You have served your country well and now that you are back you find that you may have to go through a battle to get life insurance. It’s quite common for life insurance companies to decline or highly rate applicants with post-traumatic stress disorder. However, the good news is that there are plenty life insurance companies that will offer coverage, but the key is to work with the one that will look most favorably at your condition while simultaneously offering competitive rates. We have worked with hundreds of individuals with the exact same condition and were able to get favorable results. If you are ready to move forward give us a call or simply request an application through our quote engine.
If you have PTSD you should know that there are many different factors that the company’s underwriters will want to know about you. Such as the date you were diagnosed, the severity of your condition, any hospitalizations, type and amounts of medications that you take and if there have been any suicide attempts. The key thing that the companies are looking for is “control”. Which is demonstrated by your ability to continue living a normal life regardless of your condition while maintaining ongoing prescription and counseling treatment. Being employed and maintaining an active lifestyle can further help carriers look at you more favorably. While being on social security disability can have more adverse effects on your eligibility or rates.
It is also important to note that any other medical conditions, smoking, reckless driving or family history will also be used for consideration on top of your PTSD. Once the company has all the information they will either assign a risk class which determines how much you will pay for the policy or decline your application. Depending on the severity of your condition, there are a few possible outcomes.
Best Case
If your PTSD is mild or well controlled with no history of hospitalization and minimal prescription use then you can expect to get Standard rates with the majority of the carriers. This also means that you can use our quote engine to see how much a policy would cost by selecting standard health class for your rating.
Good Case
Now if you take more medications, are on disability and have other medical conditions with your moderate PTSD but have a consistent follow-up treatment you can still get coverage at a higher cost. You can expect to get Substandard rates ranging from table 2 to table 5.
Worst Case
For anyone who has been hospitalized in the past, didn’t follow through on the treatment plan or has a severe case of PTSD. It should be expected to get a very high substandard rating of Table 8 or 10 and in most cases be declined. Now if you get declined, you still have one more option, a guaranteed issue life insurance plan. These are plans that will approve you with no exam and no questions asked. The only catch is that there is a 2 year waiting period before a full benefit payout.
Regardless of your situation, you can increase your odds by working with an independent life insurance agency that offers many different companies and has prior experience with high-risk cases. This will ensure that you apply to companies that are best suitable for someone with PTSD and allow you to apply other companies without having to restart the entire process. In some cases, we also recommend attaching a cover letter with your application that shows the underwriter why you need the coverage and how well you are dealing with your condition.
Hope you enjoyed this article and now better understand the possible outcomes for life insurance with PTSD. If you are ready to move forward with life insurance call us at 888.492.1967 or click one of the boxes to your right for life insurance quotes.
Tips for not getting disqualified for Life Insurance with PTSD 2017
Now that you know what kind of outcomes to expect let’s talk about some life insurance hacks most experienced agents use to get their clients placed with best rates. In our experience getting someone, a great policy with PTSD is more of an art than a science. So let’s dig deeper and see what your agent should be doing to look out for your best interest.
1. Pool of Companies– When it comes to getting your odds of approval increased along with getting the most competitive rate than it should be noted that you need to have options. So only work with agencies that have a ton of companies they represent. That way if one company turns you down you can be switched over to another one without having to do the whole process of medical exam and records all over again.
2. Quick Quote– One of the most important steps in this process is a quick quote. This is an anonymous inquiry to various insurance companies to give them overall health and history in order to get a written offer back. Why is this so important? Well two things, first it takes out the guesswork out of what to expect from each company as far as pricing and decision with PTSD. Second, we can then attach the offer on top of your application to further show the company that they have made a small commitment so they can be encouraged to stay within the range.
3. Cover Letter– We understand you may not be applying for a job here but this is a crucial part of applying for life insurance with PTSD. With a cover letter, we don’t need to talk about your condition but rather gather details pertaining to your personal life. This is where we ask our clients for questions about their family, career, volunteering and personal hobbies. A cover letter adds personality to your application to further entice the underwriter to give you a policy along with a more competitive rate.
4. Clean Application– Lots of agents just slap some information on the application since the insurance companies will request a lot of the information later on. However, we highly recommend providing as much detail about the overall health, accurate doctor contact details and honest answers on the application. This will for one speed up the application process and also show the carrier that you are not hiding anything. Also, if there is a claim they won’t have anything to contest since you were upfront.
Work With US!
If you read this far then your odds of getting life insurance with PTSD are far greater than your average bear. Now, you can also sit back and have someone else do all the work for you like us! We work with over 60 top rated life insurers out there like Metlife, Prudential, TransAmerica, Banner Life and many more. So we will scour the marketplace to find you the best life insurance policy for someone with PTSD. In addition to that, we will do all the above steps for you and all you’ll have to do is receive your policy at the end. Don’t wait to call us, email or chat with us to get started today!
