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Is Depression Life Insurance For Me?

With Depression Life Insurance Can Be Complex

What are anxiety and depression? This can be a very complex question, but we will try and get a simple overview down before we talk more about their relationship with life insurance.


The experience of fear and worry that goes beyond what would be considered a usual response or appropriate response is called anxiety.


If a person is feeling unhappy, sad, or blues, it is called depression. Most people have feelings of depression at times, but when this often affects mood, feelings, and behaviors, it gets in the way of persons daily life and their ability to function. This includes affecting things such as work or sleep. In addition, there are chronic depression (when one's mood is always or often low) and seasonal affective disorder, or SAD, which is depression that is affected by the weather. SAD is most common in the winter.

When it comes to depression and life insurance, navigating can seem complex. We are happy to answer any questions you have and want to provide the information you need to make a good decision on how to approach it. If you have depression, your insurance company will look at a number of variables to determine rates and acceptance. There are differences, for example, between people with mild depression and people with severe depression bipolar disorders. Regardless of your situation, reaching out regarding your life insurance policies needs is a great first step. It is a lot better to be honest when you have depression and are looking life insurance. Showing that you are taking the steps needed to manage it goes a long way towards getting approval. Also, when the cause of the depression is unknown or not being treated, insurance premiums can go up a lot.

Some Questions You Will Be Asked

With anxiety or depression, life insurance can still be an option. These are all the questions that will be asked when you look for approval for life insurance.

  • The age/time you were diagnosed
  • The severity of your condition
  • Related medications that you take
  • The frequency in which you see your doctor
  • Whether you have seen a psychiatrist
  • If you have/have had suicidal thoughts
  • If depression or anxiety have ever led to hospitalization

Your answers to the above questions can affect your insurance eligibility. The next step in the process is to determine what your premium rates will be.

Rate Classes And Life Insurance

When it comes to depression and life insurance, there are a number of rate classes that insurance companies tend to use. These rate classes generally determining the cost of your life insurance premium. In order to determine which rate class you qualify for, the life insurance company will look at notes from your medical file. The better the statement from the physician is, the better your result will be. There is an underwriting process that happens before you are put into a rate class. The underwriters will look at a number of variables to determine your rate class. Some of these variables are

  • How depression and anxiety affect your sleeping patterns
  • How depression and anxiety affect your eating and weight patterns
  • How depression and anxiety affect your employment history
  • The type/types of depression and anxiety you have
  • The factors that are looked at when you try and get approved (listed above)

In addition to looking at anxiety or depression, other conditions that you have are factored in as well.

Term Or Permanent Insurance

The next step in the process is to chose not only what the coverage is for, but also whether you are looking a term or permanent insurance. Whole life is generally considered better for long-term planning. Term insurance can be the best option for a households primary income earner.

Term Insurance: This type of insurance policy covers you for a set period of time. The terms of the policy can vary, but and the policy between you and your insurance carrier lasts for the length of the term. Sometimes these policies are renewable. A renewal may come with premium increases. There are three main types of term level life insurance, which are:

  • Level Term Life Insurance
  • Convertible Term Life Insurance
  • Annual Renewable Term Life Insurance

Permanant Life Insurance: In addition to the types of term insurance, there is a category called permanent life insurance. Permanent life insurance lasts your entire life and builds in cash value over time. When you die, the insurer pays your beneficiary a lump sum, income tax-free. The two types of permanent coverage are whole life and universal life.

In addition, you will need to choose the type of coverage you want. There are three main types. They are guaranteed issue life insurance, fully underwritten, and no medical exam life insurance. Each of these has benefits and negatives, but at least one of them will often fit your specific situation.

Guaranteed issue life insurance: There is no medical exam for this type of insurance, and coverage can start in a relatively short time. If you think this is the best option for you, contact us and we can answer questions.

No medical exam insurance: You will need to answer a series of questions for this insurance policy.There is no paramedical exam, so the tests that come with having one do not have an impact on this insurance. The insurance company will still do a DMV search and check the prescription database.

Fully Underwritten: This requires a medical exam. An examiner comes to your home to take blood and urine sample. The insurer will also do a prescription database check to see your medication history, Your risk level will be assessed and you will be given a rate class for your level of risk.

Not all insurance carriers view depression and life insurance the same, our great agents can help you get the coverage you are looking for and answer any questions you have. If you have depression and are looking for a life insurance policy, don't wait, message or call today! Using our website and talking with our dedicated staff can help out you on the best path. We look forward to serving your needs!

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