From an underwriting perspective, there is a lot of info to review and comb through. These primarily have to deal with the individual’s health and health history.
However, they also can include other aspects of the applicant’s life, such as his or her family health history, their hobbies and habits, and other life insurance plans.
The primary reason that the underwriters check on these issues is to determine the individual’s anticipated life expectancy.
They need to know exactly how much “risk” they are taking when giving someone life insurance.
We want to help our clients with a depression of history get the best possible life insurance.
Life Insurance With Depression
Some of the things that can contribute to an individual’s life expectancy include their overall health.
For example, if they have been diagnosed with an illness such as heart disease or cancer, it is entirely possible that their life expectancy may be shorter than someone who has not.
Other aspects can include the way that a person actually lives their life. For instance, if he or she participates in dangerous hobbies, like skydiving.
Another aspect that can be considered a determinant of life expectancy is a person’s mental state – and therefore, this too can factor into a person’s chances of being accepted.
In this case, statistics have shown that those who have a history of depression have a higher rate of mortality than those who do not. Therefore, you can get life insurance if you have a history of depression.
But before they give you the official acceptance, they are going to want more info about you and your depression diagnosis.
What The Life Insurance Underwriters Will Need To Know When You Apply For Coverage
Before you run off to apply for life insurance, if you know the questions to expect, it’s going to make the whole process quicker and cleaner.
- When were you diagnosed?
- How severe is your condition?
- What prescriptions were you given? In addition, it is important that the underwriters know what, if any, medications you have been prescribed for your health condition. They will also need to know if the medication has been effective in treating your depression, as well as if you have had to change medications at any point in time since your initial diagnosis.
- Have you ever been hospitalized because of your depression? It is also important for the underwriters to know if you have ever been hospitalized due to your condition. If so, they will also need to know for how long, and what the outcome was.
- Do you have any other mental issues or disorders in addition to depression? Other mental issues and disorders will also factor into the overall decision for life insurance coverage.
- Are you disabled because of your depression? In some instances, individuals who have depression are unable to work and are placed on disability.
- Do you have any type of drug or alcohol abuse problems due to your depression? In some cases, individuals who suffer from depression may acquire alcohol and/or drug abuse problems due to their condition. This, too, is something that the life insurance underwriters will need to know, as it will factor into their coverage decision.
- What other health problems do you have? Such as do you suffer from Diabetes? Other health problems are going to change how they view your application.
In addition to all these questions about your depression, they are going to ask some general questions as well. For every application, depression or not, they are going to ask about smoking status/tobacco usage, family history, and more.
How Much Will Your Life Insurance Coverage Cost With Depression?
The current state of your depression, coupled with your overall health and your lifestyle will all factor into whether you are accepted or not.
In most cases, a slight case of depression may not hinder your application for coverage at all. However, other factors may have an effect, such as the type of medication that you take, and if you have had any suicide attempts.
If you’ve received a rejection, you can opt for a no exam option. There is no medical examination required, but they will still ask you all the questions.
There are several advantages and disadvantages to these no medical exam plans.
The most notable benefit to these plans is that anyone can buy one of these plans, and you can get accepted for coverage much quicker. No exam gets you approved in days. Not months.
No exam coverage will cost more. Without the exam included, they are taking on some additional risk, which they are going to be wary of.
How And Where To Apply For Life Insurance
When seeking life insurance with a depression history or any other special circumstance, such as life insurance as a veteran, it is always a good idea to shop through a company which has expertise in this area.
If you use an agent who hasn’t dealt with these situations before, then you could find yourself being declined or facing massive premiums.
Instead of using an inexperienced agent, find a high-risk expert. Luckily, you don’t have to go anywhere else – we’re right here.
We are high-risk specialists who aren’t tied to one specific carrier. We are what you call “uncaptivated” agents. This is a fancy way of saying we can sell plans from a lot of companies, not just one.
Why does this help you? Well, instead of having to go from company to company, you can make one single stop. One call to us and then you can sit back as we bring a bunch of quotes.
We can review those plans and compare them at your leisure. Look through them until you find one which is the right choice for you. Let us know, we will walk you through the application and answer any questions you have.
Ready to go ahead and get started? Don’t let your depression be a roadblock from insurance coverage.