Depression Life Insurance Quotes & Information + Video

Discover All the Essential Information About Life Insurance with Depression in [2024] + YouTube Video

 

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Depression is a condition that impacts millions in the U.S., often unrecognized, and life insurance applications are generally approved at favorable rates.

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How to Apply for Life Insurance With a Medical Condition: YouTube Video

 

Can I Get Life Insurance if I Have Depression?

By far, the most significant percentage of people who apply for life insurance for depression receive very affordable rates. This is because most people in the United States have some form of depression at one point or another.

It is one of the most common medical conditions in the country, and the life insurance industry is well aware of that.

Yet, most people diagnosed with this condition can get approved with no problem at all. Most applicants fall into two excellent health classifications: Preferred and Standard Plus.

There is only one exception in more severe cases where suicidal thoughts are present with the application. Regular hospitalizations and psychiatric care can also present a more challenging application. Depression life insurance rates depend on how mild or serious your condition is.

When most people think of depression and life insurance, they think of an uphill battle to get approved and secure affordable premiums. This is simply not the case anymore. Applicants can easily get approved with very affordable rates.

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How Many People Suffer From Depression? Check Out These Statistics

Worldwide, depression affects approximately 285 million people, which breaks down to approximately 3.9% of the worldwide population, including 6% of adults.

Females are affected by depression more than their male counterparts. with approximately 7% of women and 4.5 % of men experiencing depression disorders. The condition is also more common among older adults, with 5.8% of those over 60 years of age being affected. 

Despite the fact that depression is treatable by the medical profession, over 78% of people in lower to middle income countries never receive proper care for depression disorders. This is often due to the lack of medical resources, and insufficient healthcare services at their disposal.

An estimated 22.0 million adults in the United States reported having had at least one major depressive episode in their lifetime. This number represented 8.4% of all American adults.

 

Does Depression Affect Life Insurance?

If your condition is very mild to moderate; your rates will probably not increase very much at all. If your illness is more severe, your rates can increase, but if your medication has your condition safe and under control you should have nothing to worry about.

Most of the mild cases we see end up with excellent rates when using the correct carriers to apply with. You should have no problems if your condition is stable and easily controlled. Here are the situations that generally cause rates to go up or be declined when applying for depression life insurance.

1. Being hospitalized for depression.
2. Becoming a Patient in a mental institution.
3. Use of prescription medication with doses for severe cases.
4. Having regular psychiatric counseling with a physician.
5. Reporting thoughts of committing suicide.

 

Denied Life Insurance Due to Depression

You could be denied life insurance due to depression just like you can with any other medical condition. If your condition is severe enough and cannot be controlled with medication, your application could be declined.

Most of the time when I speak with an individual who has recently declined, the biggest mistake was applying with an insurer that was not competitive in insuring individuals with a mental illness.

When this happens, we perform a risk assessment which simply asks a few questions to see exactly what the severity of their condition is and then have them apply with a depression life insurance friendly insurance carrier such as Prudential.

We will also submit their applications to multiple companies at the same time and then present the best application results to our applicants to consider. The worst case scenario is when the applicant has a history of contemplating committing suicide. This will be the straw that breaks the camel’s’ back.

 

Can I Get Life Insurance if I’m on Antidepressants?

The use of antidepressant medication is actually a favorable indicator for life insurance companies. They know modern drugs for depression are very successful and can make all the difference in helping you. They also know you are seeing a doctor for your condition and creating a solid attempt to control your situation so you can lead a perfectly normal life.

On the other hand, taking a long list of antidepressants and using high doses could also mean your condition is either hard to control or not even controllable at all. At this point, the insurance company you are applying with will ask additional questions to clarify the severity of your condition.

Depression life insurance eligibility is very good and application declines are not commonly seen. Using the correct company to apply with is also very important.

 

Twelve Questions the Carriers Commonly Ask

These are considered standard questions that are routinely asked when applying for life insurance:

1. Have you ever been hospitalized due to your condition? 
2. Do you have suicidal tendencies or thoughts now or in the past? 
3. Have you ever attempted to commit suicide?
4. When was the first time you ever experienced depression?
5. What medical classification of this disorder do you have?
6. When did you most recently experience your symptoms?
7. What treatment do you mainly receive?
8. Have you ever had to be hospitalized for this condition?
9. What type of prescription medications do you take daily?
10. Do you receive therapy from a doctor regularly?
11. Have you ever applied for life insurance and been declined?
12. Have you ever witnessed a dilution or hallucinations?

 

Best Life Insurance Companies for Depression

Lincoln Financial:

Lincoln Financial Insurance Company was founded in 1905, they are rated A+ with AM Best and have 9.6 million policies in force.

Protective Life:

Founded in 1907, A+ Rated with AM Best with 6.6 million policies in force. Protective Life is one of the most versatile and competitive companies in the US.

Banner Life:

Banner Life first opened for business in 1948 and has an A+ Rating with AM Best with over 18 million policies in force.

Transamerica:

Originally founded in 1903, A+ Rated with AM Best with 7.6 million policies in force.

AIG American General:

First started in 1849, A-Rated with AM Best with 5.6 million policies in force. American General is one of the largest life insurance companies and is extremely competitive.

Prudential:

A+ Rated and open for business in 1874, A+ Rated with AM Best with over 22 million policies in force. Prudential is the most commonly used insurer for people with all forms of medical conditions. 

 

The Seven Main Types of Depression

Bipolar Depression:

Everyone has heard about bipolar depression, originally named Manic Depression, years ago. Bipolar patients experience dramatic lows and extreme highs like a roller coaster. However, patients can also share very high energy and racing thoughts in their minds. You can also treat bipolar disorder with medical therapy and proper medications.

Situational Depression:

Situational depression, also known as Adjustment Disorder, is caused by significant life-changing situations or events that stress the individual. We all experience this type of condition from time to time. Situational is a widespread type experienced by millions of people around the globe.

The situational form can be triggered by the threat of fires, tornadoes, car accidents, and just about any other stressful event possible. Taking medication for situational depression is not needed. Many people will reach for a good stiff drink, and that is it.  

Psychotic Depression:

Psychotic depression typically requires more medical attention than other forms. One of the issues with this form is that the patients hear sounds and can see sights that are not there in reality.

In other words, they are having delusions. Having delusions is a frightening experience for the individual because some sights and sounds can be monster-like or evil spirits.

Seasonal Depression:

This next form of depression is referred to as “seasonal depression” and usually shows its face during the winter when you feel trapped in the house for months. Seasonal depression is most familiar to people who live in states that experience cold and icy winters and lack sunlight. The symptoms can get worse with each passing month until, finally, Spring arrives.

Dysthymia Depression:

The medical condition dysthymia is a mild form of depression that can give the person a feeling of sadness and cause problems sleeping at night. Dysthymia depression does not prevent people from doing their normal daily activities. Usually, dysthymia does not require medication, but some therapy will suffice.

Major Depression:

Major depression is one of the more extreme versions of this that affect people’s everyday lives. Individuals with a major form have feelings of less physical energy, intense irritability, insomnia, and significant changes in their eating habits. Major depression is treated with various medications and professional therapy by a doctor.

Shopping for the best life insurance for depression will require very experienced independent agents like ourselves when an application has been diagnosed with major depression.

Postpartum Depression:

It is a unique form of postpartum depression that usually affects new mothers. Statistics show that over 80% of all new mothers feel sad after having their new baby. Approximately 20% of these mothers have been diagnosed with postpartum depression. The symptoms are tiredness, mild anxiety, and sadness.

This condition can also give the new mother a feeling of possibly harming the baby (by accident). Postpartum causes the mother to pay less attention to the baby during the first year after birth.

 

Can I Buy Life Insurance Without Having to Take a Medical Exam?

You have the option of applying without having to take a medical exam if your condition is not severe. As the name implies, these policies are “no medical exam” life insurance policies. They usually cost a little more than the fully underwritten type policies, but you will not have to worry about the smell of alcohol and the blood test everyone dislikes, including myself.

The only condition that could change the application process is if you have a severe case of depression where the carrier has to collect more information. No medical exam policies also have a shorter approval time, sometimes between 24-48 hours. As a result, most people may apply for coverage without an exam if their condition is not severe.

 

What Are Life Insurance Health Classifications?

These are otherwise known as rate classifications, which determine your final rates. These health classifications are calculated by the life insurance company’s medical underwriting team.

Here are the health classes explained below:

Preferred Plus:

Preferred Plus is not a rate class issued to people with depression. This class is also known as Super Preferred, the best classification you could ever receive. About 10% of applicants can qualify for Preferred Plus.

You have to be in excellent health with the proper height & weight ratio, and your family history is clean and right on the money. This rate class will allow you to purchase the best life insurance for depression with the lowest rates possible.

Preferred:

Applicants often don’t get preferred rates unless their depression is mild. Therefore, the preferred rate class is an excellent rate class to be placed in. However, this will entitle you to have meager rates, not quite as reasonable as Preferred Plus but still very competitive.

You could have some minor issues like high cholesterol and high blood pressure. But it has to be controlled with medication. Most healthy people fall into this category if they are in good shape.

Standard Plus:

Standard Plus is a typical rate class for people with mild conditions. However, this is still an excellent rate class if you have any health issues or possibly height and weight abnormalities.

Many people fall into this rate class, especially in their 40s, 50s, or 60s. They’re starting to have some health conditions that are perfectly normal in these age groups. You would still have to have a good family health history from your parents.

Standard:

The Standard rate class is a prevalent health class for people. In the Standard category, you would be experiencing some problems with height and weight, your medical tests are no longer squeaky clean, and you might have a small list of medical conditions that are not terrible, but you have to keep your eye on them.

The Standard rate class is a standard class for people in their 50s and 60s, but the rates are still very affordable. As you get older, your health is naturally going to get tarnished. But this effect is perfectly natural, and it is unavoidable as you get older.

Substandard with Table Ratings:

This rate class would be for people with more severe cases. The substandard rating class is not a specific rating class like the others above, but rather a scale of table ratings based on your health history graded by letters or numbers that would typically be either the letters A-J or numbers 1-10.

Life Insurance Rate Table Comparison

Being placed in a standard rate class using rate tables is usually because you have a more severe health history or recent medical setbacks, such as a heart attack, heart surgery, or a diagnosis of a complicated health problem.

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The only way to find out your actual rates is to submit an application and let the application process take its course. There is no cost to apply, and the carriers pay all related expenses. 

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Best Life Insurance for Depression 

There are two main types of depression life insurance. The first type is the term life insurance family of plan designs. Term policies cover the insured for the prescribed time listed in the policy. These term periods usually range from 10 to 30 years, and now Banner Life offers 35-year and 40-year term policies. 

The second type would be permanent life insurance plans such as universal life and whole life. Universal life will last the individual’s entire life covered under the policy. It costs about 3-4 times as much as term insurance, but it can be bundled with a term policy to have an excellent life insurance portfolio.

Unfortunately, whole life is not cost-effective, and many companies have dropped it from their product lines. Another great option to consider is no medical exam life insurance, which offers extremely fast approval times and no need for a medical exam. Purchasing a non-physical exam policy will depend on the severity of your depression.

 

Depression Health Questionnaire 

If you would like us to provide you with an accurate rate quote, please complete this health questionnaire.   Rest assured that your information is secure and confidential.

Applying for life insurance with depression or just getting a realistic quote will always require a supplemental questionnaire to be completed to properly access the correct rates.

You can either phone it in, email it or fax it back to us and we will be able to provide you with an accurate projection of what your rates will be.

Our Contact Us page contains our email address and fax number. Don’t hesitate to let us know if you have any questions. We are available seven days a week!

 

Our Final Thoughts

Applying for life insurance is now a simple process with more relaxed underwriting than in the past. Don’t worry about being denied life insurance for depression or paying high premiums. The 2023 statistics show that approximately 88% of applicants are approved and with affordable rates also.

Don’t let the thought of your condition stop you from protecting your family members and dependents. We can easily find an excellent policy for you with a simple phone call seven days a week. 

All the best,
Jack Venturi

For any questions you might have, you may call us at 815-390- 7545 and we will provide a quick answer.