Rates for Life Insurance with Depression

Eric Van Haaften Life Insurance with Pre-existing Conditons

Many people who suffer from either depression or anxiety are usually not aware of how it can affect their life insurance rates.

Can you get life insurance for depression?

Our professional insurance advisers routinely help our clients get life insurance with depression treatment.

Our goal is to locate life insurance companies that use clinical underwriting to establish optimal pricing for our clients.

So, let’s get started!

Here are a few basic questions we will answer to help give you the best chance at an affordable coverage.

How can I secure coverage if you suffer from depression?
Why is it advantageous for people seeking life insurance with depression to work with an independent agent?
How can taking an exam and using clinical underwriting benefit people seeking life insurance with depression or anxiety?
How can different types of depression affect the rates you pay for coverage?
What insurance companies offer the lowest rate for life insurance with depression?

Buying Life Insurance with Depression

Although anxiety and depression are similar, not everyone nervous is but also depressed. People with anxiety usually have occasional episodes of nervousness or panic attacks.

So, do antidepressants affect life insurance premiums?

Since anxiety is often associated with depression, many physicians recommend medications for optimal control.

People seeking life insurance with anxiety or depression have the best chance for excellent prices if their conditions are successfully treated with anti-anxiety or antidepressants.

Common Anxiety and Depression Medications:

- - - - Effexor
      - Trazodone
      - Lexapro
      - Zoloft
      - Celexa
      - Prozac
      - Wellbutrin

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Use an Independent Life Insurance Agent

Getting approved for life insurance with a pre-existing condition is easier when using an independent agency and taking a clinical approach to life insurance underwriting.

People suffering from depression and anxiety can benefit from working with an experienced agent representing many life insurance companies.

An experienced agent will have specific underwriting knowledge not typically found with agents working in big call centers like Select Quote or AIG Direct.

First, we ask you these five simple questions:

1. What specific type of depression have you experienced?
2. How long have you been suffering from the condition?
3. Are you any medications being prescribed to help you?
4. Do you have a history of compliance with your medications?
5. Are you undergoing counseling with your psychologist?

These questions will allow your insurance adviser the opportunity to select the best company(s) for you at the beginning of the application process.

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Apply with Companies that use Clinical Underwriting

Clinical underwriting will consider the details of your complete medical history when you get insurance with either depression or anxiety.

The clinical underwriting process utilizes the most current medical data to evaluate a client’s specific mental health history.

Clinical underwriting evaluates the elements that truly affect a person’s lifespan, such as lifestyle, family history, medical history, and compliance with your doctor’s recommendations.

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Take an Insurance Examination

We usually advise clients to take a medical exam when applying for life insurance with a medical condition.

Most people should take an exam because it offers the best opportunity for obtaining a policy with affordable rates.

Steps for getting insurance with depression:

First, your smoking status, medical history, and depression history are initially evaluated to determine which insurance companies may be best suited for you.
Next, we have you complete a brief insurance examination which can be utilized with many insurance companies.
Then, we order the required medical summary from your physician, psychiatrist, or psychologist, which can be used with all viable life insurance companies.
Finally, your medical information is presented to several companies to determine which life insurance carrier would be willing to offer you coverage at the most competitive rate class.

Instead of being assessed with increased rates because you are being treated for depression, clinical life insurance underwriting evaluates both the control of your depression and compliance with your physician’s plan for treatment.

Moreover, it validates this compliance by obtaining your complete medical records to manage your depression correctly.

This allows us makes accurate premium comparisons based on how your depression history has been clinically underwritten with each insurance company.

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Mental Health and Life Insurance Rates

After undergoing the life insurance underwriting process, you will be given a rate class that 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.

The life insurance company’s risk classification is the key to finding affordable life insurance for depression and anxiety.

Life Insurance underwriting Risk Classifications

Preferred Plus	A = 25% above a standard rate
Preferred	B = 50% above standard rates
Standard Plus	C = 75% above standard rates
Standard	D = 100% above standard rates

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Life Insurance for Mild Depression

People seeking life insurance with a few common types of mild depression-like situational depression or seasonal affective disorder can get great coverage rates.

Situational depression is mild depression, usually from a traumatic event like losing a job or a divorce.

While seasonal affective disorder is a form of mild depression that usually occurs during the winter months because of a lack of sunshine.

We try to find companies that offer our mildly depressed clients either preferred or even preferred plus rate classes.

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 Company.

To qualify for the elite rates class, 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 doctor’s care or had an extended hospitalization
You are only taking a low dose and minimal medications

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Life Insurance for Moderate Depression

People suffering from life insurance with moderate depression or anxiety can usually get a standard rate class for life insurance.

They will also need to be free from suicidal thoughts or attempts, hospitalizations, and only on a few medications.

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Life Insurance for Severe Depression

You can also be denied life insurance because of depression when your condition is classified as severe depression.

It will be challenging to obtain life insurance with severe depression, bipolar disorder, and paranoid schizophrenia.

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.

Insurance Companies for Depression

For over 30 years, Affordable Life USA has helped people obtain life insurance for mental health issues.

Here are the top life insurance companies and our grade for underwriting fairness for folks with mild depression and anxiety.

American General	Good
Banner	Excellent
Lincoln	Excellent
Protective	Average
Prudential	Excellent
Transamerica	Average

FAQ

Should I replace my existing life insurance policy?

There are a lot of factors to contemplate when determining whether or not to replace an existing life insurance policy.

Shopping for a more reasonable life insurance policy is a good idea, particularly if you bought your policy several years ago.

Life insurance rates have fallen dramatically, so you might be amazed at how much you can save.

Here are some key things to think about:

How much coverage do you have now?
What is the new replacement cost for that coverage?
Are you happy with your current policy’s terms and riders?
How long would it take you to get a new policy in place?
Are there any particular circumstances that would make replacing your policy a priority
Would you be interested in exploring other types of life insurance policies (e.g., term vs permanent)?

How long is the Application Process?

The underwriting time varies depending on whether your agent recommends the no exam or exam underwriting process.

It some case it may only take a week to approve your policy!

However, if a medical exam and medical records are needed form your doctor the normal time is 2-3 weeks from the time you take your examination.

What is term life insurance?

A term life insurance policy offers guaranteed level death benefits and level premiums for an initial period such as 10, 15, 20, or even 30 years.

Typically, term life insurance is the most popular policy for applicants looking to obtain the largest amount of insurance at the cheapest cost.

What is permanent life insurance?

Permanent life insurance can be mainly classified into two basic categories: Universal Life and Whole Life.

Universal life and whole life insurance can be designed for cash accumulation that acts similar to a savings account with tax deferred growth.
Universal life can also be structured at competitive price point with no cash value with guaranteed coverage to last a lifetime.

Both whole life and universal life offer guaranteed premiums and death benefits that will last your entire lifetime.