Often, when someone is choosing to apply for a life insurance policy, they tend to get “caught up” on their current health status rather than their complete medical history.
We’ll often get calls from cancer survivors who are surprised by the fact that a previous diagnosis of cancer that was treated, cured, and/or put into remission years and years ago may affect the outcome of their life insurance application today.
This “focus on the present”…
It is also very common with individuals who may have suffered from depression or some mental illness that at one time in their life caused them to think about and/or attempt Suicide. This is especially true if the conditions present during this dark time of an applicant’s life no longer exist today.
This is why we wanted to take a moment and answer some of the most common questions we receive from applicants applying for life insurance after they have previously considered or attempted Suicide.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have attempted Suicide before?
- Why do life insurance companies care if I’ve previously attempted Suicide?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- How can I help ensure I get the “best life insurance” for me?
But before we dive into all that, the first thing we want to make perfectly clear is that nobody here at IBUSA is a medical professional. So, if you are having any thoughts or feelings about hurting yourself, the first thing you’ll want to do is speak with a professional!
A professional like…
Those employed at the National Suicide Prevention Lifeline who can be reached at:
Online chat at their site:
Because if you are thinking about hurting yourself, the one thing that you need to understand is that there is help out there and that once you find the help that you need, these feelings that you’re having will pass. This is why many folks who have attempted Suicide in the past will still be eligible for a traditional term or whole life insurance policy!
Can I qualify for life insurance if I have attempted Suicide?
Yes, some individuals can qualify for life insurance with a history of suicidal thoughts or attempts. Still, finding coverage may be more challenging, and the premiums may be higher. You see, life insurance companies are going to consider a wide variety of factors when determining rates, including your medical history, family medical history, and any medications you are taking in addition to other pre-existing medical conditions such as anxiety or depression which might cause someone to experience suicidal thoughts or attempts.
It’s also worth noting…
That life insurance rates can vary widely depending on your specific policy and insurer. It’s a good idea to shop around and compare quotes from multiple insurers to find the best rate for your specific circumstances.
Why do life insurance companies care if I’ve previously attempted Suicide?
Life insurance companies consider various factors when determining rates, including your medical history, family medical history, and any medications you are taking. If you have a history of suicidal thoughts or attempts, this may be seen as a risk factor for the insurer, as it may indicate a higher likelihood of death due to Suicide.
It’s important to understand that life insurance companies are in the business of assessing and managing risk. They want to ensure that they are able to pay out claims to policyholders’ beneficiaries in the event of the policyholder’s death. If an insurer believes that there is a higher risk of death due to Suicide, they may charge higher premiums to compensate for this risk.
That said, however…
It may come as a surprise that most life insurance companies aren’t going to look at a “single” suicide attempt as a “disqualifying act” when applying for a traditional life insurance policy. Instead, a single Suicide attempt will be considered more of a “symptom” of another psychological condition or state that needs to be determined.
From there, the insurance companies will then try and determine how “severe” your pre-existing medical condition currently is (or was), which led you to attempt to take your own life.
This is why…
Before being approved or denied coverage, most, if not all, of the best life insurance companies, are going to want to ask you a series of questions designed to learn more about “why” you previously attempted Suicide. And if you have subsequently received the treatment that you needed so that you don’t still pose a risk of attempting Suicide in the future.
What kind of information will the insurance companies ask me or be interested in?
Typical questions you’ll likely be asked may include:
- When did you first attempt Suicide?
- How many times have you attempted Suicide?
- How did you try to kill yourself?
- Why did you want to kill yourself?
- Have you been diagnosed with any pre-existing medical conditions?
- Are you currently taking any prescription medications?
- Do you have a history of drug or alcohol abuse?
- In the past two years, have you been admitted to a hospital for any reason?
- Have you ever been convicted of a felony or misdemeanor?
- Do you have any issues with your driving record? Issues such as multiple moving violations, a DUI, or a suspended license?
- Are you currently working now?
- In the past 12 months, have you applied for or received any disability benefits?
What rate (or price) can I qualify for?
As you can see, many variables can come into play when trying to determine what kind of “rate” an individual has previously attempted Suicide. This is why it’s pretty much impossible to know what kind of “rate” you might be able to qualify for without first speaking with you directly. Be that as it may, most individuals who have previously attempted Suicide will usually fall into one of three different categories that we can make some “assumptions” about that will generally hold true.
The first group of folks that we’ll commonly encounter are those who have either just recently attempted Suicide or have attempted Suicide within the past year. These folks usually receive the treatment they need and will tend to be “great candidates” for a traditional life insurance policy once they become eligible for coverage.
This is because…
Most (if not all) life insurance companies are going to want to wait a minimum of one year since an individual has attempted Suicide before they will be willing to consider them “potentially” eligible for a traditional life insurance policy. In cases like these, we often recommend that someone purchase an Accidental Death Policy or a Guaranteed Issue Life Insurance Policy as a “bridge” policy until they become eligible for a traditional life insurance policy.
These will be those folks who have previously attempted Suicide over one year ago and suffer from a condition that will still allow them to be able to qualify for a traditional life insurance policy. A condition such as:
- Post-traumatic Stress Disorder (PTSD),
- Bipolar disorder,
In cases like these…
What you’re likely to find is that even though you have previously attempted Suicide over a year ago, it appears that you are now getting the help that you need. You are doing better; it may be possible for you to qualify for coverage at a “high risk” or “sub-standard” Table Rate, usually ranging around A-H depending on the severity of the underlying pre-existing medical condition.
Are life insurance rates that are typically reserved for “higher risk” applicants and range from Table A (considered the “best” or least expensive table rate) all the way to Table J (considered the “worst” or most expensive table rate)?
This last group will then consist of folks who have either attempted Suicide multiple times or have only attempted Suicide once but have been diagnosed with a pre-existing medical condition such as Schizophrenia or Borderline Personality Disorder, which is going to keep them from being able to qualify for a traditional life insurance policy.
In cases like these…
Our only real option will be to pursue an “alternative” product like an Accidental Death Policy or Guaranteed Issue Life Insurance policy, which won’t require someone to be able to “medically” qualify for coverage should they choose to purchase one.
The good news is that regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours. We are committed to helping all our clients find the “best” life insurance policy they can qualify for.
This brings us to the last topic that we wanted to take a moment and discuss, which is…
How can I help ensure I get the “best life insurance” for me?
In our experience here at IBUAS, we have found that usually, the folks who seem to find the “best” life insurance policy for them are those who:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions but also have access to dozens of different life insurance companies so that when it comes time to help a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
The good news is that this is precisely what you’ll find here at IBUSA!