Many people are uncertain about their future, which causes a lot of anxiety. However, such uncertainty not only causes anxiety it also gradually puts you into a deep depression. Add to this the concern about who will pay for your funeral expenses and how? As suggested by Gary P. Cubeta of Insurance for Final Expense, you need one of the best burial insurance plans. That’s because the older you get, the worse the depression, especially when you start contemplating the inevitability of death.
Challenges in Getting Burial Insurance
A person living with depression and anxiety may face some hurdles getting suitable burial insurance coverage as the condition could impact the premiums. You may be hesitant about sharing your mental health history. However, burial insurance providers will insist on getting your full health details like the diagnosis for depression and anxiety.
However, you cannot be denied burial insurance because you are under treatment for mental health issues. Nor should you be charged an extra premium because of your mental health. However, research indicates that experts can treat anxiety disorders with interventions, which may be looked at favorably by insurance companies.
Burial Insurance for People with Depression
All insurers rate depression and anxiety as high health risk factors, and all of them weigh such risks while they underwrite. Suppose the insurers find that you had a recent diagnosis or inconsistencies are apparent in your treatment history for depression and anxiety. In that case, they are likely to give an unfavorable health classification.
Such classification can mean only one thing – higher premiums. However, if you are diagnosed with mild depression and anxiety; and can manage your condition, you may be considered for lower premiums. However, insurers consider each application on its merit. Hence, getting the best burial insurance coverage need not be a problem for most people with depression and anxiety conditions.
How do Depression and Anxiety Impact Burial Insurance?
The mental and physical health of a person applying for burial insurance are evaluated; hence the final burial insurance policy will depend on the diagnosis and treatment history. The underwriter will ask you a set of questions, for which you should have ready answers.
The questions may include:
- Were you under treatment for depression or anxiety, and were you prescribed any medication?
- When was your last diagnosis?
- Does the diagnosis indicate your condition as mild, moderate, or severe?
- Are you currently under treatment?
- Are you taking any medication?
- Are you presently seeing a psychotherapist?
- Were you ever hospitalized for depression or anxiety?
The purpose behind these questions is to establish a pattern: no hospitalization, steady job, no suicidal tendencies, and a regular treatment plan. If you are on fewer medications, the premiums are bound to be lower.
However, if you are under a medication plan with the dosages being changed frequently, it rings an alarm bell for the underwriter. Also, the insurance people look for precise diagnosis.
If it indicates suicidal tendencies or conditions like schizophrenia, bipolar disorder, or severe depression or anxiety spells, the premiums are fixed accordingly (higher). If the underwriter feels that you are not a safe bet, they may decline your coverage request.
Anxiety, Depression, and Burial Insurance
The primary concern of most burial insurance companies is anxiety or depression that requires medication and affects day-to-day functions. With many conditions like obsessive-compulsive disorder, traumatic stress disorder, and anxiety disorder to consider, insurance companies are more worried about how you cope with your condition and how well you manage the symptoms.
Suppose you need to be under medication most of the time and are seeing your therapist regularly. Here, your application may likely be considered favorably enough for a low-premium classification. However, if you have been hospitalized on many occasions due to your depression or anxiety symptoms, the classification may not be in your favor.
Suppose you need medication under specific circumstances (medication only when you fly). In that case, there are possibilities that you will be classified favorably compared to a person who needs medication all the time.
Is It Advisable To Conceal Your Condition?
You should never give false information or withhold details when dealing with your burial insurance providers. It is easy for insurance companies to find out the prescriptions you are under and the nature of your diagnosis. It is impossible to conceal your medical history, and any such action is subject to severe penalties.
Summing It Up
People diagnosed with depression or anxiety disorders are also entitled to avail of insurance services. The premiums may vary based on the severity of the condition, and some cases are likely to be rejected.