Life Insurance: Depression And Finding Affordable Coverage

Written by Jason Fisher

Depression is something millions of people deal with all around the world. Whatever the root cause of your depression, life insurance can be a little more difficult to buy if it impacts your daily life.

Life insurance with depression is considered by some to be a form of high risk life insurance, just is having attempted suicide or medically notated thoughts of suicide on your medical history, but it’s a case-by-case basis for most, as all these symptoms vary widely person to person.

If you’re looking for life insurance, depression shouldn’t hold you back from getting affordable coverage. No matter if you’re older or even young and looking for life insurance for singles; we can help you find the coverage you deserve.

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We know that life insurance is an extremely important purchase, but it can be a long and difficult process. There are dozens of different types of plans and companies that you have to choose from when you’re looking to find the perfect plan to fit your needs.

Continue reading to find out more about how depression affects life insurance, and what you should do to get the best rates.

Life Insurance, Depression, And What Matters Most

According to the Brain and Behavior Research Foundation, 7% of Americans suffer from depression of one form or another. Of those, women are a greater percentage than men.

When you’re looking to buy life insurance depression has an impact because of the symptoms one can experience. It’s not the same for everyone, so there are many things an insurance company might ask you to define what form of depression you are dealing with.

A carrier is also going to be looking directly at the symptoms which occur, like:

  • Sluggish Mood
  • Changes in Appetite
  • Fatigue
  • Anxiety
  • Mood Swings
  • Suicidal Thoughts

The reason depression can have such an impact on your rates for life insurance is because of the increased risk you may pose to the insurance company due to these behavioral changes. For example, someone who is depressed may, in some cases, develop different eating disorders because of the drastic changes in appetite, and these can pose risk for things like obesity, diabetes and other food related illnesses.

Obviously, suicidal thoughts would be the worst case scenario for an insurer. Even though there is usually a suicide clause built into the life insurance contract, it rarely exceeds a two year period. Someone who has been suffering from moderate to severe forms of depression for long periods of time is much more likely to take severe action as well, resulting in a very high risk for life insurance companies.

Buying Life Insurance With Depression

When you’ve made the decision to buy life insurance with depression, there are a few things you may want to know in order to have the best opportunity for a favorable approval.

  1. Have your current depression under control
  2. Maintain a good track record of symptoms
  3. Take any medication exactly as prescribed
  4. Don’t miss any other forms of treatment if required

Remember, these are just the items which pertain to your depression. Life insurance takes into account all of the different aspects of your health as well. Over and above your current health, your complete medical history, and even your driving record all may have an impact on your approval for life insurance.

The first item above, control, is one of the key factors when you buy life insurance with depression. The longer, more stable, history you’re able to provide, the better coverage you’ll be able to obtain. If you have had a roller coaster of events, all within a short time frame of your application, this will make it quite difficult to get the best rates. You’ll be seen as a higher risk than someone who has no major symptoms over the past 5 years.

Taking any medication on a regular basis is also a key factor. If you are prescribed to take medication, but you do it very irregularly, there’s a good chance your symptoms will vary widely as well.

Last, if you’re required any type of treatment, especially seeing someone of the medical field on a regular basis, try not to miss any appointments. In the case of life insurance depression can be cause enough to order records from professionals outside of just a personal care physician. A psychiatrist or psychologist can often give good insight to the current mental stability of a patient.

Your depression diagnosis isn’t the only factor that the insurance company is going to look at when reviewing your application. They will also look at your overall physical health. After you complete the initial paperwork for the policy, the company is going to require that you go through a medical exam before they approve your application for coverage.

The best way to improve your chances of getting affordable coverage is by improving your health, and there are several different ways that you can do that. The best way is to stick to a healthy diet and getting regular exercise, both of these are going to ensure that you get a better rating from the insurance company and lower monthly premiums.

Ready To Apply For Life Insurance With Depression?

Give us a call or get yourself a quote to begin the process. We are independent agents, so we can offer life insurance through all the major life insurance carriers, and find the best company who is willing to give you a favorable rating considering your depression. Life insurance is underwritten differently by each carrier, so we’ll walk you through a questionnaire to see which company is the best fit.

If you have any questions about your life insurance coverage or about the different options available to you, please contact one of our agents today and we would be happy to answer those questions. We know how important life insurance is and the importance tit has on the future of your family. Because it’s such an important purchase, it’s vital that you make the best decision for your family.

Not having life insurance protection is one of the worst mistakes that you could ever make for your family. If something tragic were to happen to you, your family would be left with all of your debts and final expenses. This could put your family under serious financial strain, which can make an already difficult situation a thousand times worse.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that you and your loved ones need. Please contact one of our agents today and we would be happy to get the process started.

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