Buying Life Insurance with Depression or Anxeity

For physically fit and psychologically sound individuals, getting life insurance is not hard.

Buying life insurance if you suffer from depression is, however, a different story. The truth is, purchasing life insurance for someone who has depression can be complex, frustrating and costly.

Thankfully, Local Life Agents enables people with depression, who also want to buy life insurance, to do so with our expert assistance and advice.  Depression is an impaired risk that life insurance companies underwrite with scrutiny.

We have extensive knowledge about the seriousness of this illness and we know which life insurance companies off the best rates if you suffer from depression.

What Is Depression?

According to the Mayo Clinic, depression is a mood disorder characterized by feelings of sadness, loss and malaise. Major episodes of depression can cause a wide range of emotional problems and physical challenges.

Depression can disrupt daily activities, interfere with school or work, and even cause a person to have suicidal tendencies.

Treatment for depression may include counseling, medication, cognitive exercises, or a combination of some or all of these things.

Depression Facts

According to the Centers for Disease Control and Prevention (CDC) and the National Institute of Mental Health, nearly 15 million American adults have a major depressive event each year. The median age for the onset of this condition is 32, though it can emerge at any age.

People with depression are four times more likely to have a heart attack than those without this illness. After a heart attack, patients with depression have a substantially higher risk of having a second heart attack or another life-threatening condition.

The economic impact of clinical depression makes it one of the country’s most expensive illnesses, resulting in more than $51 billion in lost productivity and $26 billion in medical fees.

We recognize the gravity of these figures, which is why we do a comprehensive search to find insurance carriers that offer life insurance for people with depression.

Depression Underwriting

The life insurance underwriting guidelines involving depression can be difficult, but that does not mean an applicant cannot receive coverage.

The underwriter will want to know the following. If any of these three apply it will make getting covered difficult. If you have any of the following you may only qualify for a guaranteed issue policy and up to $50,000 in coverage.

• Currently seeing a psychiatrist/psychologist
• Bipolar/manic depression
• Schizophrenia

The following information will influence the outcome of the underwriting process as well:

• The type of depression (mild, moderate or severe) an applicant has.
• The type of medication an applicant with depression takes. Some of the more commonplace medications are Cymbalta, Lexapro, Effexor, Zoloft, Celexa, Trazodone, Prozac, Wellbutrin, Ciropram and Sertraline.
• The date of diagnosis.
• Whether an applicant has suffered from acute depression and suicidal thoughts.
• If the applicant has a family history of depression.
• Hospitalization for depression.

Possible Outcomes

Best case: Possible Preferred Rates
Typical case: Standard Plus or Standard Rates
Worst case: Declined if suicide attempt past 2 years

No Exam Possible Outcomes

Best case: Rated – Anxiety or situational depression only:
Worst case: Declined – If history of hospitalization, use of Lithium, Haldol, or Thorazine or continuing psychotherapy

Get a Quote

By clicking on and filling out the enclosed questionnaire Local Life Agents can start shopping among more than 40 insurance carriers.  We know which carriers offer the best life insurance rates with depression. We can then can offer you permanent life insurance or term life insurance.

Local Life Agents has the answers you need because we are experts at getting life insurance for people who have depression.

We are always with you throughout this period because it usually takes at least three weeks (or more) before a life insurance company finishes its review and underwriting of your application. if you choose to go fully underwritten route.

During that time, you will take a free medical exam with a paramedical representative. The exam allows a life insurance company to analyze your overall health and your medication history.  However if you choose a no exam option this process can move along much faster.

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