Best Life Insurance Companies for Mental Health in 2025

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Updated: January 20, 2025

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Your mental health may not impact your ability to get life insurance as much as you think — or at all — depending on your diagnosis, its severity and your treatment plan. After reviewing various providers, MoneyGeek names Prudential, Pacific Life and Legal & General America as top choices for life insurance with a mental health condition.

Mental health disorders, like any pre-existing condition, can affect life insurance. You might face higher premiums or even denial, especially if other health issues exist. However, if your symptoms are well-managed and not severe, your mental health may have little to no effect on your eligibility.

Key Takeaways

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Mental health conditions can affect life insurance applications, but disclosing all medical history truthfully is crucial to avoid potential claim denials for beneficiaries.

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Prudential is the best overall life insurance provider, earning a MoneyGeek score of 83 out of 100, an A+ AM Best rating and a low 0.66 NAIC complaint index, indicating strong financial stability and customer satisfaction.

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Legal & General America is the top choice for no-medical-exam life insurance, supported by an A+ AM Best rating and low complaint indexes for its underwriting companies, Banner Life (0.5) and William Penn (0.58).

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HOW MONEYGEEK RANKED INSURANCE COMPANIES

To calculate our ranking scores, we incorporated data from J.D. Power, AM Best, NAIC and our MoneyGeek affordability score, which we created by manually gathering thousands of quotes across major providers.

We used our qualitative research data to determine the best life insurance companies for people with mental health conditions based on each company’s product offerings and support features. Below are the top three life insurance companies ranked from best overall to best for no-medical exam insurance.

Best Overall Mental Health Life Insurance: Prudential

Prudential

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Competitive rates with generous mental health underwriting

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High financial strength score

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May qualify with no medical exam

cons

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Severe cases may have a high premium

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No whole life option

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Only term quotes are available online

COMPANY HIGHLIGHTS

Prudential earned a MoneyGeek score of 83 out of 100 and has an A+ AM Best rating, which shows the company’s strong financial ability to pay out life insurance claims to beneficiaries. J.D. Power gives Prudential 626 out of 1,000 for customer satisfaction, and the carrier has a 0.66 NAIC national complaint index, which is well below the industry average for complaints.

Product offering

Prudential offers competitive rates for medical conditions, including moderate to severe anxiety, depression, bipolar disorder and other mental health conditions. It may provide the best rates for those with well-controlled illnesses. Life insurance for bipolar disorder can be challenging, but Prudential's underwriting process might make it the top choice for those with this condition.

Prudential offers several term life options starting at $100,000 in coverage for ages 18 to 75. It also has multiple universal life options, including indexed universal life, available from newborn to age 90. Depending on the product, Prudential offers generous riders to customize your policy.

Support features

While you can get term quotes online, universal life quotes are available only through a Prudential advisor. Prudential’s website offers financial education tools, product details, beneficiary resources and options to file a life insurance claim.

Prudential’s lenient underwriting guidelines make it a strong option for people with breast cancer, diabetes, HIV, high blood pressure or multiple pre-existing conditions. It evaluates each case individually and offers competitive options for those with mental health conditions, including bipolar disorder and mild anxiety or depression.

Policy types offered

  • Term life
  • Universal life

Runner-Up: Pacific Life

Pacific Life

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Anxiety and depression can qualify for a preferred rating

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May qualify for no-exam life insurance

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High customer satisfaction and financial ratings

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No online quotes

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Website lacks consumer resources and tools

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Accelerated underwriting unavailable

COMPANY HIGHLIGHTS

Pacific Life has an A+ AM Best rating and earned a MoneyGeek score of 84 out of 100. The carrier has the seventh highest J.D. Power customer satisfaction score, 657 out of 1,000, and a 0.03 NAIC complaint index, one of the lowest in the life insurance industry.

Product offering

Pacific Life may offer competitive life insurance rates for individuals with anxiety or depression. Those diagnosed with mild to moderate conditions and taking no more than two medications could qualify for its preferred rating class.

It offers life insurance for individuals with bipolar disorder or schizophrenia, but you’ll need to provide an attending physician statement (APS) during underwriting. However, if you attempted suicide in the past two years, your application will be denied.

Pacific Life offers term, whole and universal life insurance with coverage starting at $50,000. You can customize your policy with various riders to suit your needs.

Support features

Although Pacific Life underwrites favorably for mental health conditions, it lacks online resources, quote tools and an accelerated underwriting process. However, it's one of the most lenient carriers for pre-existing conditions for well-controlled mental health disorders with a low impact on school or work.

Policy types offered

  • Term life
  • Universal life
  • Whole life

Best Mental Illness Life Insurance With No Medical Exams: Legal & General America

Legal & General America

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Well-controlled anxiety and depression can qualify for preferred rates

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Preferred plus possibility with no current medication

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Streamlined application process that may bypass the medical exam

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Bipolar is disqualified if less than one year from diagnosis

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Severe depressive episodes declined

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May require a medical exam

COMPANY HIGHLIGHTS

Legal & General America isn't ranked by J.D. Power and has yet to receive a MoneyGeek score. However, it has an A+ AM Best financial rating and a proven track record of paying life insurance claims. Its underwriting companies, Banner Life and William Penn, receive low NAIC complaint indexes of 0.05 and 0.58, respectively.

Product offering

Legal & General America offers competitive rates for individuals with well-controlled anxiety or depression. Those not on medication and with no more than one episode may qualify for a preferred plus rating, while individuals on one medication could qualify for a preferred rating. If you were diagnosed with bipolar disorder over a year ago or schizophrenia more than five years ago, you may also be eligible.

Applicants can purchase term life insurance starting at $100,000 for ages 18 to 70. Universal life is available from age 20 to 85 with a minimum coverage of $50,000. While term life includes several rider options, universal life offers only an accelerated death benefit rider.

Support features

Legal & General America provides term life quotes online, a life insurance needs calculator and resources like guides and a library to help determine coverage needs. While it has generous underwriting for mental health conditions, these conditions often require a medical exam or attending physician statement (APS) for approval and rating.

Policy types offered

  • Term life
  • Universal life
  • Whole life

How Does Mental Health Affect Life Insurance?

Anxiety, depression and other mental health conditions can impact life insurance eligibility. Several factors influence how much they affect premiums and applications:

  • Type of condition
  • Time since diagnosis
  • Severity of the condition
  • Medication type and dosage
  • Whether the condition is well-controlled
  • Impact on work or school
  • Presence of other pre-existing conditions

You can qualify for life insurance with mental health problems, but you might face higher premiums or denial due to disorders like depression or anxiety.

Can I get denied life insurance due to mental health Disorders?

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WHY INSURERS CONSIDER MENTAL HEALTH CONDITIONS

Life insurers consider mental health disorders because, like other health conditions, they can affect overall health and life expectancy. Insurers may reject an application or deny coverage based on mental health.

Be honest on your application and disclose your full medical history, even for mild anxiety or depression. Failing to do so could result in your beneficiary’s death benefit claim being denied.

What Qualifies as a Mental Health Disorder in Life Insurance?

Depression and anxiety are common mental health disorders, but they aren't the only ones that can affect life insurance. Other conditions that could impact qualification include:

Examples of Mental Health Conditions That May Affect Life Insurance
Illness
Description

Depression

A mood disorder that causes prolonged sadness and loss of interest in activities. It affects how a person feels, thinks and behaves, leading to emotional and physical issues. As a result, depression may lead to higher premiums or exclusions in life insurance assessments.

Anxiety

Can cause fear or dread in response to specific situations or objects and may lead to panic attacks. This makes risk assessment challenging for insurers, potentially affecting access to life insurance for those with mental health issues.

Attention-deficit hyperactivity disorder (ADHD) or oppositional-defiant disorder (ODD)

Can lead to disruptive behavior at home, school, work or social settings. This may increase perceived risks for insurers when evaluating life insurance for individuals with mental health conditions.

Eating disorders

Eating disorders that involve extreme attitudes, behaviors or emotions related to food and body weight. The physical health risks tied to these disorders can raise concerns during the underwriting process for life insurance applicants with mental illness.

Schizophrenia

A psychotic disorder that can lead to delusions, hallucinations and symptoms like suicidal thoughts. Severe symptoms can significantly affect policy terms, emphasizing the connection between life insurance and mental illness.

Post-traumatic stress disorder (PTSD)

Can cause fear or stress after a traumatic event, such as a serious accident, rape, abuse or involvement in war or a natural disaster. The potential for ongoing psychological instability may lead insurers to adjust coverage terms when considering life insurance for individuals with mental health issues.

Bipolar disorder

Causes extreme mood swings, including periods of deep depression and elevated mania. The severe fluctuations in mood can make it hard for insurers to predict long-term health outcomes, affecting life insurance evaluations for those with mental illness.

What if You Get Rejected for Life Insurance Because of Mental Health Disorders?

If you're rejected for life insurance due to mental health disorders, consider no-medical-exam life insurance. Simplified issue and guaranteed acceptance life insurance don’t require a medical exam, but they can be expensive and offer less coverage compared to traditional life insurance. However, if you can't qualify for a traditional policy and need coverage, it's better than no coverage at all.

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    Simplified issue life insurance

    This type of life insurance doesn’t require a medical exam, but the application has health questions. Your answers determine if you’re eligible and what the rate will be. Since there’s no medical exam, you can typically get a response within two days of applying.

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    Guaranteed acceptance life insurance

    This type of life insurance requires no health questions or medical exams, and you receive an instant decision after submitting the application. However, it’s the most expensive option since your health doesn’t help lower the rate.

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MONEYGEEK EXPERT TIP

If you’re considering no-exam life insurance, we’ve analyzed providers and ranked the best no-medical-exam life insurance companies that may provide coverage.

Compare Life Insurance Rates

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FAQ: Life Insurance for Mental Health

Getting life insurance when you have a mental health condition may be difficult, but it’s not impossible. Here are the answers to the most common questions about mental health and life insurance.

Which company provides the best life insurance for people with mental health disorders?

Can I still get life insurance if I have mental health problems?

What if I get denied life insurance because of my mental health?

Does mental health affect life insurance?

For life insurance purposes, what qualifies as a mental health condition?

Does anxiety affect life insurance?

Does ADHD affect life insurance?

Does depression affect life insurance?

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About Mandy Sleight

Mandy Sleight headshot

Mandy Sleight is a licensed property, casualty, life and health insurance agent with 20 years of experience in the industry. She has worked for major insurance companies like State Farm and Nationwide, and most recently as the Operations Coordinator for a startup employee benefits company.

Sleight holds a business administration and management degree from the University of Baltimore and a master's in business administration from Southern New Hampshire University. She uses her vast knowledge of insurance and personal finance to create easy-to-understand and engaging content to help readers make smarter choices with their budgets and finances.

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