Life insurance companies and mental health issues? Question ...

Life insurance companies and mental health issues?

Someone I work with is interested in buying a term life insurance policy but is afraid she won?t get coverage because she has had some situational depression and has had a suicide attempt as a minor.

Do life insurance companies dig up health information of as far back as your health records go (minors?)?

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They do look at medical history, however it does depend on how it?s being treated, how severe it is now and how long ago she was a minor (was she being treated then? has anything changed since then?)

You best bet is to contact a lisensed insurance broker who has access to multiple companies. Your co-worker can explain her situation to the broker and they can contact all the companies and find out which one would have the best chances of approval, then you can submit an application then. Every company has different underwritting processes so some companies will look at it differently.

I currently have a couple clients that are on medications that can cause situational depression and suicidal tenancies, but they were still approved. Doesn?t mean she?ll get it for sure, depends on the severity.

When she does apply be sure to disclose as many details about the incident when she was a minor and the ?reasons? that it should not be an issue (new treatments, new meds, amount of time since the incident if it was a long long time ago, etc since then) and that will help the issue. If you don?t disclose it it could fall under material misrepresentation or a ?pre-existing condition? exclusion.

Another option might be to go with a gauranteed issue policy that doesn?t do any medical underwritting. This type of policy will pretty much appprove anyone, no matter what their health history is, however thety are VERY expensive. This would be kind of a last effort option. An insurance broker should be able to help you out with this as well.
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Source: http://www.decadesilove.com/2012/07/25/life-insurance-companies-and-mental-health-issues-question/

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