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Life Insurance Home > Depression Life Insurance
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How Does Depression Affect Life Insurance Underwriting?
If you have a history of depression, anxiety or mood disorders, let us help you get the term life insurance you need at the most competitive life insurance rates possible.
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We understand depression life insurance underwriting, and know which term life insurance companies will be the most favorable, and which life insurance companies to avoid!
Many of our clients have come to us after being rejected by another life insurance company due to their history of depression, anxiety, bipolar disorders, panic disorders, attention deficit, etc.
The reality is that for most of you, we are able to help you obtain life insurance if you have a history of any of these issues. It is important to get to the right life insurance company in order to get approved.
We are the impaired risk life insurance experts at getting you to the right term life insurance companies that know how to underwrite depression for life insurance or other mental health issues....Let us help you too!
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Overview:
There has been a big improvement with term life insurance underwriting for depression over the past few years.
Some impaired risk life insurance companies have taken the time to understand depression, depression treatment, depression medications, and have developed a better understanding and more aggressive term life insurance underwriting offers for individuals who have a history of depression and need term life insurance. We can also help you if you need universal life insurance or whole life insurance.
Depression Life Insurance Underwriting:
Here are some general term life insurance underwriting guidelines for depression. Please note that every individual is unique and each case for term life insurance is different. We work with you to obtain the best term life insurance rates possible based on your individual health. We want to help you.
Life insurance underwriters will classify your depression into one of three categories in order to determine your term life insurance rate:
Mild Depression - No suicide attempts, No suicide ideations within past 1-2 years, No substance abuse, No lost time from work, No hospitalizations, short term psychotherapy, low dose minimal medications.
Moderate Depression - No suicide attempts within past 10 years, No suicide ideations within past 1 year, Substance abuse if any is no longer an issue, No Hospitalizations within past 2 years, minimal time lost from work, typically no more than 3 medications.
Severe Depression - History of suicide attempt(s), Psychotic issues, substance abuse, ongoing psychotherapy, multiple high dosage medications, lack of family support network, history of hospitalization(s).
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Depression related underwriting issues:
Life Insurance for Situational Depression/Adjustment Disorder - We see this very often....If you have had a life changing event such as death of a family member, divorce, job loss or some other issue that was extremely stressful at that time but with time has passed, life insurance underwriting does NOT typically follow depression guidelines.
As an example, we have had clients who have gone through a divorce or loss of a loved one and it was obviously overwhelming at that time. They may have gone to their physician and been prescribed a medication that is commonly used for depression.
As long as term life insurance underwriters can tie the use of the medication to a specific temporary event in time, it will not be an issue...with the right life insurance company.
Postpartum Depression - Life insurance companies now recognize postpartum depression and have some experience underwriting postpartum depression.
Generally speaking, life insurance underwriting will follow the general depression guidelines, and as part of underwriting the insurance companies will look at how recent the postpartum depression was, how long it lasted and how severe it was. If temporary and short in duration, it is a non-factor for life insurance underwriting purposes.
Seasonal Affective Disorder - is depression that occurs during the winter months and is relieved the the arrival of spring. Most of the time this is a non-factor for life insurance underwriting purposes, with worse case being that you are underwritten as having mild depression.
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How Does Depression affect your term life insurance rates?
It is important to note that not all term life insurance companies will do a good job underwriting depression and related disorders.
You need to get to the right life insurance company in order to get the most competitive term life insurance rates based on your individual health information. We can help as we know which term life insurance companies to go to.
Mild Depresssion - As long as you go to the right term life insurance company, it is possible to obtain "preferred" life insurance rates with a number of life insurance companies as long as you meet all the other criteria for preferred rates...On occasion, we have seen "preferred best" rates for depression cases but that does not happen often.
Moderate Depression - Many term life insurance cases will qualify for the "standard" life insurance rate class..
As you read the above information, if you feel that your situation is closer to mild depression, you are more likely to qualify for "standard" rates, and with some life insurance companies may be able to get slightly less expensive "standard plus" rates.
If your situation is moderate depression, or closer to severe depression, you may qualify for standard rates, or the life insurance companies may add an additional cost called a flat extra or a table rating to the price of your life insurance.
Severe Depression - Severe depression is considered case by case. Life insurance underwriters want to see your medical history, treatment, medications, follow-up and current state and support network.
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Remember, there is never any pressure or obligation with our term life insurance service. We want to help you get the life insurance you need.
The information contained on this website is meant to inform you about how medical issues affect your life insurance rates. This information is not meant to replace your physician's advice. Always consult your physician for medical advice.
If You have health issues, it is important that we know about those health issues in order to provide you with the most accurate term life insurance quotes possible. You will find more information here about health issues such as:
Alcohol Related, Angioplasty, Asthma, Bipolar, Blood Pressure, Build, Cancer, Crohn's, Depression, Diabetes, Family History, Heart Disease, Hepatitis, Liver Enzymes, Melanoma, Sleep Apnea, Tobacco Use, Ulcerative Colitis, and many more Impaired Risk Life Insurance topics.
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