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 can invest in a life insurance policy. Life insurance for depression sufferers can 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 will 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.
Life insurance with anxiety and mental illness takes much longer than regular life insurances. 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?
Rating for anxiety and mental health
The severity of your condition will determine the rating for your life insurance policy.
a. Plus rating - This rating is for those who have very mild symptoms of anxiety or depression. It is for those who are barely taking any medication. You can expect to get the best coverage and prices if your diagnosis has no impact on your overall health.
b. Standard rating - Standard rating is for those who have mediocre mental illness issues. It includes those people who have been hospitalized regularly or require attention.
c. Table rated - The table rating is for those who have severe mental illness issues that take a toll on their overall health. The life insurance coverages for table-rated conditions are significantly expensive.
Seven Benefits of Life Insurance Plans
With Canara HSBC Oriental Bank of Commerce Life Insurance, you can get assured benefits if you are willing to invest in their plans. Our life insurance plans are reliable and efficient and ensure full coverage to your family members financially.
1. Life risk 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.
You can opt for the iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce Life Insurance to ensure the return of premium pay through limited premium payment options. Apart from that, our benefits have increased sum assured life insurance. When faced with adversity or death, our beneficiaries have the option of covering a spouse.
You can also avail other beneficial plans such as Guaranteed Income4Life Plan, Guaranteed Savings Plan that provide guaranteed regular income and have assured loyalty additions.