(888) 229-7522

Can You Get Life Insurance with a Depression History?

Life insurance is one of the best safety nets that you could ever purchase for your loved ones. It’s the best way to ensure that your family has the resources that they need, regardless of what happens to you. If you didn’t have life insurance, your family would be left with a massive amount of debt and final expenses. Nobody wants to think about his or her own death, but it’s vital that you plan for the worst.

When a person applies for life insurance, there are a number of different parameters that the insurance company’s underwriters will review prior to issuing the applicant a policy. 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 whether or not they have any other life insurance policies in force.

The primary reason that the underwriters check on these issues is to determine the individual’s anticipated life expectancy. This is because the life insurance company is essentially taking a “risk” on the applicant in terms of having to pay out a potentially costly claim should the individual pass away while they are insured. With that in mind, the insurance company wants to be sure that they are making the best choice possible.

How Depression History Can Factor Into Your Life Insurance Application Decision

life insurance with depressionSome 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 or risky hobbies such as sky diving or motorcycle racing, it is likely that they will be rated higher than an individual who does not participate in such activities.

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 for life insurance coverage, as well as the amount of premium that they will ultimately pay for their policy.

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. However, the underwriters will want to know more in depth information regarding your condition and diagnosis.

What The Life Insurance Underwriters Will Need To Know When You Apply For Coverage

When applying for life insurance with a history of depression, the underwriters will need to know more condition related information in order to make a more accurate determination about your policy, as well as to determine an appropriate premium price. Some of the questions that you may be asked include:

  • When were you initially diagnosed with depression? The life insurance underwriters will want to know at what age you were when you were first diagnosed with depression, and how many years have elapsed since that time.
  • How severe is your condition? The underwriters will also need to know the actual severity of your overall condition.
  • What, if any, medications are you currently taking for your depression? In addition, it is important that the underwriters know what, if any, medications you have been prescribed for your 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 due to 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.
  • Have you ever made any suicide attempts due to your condition? In certain cases, those who have depression may attempt suicide. Therefore, the underwriters will also need to know if you have ever made any suicide attempts, as this will have an effect on your life insurance coverage application.
  • Do you have any other mental issues or disorders in addition to depression? Other mental issues and / or 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. The life insurance underwriters will also need to know if this is the case with your situation.
  • 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.
  • Do you have any other health issues in general? Such as do you suffer from Diabetes? The underwriters will also need to know your overall state of physical health. You can still qualify for life insurance with type 1 diabetes, so don’t let health issues stop you from getting the coverage you deserve.

In addition to your condition specific information, the information that you provide in the application for life insurance coverage will also be reviewed. This includes details regarding your age, gender, height, weight, smoking status / tobacco usage, marital status, occupation and income, family health history, and whether or not you participate in any hobbies that are considered to be risky or dangerous such as sky diving or scuba diving.

You will also likely be required to take a medical exam as a part of the overall life insurance underwriting process. This will entail meeting with a paramedical professional who will take a heart monitor and a blood pressure reading from you, as well as ask you additional, in depth questions regarding your health history.

The paramedical professional will also take a blood and urine sample from you. These will be analyzed by the insurance company in order to determine whether you have certain health issues that could also pose a risk of claim to the insurance company.

Once all of your information has been reviewed, the underwriters will be able to make a much more informed decision about your policy and about the appropriate premium price to be charged for your coverage.

How Much Will Your Life Insurance Coverage Cost With A History Of Depression?

The current state of your depression, coupled with your overall health and your lifestyle will all factor into whether you are accepted for life insurance coverage, as well as how much you will pay in premium. The good news is that if you are in good overall health, you can likely be accepted for life insurance coverage.

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.

For those who are in good health and who only have a slight case of depression, it is possible to be accepted as a Standard rated policy. This rating is provided to those insureds who are considered to be of “average” health overall – and these policy holders will also pay an average premium price for their coverage.

If, however, the underwriters feel that you are more of a risk – but not too much of a risk to decline your application altogether – then you could be accepted as a Substandard classification. Here, you will pay more for your coverage in order to compensate for the higher amount of risk that the life insurance company is taking on.

If you are declined for coverage, it may still be possible to obtain life insurance by applying for a guaranteed issue policy. With this type of coverage, there is no medical examination required, and there are few, if any, questions to answer on the application for coverage. Although the premiums that are charged on a guaranteed issue life insurance policy are much higher than for a comparable policy that is traditionally underwritten, these plans do provide a way to obtain the coverage that you need and can oftentimes be well worth the price.

There are several advantages and disadvantages to these no medical exam plans that you should be aware of when you’re looking to get life insurance coverage. It’s important that you understand all of the options and the benefits of each plan when you want to get the perfect insurance protection for your family.

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 than you can with a traditional life insurance plan. Because you don’t have to wait for the insurance company to review the medical exam results, you can get life insurance in a matter of days, with some companies you can get coverage in as few as a couple of hours. With a traditional life insurance plan, you could wait up to one month to be accepted for a policy.

There are going to be significant pitfalls that you should be aware of, we already mentioned the first one, and that it’s going to be more expensive than a traditional plan, but that isn’t all. With these guaranteed issue plans, the life insurance companies are going to limit how much coverage you can purchase. Most companies are only going to allow you to buy around $250,000 of life insurance, which isn’t enough coverage for most applicants. If you need more than that, you’ll have to buy two plans or apply for a normal plan with a medical exam.

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 that has access to more than just one insurance carrier. This way, you will be able to compare different policies, benefits, and premium quotes. If you’re ready to begin the comparison process, we can help.

We work with many of the top rated life insurers in the market place today, and we can assist you in obtaining all of the information that you need quickly and conveniently – right from your computer. If you’re ready to start shopping for the life insurance protection that you need, all you have to do to get started is use the form on this page.

Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. Our agents can help you connect with the perfect life insurance plan. We know that finding the best plan can be a confusing process, but it doesn’t have to be. Our agents can make it as quick and simple as possible. Not having life insurance is the worst mistakes that you could ever make, and leave your family with a mountain of debt and no way to pay off all of those bills.

If you have any questions regarding finding the right coverage or obtaining premium quotes, please feel free to contact us directly. We can be reached toll-free at 888-229-7522. We will help you to find the right life insurance policy at the right premium price for your specific coverage needs. Our agents have years of experience working with clients with a history of depression and we can help you connect with the perfect life insurance plan to meet your needs. We can walk you through the application process and help you get the most affordable plan.

Sorry, comments are closed for this post.