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If you've recently visited a doctor because you're suffering from anxiety or depression, you may find a sad truth if you shop for life insurance: A history of anxiety or depression can affect your insurance rate or even result in an application denial.
The Anxiety Disorders Association of America estimates that nearly 40 million Americans suffer from some form of anxiety.
The Centers for Disease Control says that people with depression and anxiety are more likely to suffer from cardiovascular disease, diabetes and asthma, and have life-altering bad habits such as smoking, binge drinking and eating, and lack of exercise. Females are more likely to have depression or anxiety than men (20.2 percent to 8.2 percent and 14.3 percent to 8.2 percent, respectively.) A 2008 study conducted by Loyola University Chicago's Stritch School of Medicine found that major depression increased the risk of developing heart disease.
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Types of anxiety disorders
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Generalized anxiety disorder: Excessive, unrealistic worry that lasts more than six months. Symptoms can include abdominal problems, trembling, muscle aches and insomnia.
Obsessive-compulsive disorder (OCD): Recurring thoughts, rituals, routines and obsessions that are based on exaggerated fears. People with OCD often worry about contamination or germs, and sometimes act violently. Other symptoms include repeatedly washing hands, buying products in pairs (obsessions with the number 2) and hoarding.
Panic disorder: Panic attacks occur without reason, and the patient often thinks he is having heart trouble. Symptoms include chest discomfort and pain, sweating, trembling, tingling sensations and fear of being unable to breathe.
Post-traumatic stress disorder (PTSD): This immediately follows exposure to a traumatic event in someone's life. Sexual or physical assaults, natural disasters, car accidents, and returning home from war are often causes. Symptoms include flashbacks, insomnia and terrifying nightmares.
Social anxiety disorder: A person with social anxiety disorder is inordinately self-conscious of being judged by others. Symptoms include heart palpitations and profuse sweating.
General phobias: Intense, irrational fear brought on by being near a certain object or situation. Phobias can include spiders, heights, stairways and alleys.
Source: Anxiety Disorders Association of America
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"There have been a number of interesting clinical studies that suggest an increased risk of health problems with ineffective treatment for serious depression," says Dr. Ann Hoven, Medical Director at The Hartford. "We know now how anxiety and depression can have a negative affect on a person's mortality."
Hoven observes that since stress can contribute to high blood pressure, it's no surprise that serious depression can cause long-term health problems.
"Depression is a very stressful mental state," she says. "People with depression are also not eating right, getting the proper sleep or being active in their lives. All of those things can impact your health."
Hoven notes that having anxiety can also be stressful, but it's not considered as serious as depression by life insurers.
"It's good to have a little anxiety — it can be a great motivator to study for a test, etc. But no one has ever said that a little bit of depression is a good thing," she says.
When a life insurance company examines your medical records during the policy application process, it receives a summary of your diagnosis, treatment and outcome.
There are some key details an underwriter looks for when he sees anxiety or depression on a life insurance application. This includes whether the applicant has been stricken with "chronic" versus "situational" anxiety and depression.
"If it's just simple anxiety and depression and they take a single medication because they lost their job or a spouse, a fair number of companies will offer preferred rates," says Ed Hinerman, owner of Hinerman Group in Salida, Colo. "Underwriters are looking for whether the anxiety and depression is based on a sudden, temporary life event or has been going on for quite sometime. Long-term anxiety and depression might indicate something much more serious, such as an underlying mental disorder. If the applicant has to stay on meds for the rest of their life in order to function, that would be considered long-term. They would typically get standard to plus standard rates."
But Hinerman stresses that people with "situational" anxiety and depression can easily get preferred rates.
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Putting the "anti" in depressants
Common medications to treat depression are Selective Serotonin Reuptake Inhibitors (SSRIs). Dr. Ann Hoven of The Hartford says that problems with neuro-transmitters in the brain leads to serotonin deficiency. SSRIs help fix the problem by bringing serotonin back to normal levels. Serotonin regulates mood, sleep, learning and blood-vessel constriction.
"The newer medications work so well that they are very effective in treating mild depression," says Hoven. "It is usually a three- to six-month treatment course."
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"It all depends on how well the medication and treatment are working, in addition to the length of time they've been treated," says Hinerman.
"If the person has long-term depression or anxiety, is taking two to three medications, but seems to have it under control, we would be fine with insuring them," says Hoven of The Hartford.
You can often get preferred rates from life insurers for depression and anxiety if you:
- Don't smoke.
- Haven't missed work due to anxiety or depression.
- Haven't been hospitalized.
- Have not attempted or considered suicide.
- Are keeping your symptoms under control with a single medication.
In most cases, being hospitalized for depression will lead an underwriter to postpone his decision about your life insurance application or decline it.
If you've been diagnosed recently, such as a month ago, a life insurance underwriter will be more concerned about your application than if you were diagnosed three years ago.
"We might delay the application on a first-time diagnosis of depression. It really depends on what the clinician's record says, the diagnosis plan and if the person has been hospitalized recently for depression," says Hoven.
If a physician decides that a patient no longer needs to take medication for depression, Hoven says this is acceptable to most insurers.
"But if someone goes off the medication on their own, keeps going back on them and changing them, and they keep having problems staying on them to the point where they find themselves in the hospital, most insurers would be less accepting of approving them for insurance," says Hoven.
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