Purchasing life insurance with depression can be challenging especially if you do not use an experienced agent that is knowledgeable in the life insurance industry. We empathize with your diagnoses and the stigma that goes with it. We know that if your condition is well controlled with proper care, it will not impact your overall health. However, insurance companies may view your condition differently and it can significantly impact your approval for purchasing life insurance.
If you have a history of depression or have taken anti-depressants in the past insurance companies are going to look at your overall depression history. They are going to be specifically interested in knowing your age of diagnoses and how much time has passed since diagnoses. Along with your treatment history, they will want to know if you’re taking any medications and if they have been stable and working for you. If your medications have been changing or if you have been hospitalized for depression, this too will be taken into consideration, as well as if you have had any suicide attempts. The insurance carrier will want to know if you have any other mental disorders, if you are disabled due to the depression, if you’ve had past drug or alcohol abuse or other medical conditions.
We know that depression is a very common among us and not every individual’s condition is the same. How much you’ll pay for your life insurance coverage depends on the degree of your depression, the medications you take and your overall lifestyle. The more control you have over your depression the less your premiums will be versus the less control you have over your condition the higher your premiums will be.
We know that there are many stages of depression and we’re here to help you find the right carrier that is going to look at your specific mental health conditional favorably.
Types of Depression and Rates
Mild Depression- If you are taking minimal dosage of medication, no suicide attempts in the last one to two years, no loss of work or no substance abuse you can qualify for preferred rates with some carriers.
Moderate Depression- If you are not taking more than 3 medications for depression, no hospitalizations in the past two years, and no suicide attempts in the last 10 years, as well as no substance abuse and with minimal loss of time from work, you may qualify for standard to a few table ratings.
Severe Depression- If you have had a history of suicide attempts, current psychotherapy, substance abuse, multiple high dosages of medications, a history of hospitalizations, then you would receive high substandard rating or only qualify for guaranteed issue insurance products.
Situational Depression or Adjustment Disorder- Some of us go through a bought of depression when we experience a life changing event like, the loss of a loved one, divorce, loss of job, or other stresses that might pass in time. For these types of events, even if you’ve taken depression medication for a short period of time, it will not impact your rate for life insurance. We have seen cases where an individual can still qualify for preferred best rates.
Seasonal Affective Disorder- Seasonal depression comes up during the winter months and is typically gone by springtime. Typically this is a non-issue with insurance companies but if you have a severe case it can be viewed as having mild depression.
Securing life insurance with depression is not impossible. Let our knowledge and experience in working with over 60 insurance companies secure a policy that provides you with the coverage that you need and at a price you can afford. Call us today at 877-817-2583 and speak to an agent.
1. Life Insurance with Anxiety