Many people who suffer from either depression or anxiety are usually not aware of how it can affect their life insurance rates. Our goal is to locate life insurance companies who use clinical underwriting to establish optimal pricing for our clients. Our insurance advisers routinely help our clients find great rates for life insurance with depression treatment.
Although anxiety and depression are similar, not everyone who is nervous is also depressed. People with anxiety usually have occasional episodes of nervousness or panic attacks.
Approval for Life Insurance with Depression
Since, anxiety is often associated with depression many physicians will recommend medications for optimal control. People seeking life insurance with anxiety or depression have the best chance for excellent prices if their conditions is successfully treated with either anti-anxiety or anti-depressants.
Common Anxiety and Depression Medications:
People suffering from depression and anxiety symptoms really benefit from working with an experienced agent representing life insurance companies using clinical underwriting.
An experienced life insurance agent has the knowledge of underwriting depression which is not typically found in big call centers like Select Quote or AIG Direct.
Clinical underwriting considers the details of your complete medical history when you are applying for life insurance with depression.
The clinical underwriting process utilizes the most current medical data to evaluate clients individually, focusing on the elements that truly affect a person’s lifespan, such as lifestyle, family and medical history and compliance with your doctor’s recommendations.
Most underwriters will want to know the answer to a few common questions:
- What specific type of depression you have experienced?
- How long you have been suffering from the condition?
- Are you any medications being prescribed to help you?
- Do you have history of compliance with your medications?
- Are you undergoing counseling with you psychologist?
People seeking life insurance with depression should always be truthful with your agent. This allows your insurance adviser the opportunity to select the best company(s) from the beginning of the application process.
You will also be required to provide this same information to a nurse when she comes out to do your insurance examination. The results of your medical exam are then forwarded to the home office for review by the company’s underwriters.
Furthermore, life insurance companies will normally verify your information by obtaining your medical records (APS) from your physician, psychiatrist, or psychologist.
My Rates for Life Insurance with Depression
After you have undergone the life insurance underwriting process you will be given a rate class which determines the premium you will pay for life insurance.
The insurance companies assess your risk differently based on the kind of depression you have been diagnosed with and your control of the disease.
Mild Depression – People with seeking life insurance with a few common types of mild depression like situational depression or seasonal affective disorder can normally get super rates for coverage.
Situational depression is a mild depression which usually occurs from a one time event like losing a job or a divorce. While, seasonal affective disorder is a a form of mild depression which normally occurs during the winter months because of a lack of sunshine.
We try to find companies that will offer mildly depressed clients either preferred or even preferred plus rate class. Clients seeking life insurance with anxiety and depression can qualify for a preferred rate class if the disorder is well controlled with the Banner Life Insurance.
To qualify for the elite rates classes people need to meet the following criteria:
- You have not contemplated or attempted suicide
- You have not had any substance abuse issues with drugs or alcohol
- You have not lost your job or missed any significant amount of time at work
- You have not been under a doctors care or had an extended hospitalization
- You are only taking low dose and minimal medications
Moderate Depression – People suffering life insurance with moderate depression or anxiety can usually can get a standard rate class for life insurance. They will also need to be free from suicidal thought or attempts, hospitalizations, and only on a few medications.
Severe Depression – It will be difficult to obtain life insurance with severe depression. People with severe depression often have; a history of suicide attempts, drug and alcohol abuse, are under the care of a psychiatrist, take multiple strong medications, and have been hospitalized.
What Types of Life Insurance Should I Consider?
Term Life Insurance – Term life offers guaranteed death benefits and level premiums for an initial period such as 10, 15, 20, or even 30 years. Term life insurance is an excellent choice for applicants looking to obtain the largest amount of insurance at the lowest cost.
Return of Premium Term (ROP)-This is a term life insurance rider which guarantees the return of all of your premiums at the end of your term. With return of premium term, if you are still living at the end of the term period, 100% of your paid premiums are guaranteed to be returned to you tax free.
Universal Life Insurance – This is a form of permanent life insurance which can behaves similar to term coverage with the premium and death benefit guaranteed to age 80, 85, 90, or 100. Universal life insurance has a cash accumulation component which acts similar to a savings account with tax deferred growth along with lifetime coverage
Use the preferred rate class on “Instant Life Insurance Quotes” our life insurance premium calculator to obtain estimates on life insurance with depression. We will further refine your search by selecting an insurance company which takes a clinical approach to underwriting your policy. If you would like to learn more about our services, feel free to call us at 1-877-249-1358.