I am applying for a life insurance policy I really need and I’m afraid of the impacts my psychiatric records may have, both on underwriting this policy now and future potential to get any more insurance in the next decade (through age 57) due to whatever MIB records will be stored from now on.
Details:
I’m applying for a $1.5M 20-year term policy through a carrier connected to my financial planner. They’re asking for records from the providers I’ve seen in the last 5 years, including my former psychiatric nurse practitioner who prescribed ADHD meds and antidepressants for anxiety. Over the years, I tried different medications and doses to find the right combination. I now get my meds through my primary care doctor.
I’m worried because, while I know I was only treated for ADHD and anxiety, I haven’t seen these records and fear they might misrepresent or exaggerate my condition.
Would it be better to stick with my current carrier since they never asked for these records? They didn’t let me get over $1M coverage before because I was between jobs, but I’m about to get a job offer that would make me easily insurable for $2M or more.
Since this job won’t offer group term life insurance, I still need a private policy. I just don’t want to mess up my record and end up with an expensive policy. My current policy is $350K at a standard rate, and that’s without any psych notes included.
Each company has its own rules for requesting medical records. Just because a company gave you $350K without asking for records doesn’t mean they won’t ask for them if you apply for $1M.
Anxiety and ADHD are usually insurable, especially if they’re well controlled. There’s no harm in letting this process play out.
Don’t worry about the MIB (Medical Information Bureau). It’s not a big deal if you’re honest on your application. As long as you disclose your conditions, future companies will check your MIB record and say, “That matches.” MIB is mainly used to catch people who lie on their applications.
Got it. Thanks for the reply I noticed a post earlier today with a similar concern and diagnosis.
I think I just get anxious because my visits with the psychiatric nurse practitioner included 30 minutes of counseling. I was only dealing with normal pandemic stress, but I cringe thinking about what might be in those notes. Do underwriters get all the notes with the release of information (ROI)?
Which carrier are you applying to, and how many mental health meds are you taking? Let me know, and I can tell you if they’re usually good with mental health issues.
Without knowing more about your health, I can tell you that some carriers are much better with mental health than others.
Your other carrier likely saw your pharmacy records and electronic medical history, so they might not be better if you apply for a higher amount with them.
If you don’t qualify for a good rate and mental health is the only reason, you can easily reapply with other carriers and cancel any term policy anytime without a penalty.
I got approved for a standard rate at $350K with Transamerica (I was told they’re good with multiple mental health prescriptions).
Now, I’m applying with Riversource because I got a letter confirming my earning potential while between jobs.
I’m taking three prescription meds regularly: a stimulant and Wellbutrin for ADHD, and a small dose of an older antidepressant for anxiety. I also filled one prescription for Xanax in December or January when my husband got a devastating cancer diagnosis, and I was up all night, losing my mind for a bit. That’s why getting well-insured is so important—he isn’t.
I generally find that Transamerica isn’t very good with mental health issues, and I suspect Riversource will offer only a standard rate at best. Riversource is where Ameriprise reps often place business, and I’m not sure if they’re pressured to use Riversource over other carriers.
If your advisor hasn’t already looked at preliminary offers from all competitive carriers, it’s best to do that first. This will help you find the best rates and companies instead of applying randomly and hoping for a good offer.
Three meds for well-controlled ADHD and anxiety will usually lead most carriers to offer only standard rates. However, some carriers might offer better rates, though it might take some effort to get them.
I’d need your age and more health details to see if you could qualify for Preferred Plus or Preferred rates with any carriers.
If you want, come back to this thread after you get approved by Riversource. If you’re not satisfied with their offer, we can get comparative quotes.
Disclosure and Accuracy: Insurance companies need a detailed medical history to assess risk accurately. Be honest about your medical history, including psychiatric records, to avoid issues later.
Impact on Policy: Psychiatric records can affect underwriting decisions. If your records show stable treatment, the impact might be minimal, depending on the insurance company’s criteria.
Existing Policy Option: Returning to your current carrier might seem safer, especially if they didn’t request detailed psychiatric records before. However, if your current policy isn’t enough, you might need to explore new options.
Consultation: Consider talking to an insurance advisor who specializes in high-risk cases or psychiatric histories. They can help you understand how your records might be interpreted and guide you to the best option.
Job Offer Consideration: If your new job improves your insurability, it might be worth waiting until you have that offer before applying for a new policy.
Getting accurate, tailored advice will be crucial.
