurance if you were diagnosed with a mental health condition in the past?
Yes, you can qualify for life insurance if you were previously diagnosed with a mental health condition. The insurance company might request an attending physician statement (APS) to confirm that you successfully completed your treatment plan and are no longer experiencing symptoms. If your diagnosis was mild and didn’t require medication, it likely won’t impact your rates at all.
What happens if your mental health changes?
Any changes to your mental health won’t have any impact on your life insurance coverage after you’ve purchased your policy. Your rates will remain the same as long as you keep paying the premiums.
If your mental health worsens shortly before or during your application process, it may impact your approval odds or your rates — you might be denied coverage, or your premiums might become too expensive. But you’ll still have options. After you find a treatment plan that works for you and maintain it for a year or two, you can try to apply again.
On the other hand, if your mental health significantly improves, you may want to shop around for a new policy to confirm you’re getting the best rates possible.
In both of these situations, insurance companies generally like to see consistent and effective treatment for at least six months to one year. If you’re in the middle of switching medications or treatment, they may ask a few more questions about your health to determine your rates.
Can your life insurance policy be canceled?
Yes, if you lie during the application process, your insurance company can cancel your policy and deny your beneficiaries the death benefit once the truth is discovered.
This penalty applies even after the contestability period, which allows your insurer to review your application for evidence of fraud if you pass away in the first two years of your policy. It also applies if you die by suicide after the suicide clause period ends.
Always be completely forthcoming with your life insurance company. Standard medical record checks during the application process will reveal your prescription and diagnosis history even if you don’t disclose them.
What life insurance options do you have if you can’t qualify?
You may be declined traditional life insurance coverage if you have a severe or untreated mental health condition, or recent hospitalizations due to self-harm or panic attacks. However, you still have life insurance coverage options.
Simplified issue life insurance is a type of final expense insurance aimed at covering end-of-life expenses, such as a funeral or medical bills. It can provide coverage for up to $50,000. Simplified issue often comes with high premiums and age limits, and requires a medical questionnaire for approval.
Guaranteed issue life insurance is another type of permanent life insurance aimed at covering final expenses. These policies are significantly more expensive than term life insurance and have age restrictions, but they offer almost-certain approval and don’t require a medical exam.
Group life insurance is usually offered by companies and some organizations — like unions — for free or at a subsidized rate as part of a benefits package to employees or members. Group policies rarely require medical screening for approval, but your coverage amount will be limited, and you’ll lose coverage if you leave your company.
If you or someone you know is in crisis, you can call the National Suicide Prevention Lifeline at 1-800-273-8255, or text the Crisis Text Line (text HELLO to 741741). Both services are free and available 24 hours a day, seven days a week. The deaf and hard of hearing can contact the Lifeline via TTY at 1-800-799-4889. All calls are confidential.
Other health concerns that can affect your life insurance
Certain pre-existing conditions and other health-related concerns can affect your life insurance options or costs. A Policygenius expert can help you find the right policy for your needs.
