How To Get Life Insurance With Depression [2024]
You can get term life insurance with depression, and our guide will teach you how to get the best quotes for life insurance with depression. Life insurance companies want to see that people with a history of depression have received or are receiving treatment.
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Ty Stewart
Licensed Life Insurance Agent
Ty Stewart is the founder and CEO of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent, he has helped clients nationwide to secure affordable coverage while making the...
Licensed Life Insurance Agent
UPDATED: Sep 16, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Sep 16, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Quick Facts
- If you have depression, you can still qualify for term life insurance coverage.
- The more severe your depression is, the higher your life insurance rates will be.
- If your depression is not well-maintained and under control, you may struggle to be approved for a life insurance policy.
Anxiety and depression are common ailments in our society. Can you get life insurance if you have depression? The good news is yes, you can qualify for coverage. Read through our comprehensive guide to learn how to get term life insurance with depression.
Not only is depression quite prevalent, but it’s present in several forms and levels of severity. How can you tell if your mood changes are normal or if you require treatment for depression? Though we all like to self-diagnose, only a physician can determine if someone suffers from clinical depression.
So how do life insurance companies handle applicants with a history of depression? What do they look for? How can you prepare? Is affordable life insurance with depression possible? Our guide prepares you to get started with your application for life insurance terms.
Can you get term life insurance with depression?
If you have depression and no life insurance policy, don’t worry, we have good news. You can qualify for term life insurance when you have a history of depression.
However, when it comes to depression and life insurance, the severity of your condition may impact your rates.
Your outcome and resulting premium cost will depend greatly on the type of depression you’ve been diagnosed with, your treatment history, the level of control, any follow up, your medical history, and more.
Fortunately, you can control the outcome to some extent through good follow-up and lifestyle habits. However, other uncontrollable factors will come into play when the life insurance company reviews your application. Keep reading to learn more.
In the following table, we compare term life insurance rates people with varying levels of depression were able to secure, as well as an example of a declined policy. Check it out.
Depression Scenarios and Term Life Insurance Policies
Details | Person #1 | Person #2 | Person #3 |
---|---|---|---|
Outcome | Approved at a Preferred rating class | Rates Substandard, table 2 rating class | Declined |
Annual premium | $480 | $1,800 | Declined |
Diagnosis | Situational depression due to the loss of her mother | Mild bipolar disorder | Chronic depression |
Age of diagnosis | 32-years-old | 38-years-old | 48-years-old |
Current age | 36-years-old | 45-years-old | 52-years-old |
Treatment details | Medication and counseling | Medication | Medication and therapy |
Length of treatment | 6 months | Ongoing, condition is controlled | Ongoing, changed medication twice in past year |
Rate of reoccurrence | No recurrence of depression since treatment ended | No hospitalizations or suicide attempts | 1 suicide attempt in past 2 years |
Other medical conditions | No known medical conditions | History of high blood pressure | No known medical conditions |
As you can see, Person #1 had the best outcome and received the lowest rates. Her diagnosis was a common case of situational depression brought on by the sudden loss of her mother.
Her treatment was short but effective, and she has no recurrences and maintained her follow-up visits with her doctors. All of this helped her secure a Preferred rating class.
Person #2 had a more severe form of depression. While his condition was under control, his medical history of high blood pressure put him at a higher risk, which led to a lower rating class and a higher premium.
Finally, Person #3 experienced depression that was not well-controlled. Her recent changes in medications, coupled with the suicide attempt, resulted in her being declined for term life insurance.
Simply put, insurance is all about risk management. Proving you’re low-risk will always lead to better life insurance rates.
Keep reading to learn what steps you can take in order to receive great life insurance rates despite experiencing depression.
What Life Insurance Companies Look For When You Have Depression
Let’s deep dive into the life insurance underwriting guidelines, which include your age, health history, and high-risk habits. The lower risk your depression proves to be, the better rates you’ll receive for term life insurance.
Specifically, life insurance companies want to see that people with a history of depression have received or are receiving treatment, and have also completed regular follow-up visits per doctor’s orders.
To start, companies will consider the presence of necessary lifestyle changes, such as exercising regularly, weight control, no tobacco use, or other positive habits.
The life insurance company you apply with will also be looking specifically at your age at the time of your diagnosis, as well as the amount of time that has passed since your diagnosis.
Companies will then factor in the duration and severity of your depression as well as the number of episodes per year you experience. If you use medication, you certainly can still qualify for term life insurance. Especially if you’ve maintained compliance with said medication.
Know that insurance companies will also look into if you require frequent changes in your medication. This is significant because the life insurance company must be sure the disorder is well controlled.
Of course, any suicide attempts or thoughts of suicide, and hospitalizations or emergency room visits for depression, and any concurring disorders will also be factored in, such as anxiety or post-traumatic stress disorder.
Finally, companies will consider any current alcohol or substance abuse, or history of such. And if you are disabled due to depression, or experience any other major health problems as a direct result of the condition.
It is important to note that if you’re seeking out depression treatment, your quotes will be lower than if you are not. Expect severe depression quotes to be higher and harder to come by than more mild clinical depression quotes.
How to Prepare for Your Term Life Insurance Application if You Have Depression
No matter your depression status, quotes for term life insurance depend on a multitude of factors. Let’s briefly discuss what steps you can follow to properly prepare for your term life insurance application.
Being prepared with this information ahead of time will help your chances of getting approved for the best rating class possible.
Use our expert tips to put yourself in the best position to receive the most affordable rates.
First, have all of your doctors’ names, addresses, and phone numbers available. Also, make sure your doctor or doctors have copies of all records regarding your depression treatment and follow-up reports.
If applicable to you, you should also have a list of all medications and their dosages available as well. Make sure it is documented in your medical records what the effective medication and dosage are, as well as how long your symptoms have been well controlled with the current treatment.
If medications or dosages were ever changed or altered, be sure the reasons for the changes are documented in your medical records as well.
Finally, be sure the cause of the depression is well documented in your medical records. Depression can be situational, for example, perhaps your symptoms are temporary side effects of grief after you experienced the death of a loved one.
Or maybe your depression is caused by a chemical imbalance, or even as a side effect of a medication you take for other reasons.
It is also important that you do not skip any follow-up visits with your doctor. This proves to the insurance company that you are responsible and are properly following up with professionals to treat and heal your condition.
Read more: How To Get Life Insurance With Bipolar Disorder
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What is depression?
Depression is characterized by a depressed or sad mood and a diminished interest in activities that were once pleasurable. Other symptoms include weight gain or loss, fatigue, guilt, difficulty concentrating, and recurrent thoughts of death, to name a few.
Statistically, one in 10 Americans suffers from some form of depression. However, according to the Centers for Disease Control and Prevention, as many as 40 percent of adults reported struggling with mental health in the summer of 2020. That is a staggering number.
The following groups are most likely to suffer from depression:
- Women
- Ages 45-64
- Blacks, Hispanics, and non-Hispanics of other races or multiple races
- Previously married people
- Those with less than a high school education
- Those unable to work or unemployed
- Those with no health insurance
An individual is usually considered to be suffering from depression if he or she is experiencing five symptoms for two or more weeks. There are several types of depression, each with varying levels of severity.
Learn more about the five most common types of depression in the following table.
Five Most Common Types of Depression
Depression Type | Symptoms |
---|---|
Major Depressive Disorder (Clinical Depression) | Depression that is disabling, Prevents normal day-to-day functioning. |
Chronic Depression (Dysthymia) | Less severe, Not disabling, Long-term depressed mood, Lasting longer than two years. |
Bipolar Disorder (Manic-Depressive) | Alternating between periods of clinical depression and mania (elevated mood). |
Seasonal Affective Disorder (SAD) | Depression that occurs at the same time each year, Typically occurs around the beginning of a new season, Can occur in the fall, winter, spring, summer, Fall and winter are the most common seasons. |
Post-traumatic Stress Disorder (PTSD) | Severe anxiety that occurs as the result of exposure to a traumatic event, Can be disabling, Condition lasts more than 30 days. |
As you can see, there are many different types of depression, with varying levels of severity and causes. Some forms of depression are circumstantial, which will lead to better life insurance rates. However, more severe diagnoses can lead to higher rates.
Remember, in cases where depression is not fully under control, coverage may be fully denied.
Case Studies: Life Insurance With Depression
Case Study 1: Mild Situational Depression
John is a 35-year-old individual who experienced a brief period of situational depression after the loss of his job. He sought therapy and counseling, and his symptoms subsided within a few months.
When applying for term life insurance, he disclosed his history of depression and provided documentation of his treatment and recovery. As his depression was well-controlled and a temporary reaction to external circumstances, he was approved at a Standard rating class with affordable rates.
Case Study 2: Moderate Clinical Depression
Sarah is a 45-year-old woman who has been diagnosed with moderate clinical depression. She has been receiving treatment for several years, including therapy and medication. While her depression is managed, she has occasional episodes that require adjustments to her treatment plan.
When applying for life insurance, she provided comprehensive medical records and demonstrated her compliance with treatment. Due to the ongoing nature of her depression, she received a rating class slightly higher than Standard, resulting in slightly higher premiums.
Case Study 3: Severe Chronic Depression
Mark is a 50-year-old man who has been diagnosed with severe chronic depression. Despite receiving various treatments over the years, his condition remains challenging to manage, and he has experienced multiple hospitalizations.
When applying for life insurance, Mark’s application was declined due to the high risk associated with his severe depression and its impact on his overall health and well-being.
Case Study 4: Postpartum Depression
Emily is a 30-year-old woman who recently gave birth and developed postpartum depression. She sought immediate treatment, including therapy and medication, and her symptoms gradually improved. When applying for life insurance, Emily provided her medical records documenting her diagnosis and treatment.
Given the temporary nature of her postpartum depression and her proactive approach to seeking help, she was approved at a Preferred rating class, allowing her to secure more favorable rates.
Summary of Depression and Life Insurance
We’ve helped thousands of people apply for term life insurance, and many of those people had a history of depression. Let’s discuss a few things we’ve learned throughout the process.
Sometimes a medication used for depression is prescribed to treat some other unrelated disorder. Life insurance companies will sometimes assign lower rating classes due to the medication being taken.
Therefore if you do take a depression or anxiety medication to treat an unrelated disorder, it should be well documented in your records.
Well-controlled, mild, or moderate cases of depression will often be approved at a Standard rating class. Very mild cases of depression, or those that were situational and have since recovered, may be approved at a Preferred rating class. However, this is case by case.
Oppositely, the rating class will get worse, and the premium will be higher, along with the severity of the depression.
Similarly, the life insurance company will often postpone an application if the correct medication and dosage needed to control the depression have not yet been established.
The life insurance company will also usually decline applicants if there have been suicide attempts or thoughts of suicide.
The life insurance company will also usually decline applicants if the diagnosis is depression due to posttraumatic stress disorder, or PTSD.
You are now an expert on how to get term life insurance with depression. As always, please discuss your situation with your life insurance agent or broker, and provide as much information as you can.
They will help direct you to the best life insurance company based on your individual circumstances. And if you are not pleased with the offer you receive, you can always apply to another company.
Frequently Asked Questions
Can I qualify for term life insurance if I have a history of depression?
Yes, you can qualify for term life insurance even if you have a history of depression. The severity of your condition may impact your rates, but with proper treatment and follow-up, you can still get coverage.
What do life insurance companies look for when evaluating applicants with depression?
Life insurance companies want to see that individuals with a history of depression have received or are receiving treatment and have completed regular follow-up visits. They also consider factors such as the duration and severity of depression, medication usage, and any concurring disorders.
How can I prepare for a term life insurance application if I have depression?
To prepare for a term life insurance application, gather information such as your doctors’ names, addresses, and phone numbers. Ensure your doctors have copies of your depression treatment records. It’s important to document the cause of your depression, medication history, and any lifestyle changes or follow-up visits in your medical records.
Will the severity of my depression affect my life insurance rates?
Yes, the severity of your depression can impact your life insurance rates. Mild or well-controlled cases of depression may qualify for standard or preferred rating classes, while more severe diagnoses may lead to higher rates. Severe depression or cases with suicide attempts may result in declined coverage.
What types of depression are considered for life insurance?
There are different types of depression, including situational depression, major depressive disorder, persistent depressive disorder, bipolar disorder, and postpartum depression. The severity and cause of depression will be evaluated by life insurance companies to determine eligibility and rates.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Ty Stewart
Licensed Life Insurance Agent
Ty Stewart is the founder and CEO of SimpleLifeInsure.com. He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent, he has helped clients nationwide to secure affordable coverage while making the...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.