Posts filed under 'Anxiety'
Depression is one of those life insurance issues I’ve been hearing about forever. Anxiety, on the other hand, was something I rarely heard about 10 years ago and today it seems anxiety treatment is almost as common as cholesterol treatment.
I think I get that. It sure seems like 10 years ago there was a lot less to be anxious about. Maybe it’s just me, but that was pre 9/11, pre trillion dollar deficits, pre global economic meltdowns. Heck, that was even before my kids were adults and they seem more stressful to me as adults than they ever were as teenagers.
When I’ve talked about anxiety and anxiety disorder underwriting in the past I’ve mentioned that I live in a small quiet town in the middle of the Rocky mountains, Salida, CO. Our television news comes from Denver and I’m always seeing the condition of the evening rush hour. Bumper to bumper. Looks like no one in Denver probably gets home before ten at night. On those rare occasions when I have to go to Denver or through Denver, OMG!!! I understand a little about anxiety.
But the underwriting of it is what is critical. The truth is that 5 years ago it was treated kind of harshly, generally a diagnosis of anxiety disorder would bump you to a standard rate for starters. Today, if it’s not keeping you from living a normal life and is well controlled and you are compliant with your treatment, preferred and even preferred plus rates are possible.
Bottom line. Maybe there was plenty of anxiety around ten years ago. Maybe it just wasn’t talked about as much or understood as well. Today it seems underwriters have a good grasp of the issue and the true mortality risk (or lack thereof).
March 4th, 2010
USAA is one of the biggest insurance companies in the country. Their ratings are enviable and their reputation is impeccable, except for one large chink in their armor. They stink at underwriting.
Like a lot of large auto and homeowners insurance companies, USAA makes it clear that when you have life insurance needs, they would be glad to be your one stop shop. Whether it is USAA, State Farm or Allstate, they really do want all of your disposable insurance premium, an honorable goal if they provided the most bang for your buck in all of the areas the want to serve.
With USAA what I keep running into is their underwriting of mood disorders being, at best, a bit on the brutal side. I recently worked for a doctor in New York who had been approved by USAA at standard rates (4th best rate class), due to his treatment of mild job related stress and anxiety with Wellbutrin. This is mild situational stress and anxiety with no hospitalization, lost time or issues of any sort. Standard is a brutal, rubber stamp kind of underwriting reaction.
I suggested to him after hearing his story that I thought we could get a preferred rate (2nd best rate class), and we did. Lincoln Life came through for us and we have put the new policy in force at right at half the price that USAA wanted.
As I mentioned, this seems to be a common theme with property/casualty companies that also write life insurance. They have it and it’s real, but the underwriting, whether it’s something as simple as anxiety, or as complicated as bipolar disorder, diabetes or prostate cancer, just isn’t as good as you can find elsewhere.
Bottom line. If you have your life insurance through USAA, it’s worth shopping to see if you are being gouged for the sake of convenience.
January 14th, 2010
Relieve that stress and get away from it all for a little camping. Pictured above is what a few thousand people call getting away from it all every year during the Ride the Rockies bicycle tour. A little bike ride through the mountains with 2000 people. What, are they nuts?
I have long contested that anxiety disorder is an affliction primarily contained to big cities which by my definition is any city that you can’t be out of by car in five minutes or less, preferably less. Between narrow, winding mountain roads, people on vacation in rented motor homes (they’ve never driven one before), 2000 bicycles and sleeping in tents just inches from each other, I can see how anxiety disorder, at least for me, could be cleverly cloaked as an “enjoyable getaway”.
I suppose if stress relief comes in the form of getting away from work and your normal routine, even something as crazy as Ride the Rockies might be just the right medicine.
Now, of course, to why I write this blog. How do life insurance underwriters look at anxiety disorders and what makes them comfortable about approving policies that really don’t penalize the poor people who live in, for instance, Denver?
I have often thrown out a list of underwriting thresholds that are used to evaluate bipolar disorder and make the comment that the list is also pertinent to anxiety disorder and depression. For the sake of this post I’ll tweek that list to specifically address anxiety.
1. Someone who has not been hospitalized for anxiety related issues other than for diagnosis?
2. Someone who is compliant with their treatment, both medications and regular followups?
3. Someone who, in spite of anxiety is leading a stable family life or social life?
4. Someone whose anxiety doesn’t impact a stable work life?
5. Someone who is not on disability for anxiety disorder.
6. Doesn’t need multiple medications to control the anxiety.
From an underwriting standpoint anxiety is much less complicated than bipolar disorder or depression and given the list above, which probably would include the majority of those with anxiety issues, good rates are certainly within reach.
Bottom line. I live in a small town called Salida, Colorado and without literally going hours out of my way, if I go to visit family in Wyoming I have to go through Denver. I have determined that I have transient anxiety disorder. It disrupts my mood to drive through Denver. But that’s all personal and not relevant to the poor, medicated people that live there.
June 17th, 2009
You know what really is great about being able to get good rates and place policies in force for those with bipolar disorder? The families are so grateful because of all they’ve been through with the demeaning treatment and declines they have received at the hands of other insurance companies.
It’s a good feeling knowing that any policy goes in force and another family is protected. It’s really quite another to call up a person who has been declined by three companies and let him know we got an approval. And not just an approval, but an approval at preferred best rates, the best rate class available for anyone.
Now, to be sure, I won’t claim I can get preferred best rates for anyone with bipolar. Standard is a far more likely outcome even with a very stable, controlled disorder, but there are those, and I think there are a lot of them, who are exceptionally stable, exceptionally compliant with treatment and exceptionally well controlled with their medication that can, when the underwriter is feeling good, get best class rates. Such was the case of a client approved today. He went into the process just hoping not to be declined again and came out of it able to budget $1,000,000 of 30 year term insurance instead of the $500,000 he was hoping to get approved and settle for.
His was an interesting case because the underwriter at one point was seriously suggesting a much higher rate. The issue was that in the trial the underwriter had said the best rate was possible unless the client was on anti-psychotic medication. He is and has been on Trileptal for some time. It took some time to get the underwriter to see that Trileptal was really just Tegretol, an anti seizure medication, that had been altered slightly for use with bipolar. In the end reason prevailed and the underwriter conceded that he was definitely not on anti psychotic medication.
Just a reminder about what it takes to get to approvals and good rates with bipolar:
1. Someone who has not been hospitalized for bipolar disorder other than for diagnosis?
2. Someone who has not attempted suicide or had bouts with suicidal ideations?
3. Someone who is compliant with their treatment, both medications and regular followups?
4. Someone who is leading a stable family life or social life?
5. Someone who is exhibiting a stable work life?
6. Someone who is not on disability for bipolar and does not have issues with drinking or drugs? If there’s a problem here, then the answers to 3, 4 and 5 are no.
7. Better rates are available for those that aren’t on anti psychotic medication or multiple medications.
Bottom line. This isn’t to say that if you don’t fit the above list perfectly you won’t be able to get an approval, but from a lot of experience I can tell you that straying very far from the list goes down hill fast. Having said that, it should be noted that most are in agreement that the majority of those with bipolar disorder, anxiety disorder or depression would meet the criteria.
June 17th, 2009
I was asked by my office manager this morning if bipolar disorder/manic depressive disorder was more prevalent in people around her age, in her 30’s, than people my age, in my 50’s, because the majority of people who react to our advertising and blogs are younger.
My thoughts were that the response we get doesn’t necessarily mean that more people in her age group have mood disorders, but may be more indicative of two things.
1. Bipolar disorder, anxiety disorders and depression today are better understood and less feared by underwriters than when I was her age. If, for instance, I had been diagnosed with bipolar disorder 20 years ago my chances of getting any insurance company at all to consider accepting my mortality risk would have been somewhere very close to 0. I might have tried several times to get life insurance for my young family but with the chances at or near 0 of being approved, I would likely have racked up a string of declines.
2. By now, in my mid 50’s, I would have done the best I could to put some other plan in place knowing that life insurance companies didn’t want anything to do with me. Why, at this point, would I want to back track and put myself through the humiliation again?
I also reminded my office manager that we have been very successful in helping those my age and older who we have heard from. They actually, in the mind of underwriters, have something of a leg up on younger clients in that they are survivors and have stability written all over them. Bipolar disorder is one of those things that can tear you down at its’ worst and make you a stand out success at its’ best. By age 50 if someone has bipolar disorder they have most certainly taken one road or the other (through no fault of their own), and someone in their 50’s on the good side of things has established stability and control, business and family life with some certainty.
From the view of a life insurance underwriter, whether you are a 32 year old software engineer or at 56 year old actor or CEO, the same criteria lead to the best rates.
1. Someone who has not been hospitalized for bipolar disorder other than for diagnosis?
2. Someone who has not attempted suicide or had bouts with suicidal ideations?
3. Someone who is compliant with their treatment, both medications and regular followups?
4. Someone who is leading a stable family life or social life?
5. Someone who is exhibiting a stable work life?
6. Someone who is not on disability for bipolar and does not have issues with drinking or drugs? If there’s a problem here, then the answers to 3, 4 and 5 are no.
7. Better rates come with fewer drugs and without the need for anti-psychotic drugs.
Bottom line. Get the word out. Life insurance at fair rates is available at fair rates for people suffering the full spectrum of mood disorders. If you know someone who you think may have missed out on this evolution of underwriting, talk to them and steer them toward the answer they may have missed 20+ years ago.
June 9th, 2009
We’ve done a lot of work for clients with mild to moderate, usually situational, depression or anxiety disorders. The truth is the more crazed and frenetic our society and lifestyle become, the more people are looking for a little bit of help coping.
It’s probably a good thing too. Can you imagine today in America if suddenly everyone who is being treated for depression or anxiety or any other mood disorder wasn’t being treated anymore? Time to hide in the basement. Road rage would go epidemic.
Life insurance underwriters can feel pretty comfortable in giving someone preferred or even preferred plus rates if their mood disorder is fairly mild, hasn’t been going on so long that it would be looked at as a chronic issue, and they are compliant with treatment and doing well. They are definitely understanding and willing to work with situational depression. Situational depression is usually fairly short lived and treatment is just there to bridge the gap between the event (the situation) and getting back on your feet.
Non situational, chemical imbalance type mood disorders can still qualify for preferred or preferred plus rate classes as long as they issue is well controlled and a person is functioning normally. No lost time from work or hospitalization would be good for starters. A stable family life is usually a good indicator
that things are well controlled.
More severe mood disorders such as bipolar disorder probably won’t get to preferred rates in most cases, although we have been able to get a few clients there. A more realistic goal would be standard plus or standard given the following criteria. By the way, these guidelines are good measures for any mood disorder.
1. Someone who has not been hospitalized for bipolar disorder other than for diagnosis?
2. Someone who has not attempted suicide or had bouts with suicidal ideations?
3. Someone who is compliant with their treatment, both medications and regular followups?
4. Someone who is leading a stable family life or social life?
5. Someone who is exhibiting a stable work life?
6. Someone who is not on disability for bipolar and does not have issues with drinking or drugs? If there’s a problem here, then the answers to 3, 4 and 5 are no.
7. Generally better rates are available when control is achieved with anti seizure drugs such as Depakote rather than anti psychotic drugs.
Bottom line. Mood disorders, from simple to complex, with good control can usually be underwritten for life insurance at standard or better rates. Talk to a knowledgeable independent agent today to start working on insurance quotes.
May 12th, 2009
It’s been a fascinating couple of years. I will sum it up by saying that we have helped a lot of people get life insurance who never thought they could. And what better way to celebrate the information we’ve shared and the victories we’ve had than with a shared meal, a key word salad.
Diabetes has been at the forefront of our life insurance efforts from the very start. We’ve made huge headway in finding aggressive underwriting for type 1 diabetes and type 2 diabetes. I think our strong point has been in education. There are a lot more people out there today that know what their A1c is than when we started.
I’ve been very clear about where some of the problems lie in our industry. The AARP/New York Life collaboration, on what can only be described as a sick crime against older folks, continue to offer the worst term insurance and whole life insurance in the business. They are simply not the advocate they claim to be.
I’ve stepped on some toes along the way. Selectquote and Zander Life insurance have taken exception to some of my observations. Being a Dave Ramsey fan and I think, ultimately, a reasonable person, I did apologize to Zander. In spite of Selectquote’s berating commentary, I still stand by my assertion that they are biased in what companies they offer (otherwise they wouldn’t be so easy to beat) and I still believe that Suze Orman should go back to waitressing. As to their assertion that I only use Selectquote and Suze Orman for search engine optimization, well, I don’t, even though they think I do. If I didn’t think there was better service elsewhere and more honest advertising, I would never have mentioned Selectquote.
We’ve touched on scuba diving and Prudential being a leader in great rates for recreational divers. Pru also stomps the competition on prostate cancer, sleep apnea and mild anxiety issues. While providing direction on those issues we have also been able to provide direction for those involved in skydiving and foreign travel to places where kidnap and ransom insurance is more than just a casual thought.
We’ve stayed abreast of the economic meltdown and recession that have whacked us all and tried to help people understand how best to handle their life insurance needs in these tight times.
We’ve held lengthy discussions about obesity and the impact it can have on other health issues such as hypertension or high blood pressure, cholesterol, heart disease, heart attack, stroke and cancer. We’ve discussed the risk and benefits of gastric bypass surgery as a means to avoid the life threatening side effects of being over weight.
Probably our biggest response has been from those suffering from depression and bipolar disorder. We reached a group of people that have truly been black balled in the insurance industry and we’ve been able to find some level headed underwriting and hit some major home runs for those who have the name tag but lead normal lives.
We have bared the facts behind the black eye of all black eyes in the insurance industry, the non guaranteed whole life, universal life and variable universal life policies and explained the alternatives in the permanent insurance market. There is nothing that provides greater value and peace of mind than a rock solid guarantee.
We’ve had frank discussions about business life insurance such as key man insurance and buy/sell life insurance. We did a whole series on women and life insurance. We’ve provided direction and information to private pilots that they aren’t getting anywhere else. We’ve talked about the guts of the policy when it comes to the two year suicide and incontestability clause and the accelerated death benefit and the beneficiary rights and the beneficiary issues for those who aren’t in a legal relationship such as a gay couple or an unmarried couple.
Bottom line. And the list goes on and on. We’ve tried to leave no stone unturned and no question unanswered in our quest to find life insurance for those whose mortality risk might be more challenging than average. As an independent agent it has been gratifying to have so many ways to help those who have been mishandled by the wrong agent or the wrong company. As we continue to reach out my prayer is that all who need help find it, and that more agents consider serving those who are harder to help.
March 18th, 2009
The truth is that I doubt if anyone makes it through life without situational anxiety or depression and there are days when I would swear the whole world is ADD, so what’s the big deal? For years a lot of the more conservative life insurance companies have with held the best due to these minor league impairments.
And the truth is that the more conservative companies may still bump someone a rate class due to minor emotional issues, but most of the companies who are really staying abreast of their underwriting have conceded that real life happens and when someone seeks treatment for it and gets their ship righted, they shouldn’t be punished.
Just within the last few days I’ve seen approvals for ADD treated with Ritilin, situational anxiety treated with Lexapro and situational depression treated with Wellbutrin, all at best rate classes from Prudential, ING Reliastar, Banner and others.
Before everyone runs to the store to buy some, let’s make sure we’re all on the same page. The cases above were truly well controlled. One thing they all had in common was that the issue didn’t affect their lives other than having to take medication and with the depression and anxiety, the issue was resolved and there was no further need for the medication. Situational truly means situational. It the depression or anxiety disorder goes on for a long time, say a few years or more, most insurance companies would call it chronic. Generally the best rate classes fall off the radar with chronic just about anything.
While still insurable, best rate classes are also out of the picture for more chronic and complicated issues such as bipolar disorder. We’ve had great success with bipolar as long as they fit within the following criteria. Safe to say that the same criteria would have to apply to get a good offer on chronic depression.
1. No hospitalization within the last 10 years for bipolar, other than for diagnosis
2. No suicide attempts or ideations
3. Compliant with all medical and psychological treatment
4. Must have a stable family life
5. Must have a stable work life (and no, being laid off in a recession wouldn’t count against you)
6. You can’t be on disability for bipolar
7. You can’t also have collateral issues with alcohol or drug abuse.
Bottom line. If your life hasn’t spun out of control there are generally good rates available for you. Being diagnosed isn’t the issue as much as how you’ve taken control of the situation.
March 11th, 2009
Up until a few years ago sleep apnea, even well controlled with a cpap, was just one of those health issues that you could expect wouldn’t get much better than a standard plus approval from the best of life insurance underwriters.
The same could be said of situational depression and minor treated anxiety. But along with bipolar disorder that I talk about so often, underwriting has really focused, especially in these areas, on becoming kinder and gentler. The truth is that mortality risk with these issues truly only comes when they are not well controlled and a patient is no compliant with their treatment.
If the patient takes these things seriously and is motivated to stay healthy, a life insurance underwriter isn’t going out on much of a limb to approve these issues at preferred and even preferred plus.
Sleep apnea for instance, left unchecked can have serious health consequences that range from the problems that arise out of insufficient sleep, to high blood pressure and even an increased risk of heart attack or stroke. Taken seriously, well controlled sleep apnea has virtually no health risks because use of a cpap stops the incidence of apnea. Well controlled sleep apnea has also been known to save marriages as the freight train equivalent snoring stops.
Just one quick caveat. Obesity is one of the leading causes of sleep apnea. If you control the sleep apnea and ignore the obesity, don’t expect preferred rates.
Bottom line. There are companies out there that understand, believe in and underwrite control. If you have sleep apnea, talk to a knowledgeable independent agent today and see how affordable life insurance can be.
January 16th, 2009
There is probably no better feeling for me (and my clients) than turning their previous experience of being declined for life insurance into an approval for the insurance that they want for their family. For those who have been declined, it’s the same feeling as asking someone out on a date and being turned down.
When the next chance comes along, rejection is fresh in your memory and it’s a little hard to take the plunge again. But when that approval does come through, well, home run, fireworks, Acceptance with a capital A.
We were just able to help a man who has bipolar disorder and anxiety disorder get approved at an affordable rate after Erie Life had declined him just a few months ago. As we’ve discussed so often, there are companies that seem to have their own emotional disorders when it comes to underwriting emotional disorders. The word bipolar sends them screaming into the dark without even a cursory investigation to see if the person might be one of the large percentage of very functional and stable bipolar candidates for life insurance.
Because we are very clear up front about what it takes to get approved and because we ask and answer all the questions that surround an application for someone with depression, bipolar disorder or anxiety, our batting average is pretty good. That is not to say that we get life insurance for everyone who wants it, but we are able to right the ship for many who have previously applied with the wrong company or through the wrong agent.
Bottom line. There is no magic to getting life insurance if you are young, healthy and have never had a health or mental issue. But, if you are in the majority you should seek the help of a knowledgeable independent agent and save yourself from the unpleasant experience of rejection.
December 23rd, 2008
Previous Posts
