Reader’s Question:

If a person has mental illness, will that increase the life insurance rate in Illinois?

Kat

Ausrota IL

You don’t have to worry about the life insurance costs in Illinois if you have mental illness. Insurance companies are basically concerned on conditions that carry a high death-risk so a mental illness will not necessarily hinder you from obtaining low premiums. If you have an anxiety or depression
because of a tragedy but is being taken care of by taking xanax, you may not obtain a high premium because the company may not find your condition as significantly risky.
Reactive depression is also a condition triggered by a tragedy and may not affect your insurance premium as long as you show your insurance provider that you are taking steps to get better. The same applies to a serious case of depression like bi-polar disorder. If you show that you are have taken steps of clinical treatment to get better, the company may not give you a high insurance costs.

When you want to apply for life insurance, it is best to wait a few months after you are diagnosed for having mental illness. This will help your body to adjust to medications.

If you have suicidal tendencies and your medical record shows one or a couple of suicidal attempts, you will be considered as a risk. You need to show the full treatment you are receiving so that they can consider issuing a policy. Without the proof, you will have to wait one to two years before you receive the policy. A “suicidal clause” may appear on the policy which may not give the death benefit in case you die in the first two years.