What Is PTSD?
PTSD, you may know, is a mental disorder. It stands for post-traumatic stress disorder which a patient suffers from out of catastrophic experiences that threaten life. Traumatic experiences may arise out of any huge fear by natural disasters, witnessing crimes or even from undesired personal experiences.
Though not most people experience PTSD, available statistics can be very frightening. PTSDUnited.org that spreads awareness about the disorder, says an approximate 70% or 223.4 million of the US people have had PTSD at least once in their lifetime. They inform that up to 20% of them, amounting to 44.7 million Americans either were or are experiencing PTSD. It is also remarkable that women are twice more vulnerable to PTSD than men. One in every nine women suffers from the disorder.
Effects of PTSD
Unless treated, the effects that PTSD leaves on a person can be quite far-reaching and debilitating. Depending on the gravity and type of the disorder, a patient may suffer from one or more than one disturbances that affect personal and social life.
PTSD may affect one’s interpersonal skills, standing in the way to normal life. Psychologically, loss of memory, lack of communicative skills, inability to stay organized, fear of failure and similar symptoms can have very grueling effects on you.
As a result, getting employed can be pretty hard. On the other hand, those who get jobs may lose them for lack of skills.
Frighteningly, depression may be associated with the disorder which may lead a PTSD sufferer to self-hurt or suicide.
Does PTSD Bad Affect Life Insurance?
PTSD sufferers are not isolated people. Sometimes it is even hard to recognize them. As such, they have financial responsibilities toward people that depend on them.
When a PTSD sufferer is financially responsible, having life insurance on the dependents may be more than necessary. In the event of the death of the sufferer, the insurance serves to save the family members or dependents from financial fall-down. The life insurance policy will provide a lump sum of money to pave the way for the dependents to survive as usual.
But PTSD may stand in the way to enrollment of the sufferer on insurance. The reasons are obvious: there financial insecurity and probability of early death of the insured. As a matter of fact, PTSD sufferers are more likely to die earlier than otherwise healthy people.
The possibility of early death of the customers is what insurers are concerned about when it comes to getting a PTSD sufferer insured. The reason is death of a customer translates itself into payment of death to the beneficiaries. So, insurers would be reluctantly willing to enroll people who have PTSD.
Good News Is
Life insurance companies do not automatically deny your application for approval like they do with some other disorders. Once you apply for life insurance, they will take a through look at your status before they decide your fate.
They will check the following data with regard to your PTSD:
How long you have suffered from the disorder.
What the gravity of the disorder is.
Whether you have other symptoms associated with your symptom.
What the possibilities of recurrence are.
Which medications you are prescribed.
What the cause of the disorder was.
Whether your status affects your normal activities and behavior.
One more thing that needs telling is like they do it with any other applicants, they will also check your personal and family health history.
If everything is fine-tuned to your favor, your application for life insurance will get an okay.
You need to note that the level of severity and complications will be the determiner of your cost if you get approval. Obviously, people with milder symptoms and complications will get less expensive rates.
How to Buy Life Insurance When You Have PTSD
Having PTSD is not a mars experience. If you have the condition, the better approach is to admit the fact and co-operate with the insurer. This will help bring you favor with a positive report from the field. The possibilities of approval go up when you are being honest.
PTSD is a treatable condition. So, waiting till you have come round is advisable.
Also, quitting any habits like alcoholism or smoking well enough prior to applying is one of the best preparatory steps you should be considering for PTSD life insurance. And remember, PTSD or not, these habits play a criminal role in taking the insurance rate up. So, quit any negative habit you might have had.
Even if you cannot wait to quit smoking, you may start it after you have applied. You can get the benefit if you are approved and passed two years or more.
What If You Are Denied?
For sure, denial of application is disappointing for a life insurance applicant. But when it is PTSD, denial should not be the last word your voyage should end at. Remember that other doors may be open for you. So, knocking at more doors is what you should do.
What If All Doors Close?
But if all attempts fail, then you need to change your decision. There are options for you other than policies known as term life insurance or whole life insurance. These policies are respectively designed for untimely death of breadwinners that affects families. But when you do not qualify for PTSD, the choice that is there for you is to sign up for a funeral life insurance policy.
A funeral life insurance policy won’t be a substitute for traditional insurance because it does not come with large benefit. This policy is designed to pay for the last rites bills.
But if you buy the maximum amount available for final expense insurance, your heirs will have some money left to them. They can use the remnant if you owed small loans or bills to people that you were unable to meet up before you died. That your family members will be exempt from the burden of paying the funeral costs which is not very little is something you can very reasonably think of doing them a favor of.