Life insurance for people with mental health problems
People who have a mental health problem are usually tempted to believe they won't be able to obtain insurance with affordable rates. However, today's treatments allow patients to keep these conditions under control.
Insurers become worried about mental illness if you were hospitalized or had to take multiple medications at once. When filing the application form, make sure you are being completely honest. A vague case will raise suspicion and your application might be turned down. Underwritters will want to know every possible detail so they can evaluate your life expectancy.
A history of mental illness will not necessarily lead to increased rates. If you have an antisocial behavior, or bipolar disorder but you are being under treatment and have your disorder under control, it should be easy to get your policy for a decent rate. If you can prove that your mental illness does not make you a high death risk or affect your life expectancy you should not face any problems getting an affordable policy.
The combination of certain mental health problems with other factors such as alcohol or drug abuse can raise red flag for most companies. In this case insurers may decline your application or offer very expensive rates. The best thing to do is first get treated for your illness, wait a few months to obtain positive results, then apply for life insurance and be completely honest about your condition.