Can I get Life Insurance if I am Living with Depression?

Life Insurance

Life insurance is still obtainable even though you may have been diagnosed with depression. Millions of adults today suffer from some type of depression and are under the impression that they may not be able to obtain life insurance. Let’s take a look at a couple of types of depression and also look at some guidelines insurance carriers can use to determine whether an individual would be eligible for life insurance.

The National Institute of Mental Health states the 14.8 million or 6.7% of Americans over the age of 18 suffer from Major Depressive Disorder. They also state that another 3.3 million or 1.5% of Americans over the age of 18 suffer from Dysthymic Disorder.

Based on the severity of your depression, you may qualify for the best available rate for life insurance or could be considered uninsurable. Let’s take a look at some guidelines the life insurance carrier’s underwriters use to determine an individual’s qualification for coverage, as there is a wide range of factors used to determine insurability.

Here are some factors that may allow an individual with depression to obtain the best available rate for their life insurance coverage:

1.     No hospitalizations for depression.

2.     No suicide attempts.

3.     Not losing any time from work or daily activities due to depression.

4.     No medications or up to a single antidepressant with/without psychotherapy.

5.     Having the symptoms of depression controlled for 6 months or longer.

Here are some factors that could allow an individual to possibly receive a standard rating or be rated:

1.     No more than one hospitalization at least 3 years ago.

2.     No suicide attempts.

3.     Losing less than one week from work or daily activities due to depression.

4.     Taking one or two medications for depression.

5.     Number of episodes and the length of time since last episode.

If you do not meet these criteria, the likely hood of being classified as uninsurable for life insurance is greatly increased. But even if you are considered uninsurable through traditional underwriting, all is not lost. There are life insurance carriers who have guaranteed issue life insurance which does not ask any health or medical questions and have no medical exam. These carriers will provide life insurance for those who are uninsurable because of depression. 

About the author: Jim Marcinkewicz has been in the life insurance business for over 6 years. He is a big supporter of the American Red Cross and teaches both CPR and First-Aid classes. With two daughters in college, Jim knows the expense it takes to care for your family and enjoys helping others prepare their futures as well. You can reach Jim at 1-800-651-1953 or JMarcinkewicz@Pivot.com.