Life insurance policies are contracts between the policyholder and the insurance company. The insurance company pays a certain sum to the insured individual's family in the event of his death. The life insurance sum is paid in exchange for a certain amount of premium. The main idea behind these policies is to give you and your family the right financial support. Life insurance plans give financial assistance to individuals and their families in unforeseen circumstances, such as demise or retirement. But how do these policies work for those suffering from anxiety and depression?
Life Insurance for those with Anxiety and Depression
Although many people are affected by mental issues, some are still confused if life insurance policies are valid for those who suffer from anxiety and depression.
Those who have been diagnosed with depression and anxiety may not get a life insurance. And even if they get a chance to buy a life insurance plan, their medical history will affect the price of the policy. However, it is not limited to those who don't suffer from mental illnesses.
Life insurance for anxiety is calculated based on the severity of your condition. Some insurers may ask questions related to your condition's severity to help them establish a price based on your current condition. Regular insurers may sometimes exclude life insurance with depression.
An insurer might ask the following questions to determine the best options for you. You need to be prepared enough to provide them with accurate information about your condition.
- What is the nature of your diagnosis?
- When did you get your diagnosis?
- What is the condition's severity?
- Have you ever sought help or received therapy for this problem?
- What are your symptoms, when did they begin, and how long did they last?
- Have you ever taken time off work because of your illness?
- How has the condition affected you?
- Is there a valid reason behind your condition?
- Has your condition ever hospitalized you?
- Is this condition something that recurs? If yes, then how frequently?
Seven Benefits of Buying Life Insurance Plans
1. Life cover
Insurance plans ensure coverage for an individual when an unforeseen circumstance or uncertain events occur. Generally, these include the death of an individual.
2. Death benefits
Life insurance plans give an individual's family various death benefits through aiding them in financial support. Life insurance also secures the interest on individuals who receive less income.
The investments made for life insurance have more beneficiaries compared to other investment options. Apart from this, they are increasing sum assured and a safe investment option.
4. Tax benefits
Under Section 80C of the Income Tax Act, it is possible to avail tax benefits and deduct the amount of income tax up to 1,00,000 rupees. The amount invested in any investment options such as life insurance, retirement plans, and loans is tax-deductible.
5. Financial goals
Life insurance allows you to make long-term financial goals. It helps you prepare for unforeseen circumstances, either death or retirement or even accidents in the future. It also assists you in balancing your income and expenses.
6. Assured income benefits
Life insurance schemes assure income benefits after the loss of a family member. A family can avail beneficiaries through financial support from the life insurance plans that the earning member of the family has previously invested in.
Life insurance can allow an individual to avail of a policy loan in the case of an emergency. The loan amount can be availed in cash, a sum assured under the policy depending on one's convenience.
If you are suffering from anxiety or have any type of medical condition, talk to a financial expert to know about if you can buy a life insurance. An expert’s guidance is mandatory as they have the right expertise and knowledge to assess your condition and advise you accordingly.
Buying a life insurance with pre-existing medical conditions such as anxiety and depression may be a little challenging owning to Terms and Conditions of different life insurance companies. Hence, get in touch with the experts before applying for a life insurance plan if you are suffering from anxiety and depression.