Qualifying for Life Insurance with Depression (Including FAQs)

If so, is it possible to get affordable life insurance with depression? In both cases, the answer is usually YES. It is important to fully disclose all medical conditions when applying for life insurance. With that said, it is often possible to qualify for affordable life insurance with a depressive mood disorder. In this article, Qualifying for Life Insurance with Depression (Including FAQs), we will discuss life insurance with depression, underwriting considerations, and recommended insurers when applying for life insurance with medical conditions.

These conditions may develop and present in a variety of ways depending on the individual patient.  It is important to understand your specific diagnosis and how it may affect you in qualifying for life insurance with depression. Common forms of depressive mood disorders include but may not be limited to the following.

Persistent Depressive Disorder – Persistent depressive disorder, also known as dysthymia, refers to a depressive mood disorder that persists for a period of two years or more. This condition may vary in symptom severity over time but is marked by long-term persistence.

Postpartum Depression – Postpartum depression refers to a depressive mood disorder affecting a large number of women post child delivery. Some expectant mothers experience depression during, as well as postpartum. This condition may impact a new mother’s ability to perform daily activities and properly care for their newborn.

Psychotic Depression – Psychotic depression refers to a combination of severe depression and episodes of psychosis, such as delusions, hallucinations, or other symptoms. This condition may involve a specific reoccurring theme associated with the psychotic episodes.

Seasonal Affective Disorder – Seasonal affective disorder refers to seasonal depression often occurring during the wintertime when daylight hours are decreased. This condition routinely presents as a withdrawal from social activity, increased sleep requirements, seasonal weight gain, and other similar symptoms.

Bipolar Disorder – Bipolar disorder is technically a different diagnosis from depression but can present similar symptoms as depressive mood disorders with of episodes extremely “low moods (depression), as well as extremely “high moods” (mania).

In the majority of cases, clinical depression can be successfully treated utilizing medication and/or psychotherapy. These forms of treatment often provide significant relief for those suffering from this potentially debilitating condition. When treating depressive mood disorders with medication, some form of antidepressant is routinely prescribed. Both medication and/or psychotherapy for depression can potentially impact life insurance underwriting. Antidepressants commonly used to treat depression may include the following, according to the National Institute of Mental Health.

In even minor cases, an applicant can expect inquiries into their medical history and potentially higher premium rates. While in severe instances or cases with a negative prognosis, coverage may be declined altogether.

The underwriting process in applying for life insurance will involve a review of the information provided on your application to include medical history. If you have a history of depression, the insurance company will likely request additional information related to your specific diagnosis, treatment history, and current condition. It is important that you provide complete and accurate information related to your medical history. The following are questions that you can expect from life insurance company underwriting related to depression.

So yes, you will likely pay more for life insurance with a history of depression diagnosis and/or treatment. Provided your life insurance policy is approved, the rates for coverage will be based on the assigned underwriting class or category. In general, these underwriting classes range from “Preferred Plus,” which is the best possible category, to a “Standard” or higher rating. In the case of an applicant with a history of depression, assigned ratings will depend on the severity of depression, treatment history, and other considerations.

The following provides potential underwriting classes based on mild, moderate, and severe depressive mood disorder. As an example, an applicant with mild depression that is well-controlled with using a single medication may possibly qualify for a Preferred underwriting class. Whereas an applicant suffering from severe depression with recent suicidal ideations will likely be declined. Please note that life insurance company underwriting makes the final decision regarding rates and/or policy approval.

In comparing life insurance companies, there are several insurers that will potentially approve an applicant with a history of mild or moderate depression. The type of coverage that you are applying for can also make a difference in underwriting standards. As an example, a final expense policy may offer more liberal underwriting than a fully underwritten level term policy. It is also important to consider that underwriting standards may vary from one company to another. For these reasons, it can be beneficial to work with an experienced independent agent who is familiar with the policy options and best companies for mental health, depression, anxiety, and other similar conditions. In our experience, the following companies may be recommended for individuals seeking life insurance with depression.