Securing life insurance with depression can be a difficult task if you use the wrong life insurance company. Many people come to us after having a bad experience with another agent or life insurance company. Truth is, you need to work with an agency experienced in underwriting life insurance with depression. We have many reviews available such as our AARP Life Insurance Review or our State Farm Life Insurance Review to help you in making the best decision for you and your family.
We're here to let all of you know that depression or taking antidepressants won’t automatically cause you to be declined for life insurance. While there are many pieces to the puzzle, and you may end up with higher premiums (depending on the severity of your depression or how many medications you’re taking to treat it), but many people suffering from depression can still receive affordable rates.
The main thing to remember, is that you’re far from the only person they’ve worked with who struggles with depression, and even if your situation seems bleak to you, it may not seem so serious to the underwriters, who may even view your situation as being highly controlled. In that case, the price of your policy won’t be as high.
Whether you are looking for a $100,000 insurance policy or a million dollar life insurance policy, it is our pleasure to help you make the best decision for you and your family.
Types of Depression: How They Effect Your Rates
The insurance companies assess risk differently based on the different types of depression, and hand out a quote accordingly, based on your symptoms.
Mild Depression - If you have no history of suicide attempts or suicidal tendencies within the past 1-2 years, no substance abuse issues, no time lost from work, no hospitalizations and low dose minimal medications, you can be rated as having mild depression and may even be able to receive preferred rates.
Moderate Depression - If you have no suicide attempts within the past 10 years, no suicidal thoughts in the past year, no hospitalizations for depression in the past 2 years and are on no more than 3 medications for depression, you can be rated as having moderate depression. There are definitely still carriers who have policies to accommodate you at their Standard rates and sometimes a low sub-standard rate depending on the control demonstrated in your medical records.
Severe Depression - If you have a history of suicide attempts, psychotic issues, substance abuse, ongoing psychotherapy, multiple high dosage medications, a history of hospitalization and a lack of family support, then you will be rated as high risk and will either receive high premiums or only qualified for guaranteed issue coverage (call us for quotes on guaranteed issue coverage).
Some of the more common medications we see (and insure with no problem as long as your depression is under control) are: Cymbalta, Lexapro, Effexor, Zoloft, Celexa, Trazodone, Prozac, Wellbutrin, Ciropram and Sertraline.
There are also different classifications for depression, each one being viewed differently by the underwriters:
Situational Depression/Adjustment Disorder - This helps the underwriters determine what is actual depression and what is just stress from outside sources like work or a divorce. Some people may be receiving treatment or have been prescribed medication to help alive their stress. Most underwriters will be able to recognize this, see that their situation is under control and it will not affect their rates.
Postpartum Depression - Underwriters are now differentiating between regular depression and postpartum depression. If the postpartum depression was temporary and short in duration, then it will be a non-issue during the underwriting process and the applicant will not pay more. If it was recent, long and more severe, it will be viewed just like normal depression.
Seasonal Affective Disorder - This is depression that pops up during the winter months and is gone by spring time. Usually this doesn’t become an issue for life insurance, and worst case scenario you may be classified as having mild depression.
The best thing you can do is to be honest with yourself about your condition before starting the underwriting process so there are no surprises.
If you have mild depression, as long as you go with the right life insurance company, it is still possible to obtain preferred rates, as long as you meet all other criteria for preferred rates. In rare cases, some people have even received preferred best.
If you have moderate depression, most people will qualify for standard life insurance rates. If you feel you might be in between mild and moderate, then you might qualify for standard plus.
For severe depression, your case will be viewed on an individual basis. The underwriters will want to see your medical history, treatment and medication records.
If you are still worried about whether or not you will be approved, or if you are nervous about what to say to the underwriters, please don’t hesitate to contact us to inquire about our guaranteed acceptance life insurance options. We have worked with many people who have depression before, and can help you to get the best rates possible, regardless of your condition.