1. 12689 POINTS
    Ted RatliffPRO
    Owner, SFS Associates,
    Yes you can.  It depends on the mental illness, medications, and medical history what type of policy you need to go with.  Worse case you can go with a guaranteed issue plan.  There are some simplified issue plans that may fit or if the problem is mild you may even be able to get a fully underwritten plan.  You need to sit down with an experienced independent agent who can evaluate the details of your case and help you find the best plan for you.  It would also be a good idea to have a trusted friend or relative present if your mental illness impedes your judgement in any way.
    Answered on May 15, 2013
  2. 63333 POINTS
    Peggy Mace, Certified Senior Advisor (CSA)®PRO
    CEO, Outlook Life, Inc, Most of the U.S.
    Getting life insurance with mental illness is a very broad category and the premiums can range from the top Preferred category (for mild depression) to being uninsurable (for a younger adult who is institutionalized due to mental illness, upon which there are no guaranteed issue options that I am aware of due to age). 

    A simple rule of thumb for medically underwritten life insurance for mental illness of any type is, can the person with mental illness hold down a steady full time job. If the mental illness is so well controlled by medication or therapy as to make that possible, or there is no need of treatment in order to live a normal life, then usually that person can obtain a medically underwritten life insurance policy.

    If someone is on Disability for the express purpose of mental illness, simplified and guaranteed issue plans are available. 

    Of course, other factors come into play in deciding what type of policy the person with mental illness can get, and finding his/her best price. There include whether there has been a hospitalization for mental illness, suicidal thoughts or attempt, multiple medications needed for one diagnosis, etc. But the vast majority of persons with mental illness can get life insurance.
    Answered on May 15, 2013
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