Hi Guys,
I am self employed and I am looking to purchase a LTD benefits plan in case I get sick and not able to work. I do have history of depression, and anxiety in the past. I just recently applied for LTD benefits and my exclusion was “Psychological disorder”. Does anyone have any tips on how to get approved? Thanks so much.
You could ask them to change it from an “exclusion” to a “pre-existing” clause with a certain time frame (likely over 2 years after policy is in place). If they agree it’lll definitely hike up your premiums.
Unfortunately, with individual insurance policies the insurance companies will assess the risk on a case-by-case basis. This means they look at your medical history and will exclude coverage for medical conditions you have had in the past. For example, I had a borderline blood cholesterol test when I applied for my individual LTD and they excluded any future claims for heard condition or stroke. It is very unlikely you will find and insurer to issue a policy that doesn’t exclude depression and anxiety. You could shop around to see, but unlikely to find it in my experience. It is import to read the exclusion carefully because it can cross over into other related conditions like, chronic pain, chronic fatigue, etc. This is because some of the exclusion clauses will say it does not cover any condition that is “directly or indirectly” related to depression, anxiety, etc
David Brannen
Disability Lawyer with Resolute Legal
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This is a great suggestion, but this type of clause is usually only seen with group insurance policies unfortunately. However, if it is possible, I would love to hear about it.
Thanks so much for the response.