Disability Insurance and Mental Illness: What You Need to Know
Long Term Disability
Stay Financially Secure Despite Mental Illness
Approximately one-quarter of American adults suffer from diagnosable mental illnesses each year, and many people suffer from more than one disorder at a given time.1 Since mental illness can impact your ability to work, most Long Term Disability (LTD) insurance policies cover a variety of psychiatric conditions including depression, bipolar disorder, anxiety, substance abuse, eating disorders, and more.
Discounted Income Protection Plans
Our individual plans provide coverage in the event you’re too sick or injured to work or to care for your family. Own and keep your policy, even if you change jobs.
Your eligibility for LTD benefits depends on the severity of your illness and its impact on your ability to perform your job duties. While mental illness is generally covered, you should be aware of some common exclusions and limitations.
Exclusions and Limitations
Some policies exclude certain mental illnesses, and your condition may not be covered if you’re in treatment prior to applying for insurance. While you still may be able to secure coverage, your condition will likely be excluded as a pre-existing condition for which you’re not eligible for benefits.
Many policies provide reduced benefits or a shorter benefit period for mental disorders. For example, most LTD policies provide monthly payments for psychological illnesses for up to two years.
DInamic Cornerstone from Ameritas
Our partner, Ameritas, offers flexible policy options and the opportunity to customize your coverage. The DInamic Cornerstone plan includes coverage for up to two years for mental, nervous, drug, and alcohol conditions.3 Alternately, you can elect to forego mental health coverage in exchange for a reduced premium.
Don’t let concerns about your mental health keep you from exploring LTD insurance. Even if one insurance company won’t cover you, another insurer may. An LTD Advisor can explore options for mental health disability coverage while being sensitive to your individual needs.
1,2 “Mental Health Disorder Statistics,” Johns Hopkins Medicine, https://www.hopkinsmedicine.org/health/wellness-and-prevention/mental-health-disorder-statistics, accessed March 2024.
3 For most occupations.
