How Depression Affects Life Insurance
We live in a country that was anxious, arguably for good reasons, even before the coronavirus pandemic. In a lot of cases anxiety can lead to depression and the severity of the depression is what life insurance companies look at. Lumped together, anxiety, minor depressive disorder and major depressive disorder affects nearly a quarter of the adults in the country. About half of those are medically treated for their challenge.
Life insurance companies take these five areas into consideration when underwriting depression:
- Have you ever been hospitalized for depression?
- Have you attempted suicide or had suicidal thoughts?
- Have you been unable to work due to depression? Are you on disability for depression?
- What medication(s) are you on?
- Do you have a stable and productive family and work life?
Depression is not a deal killer when it comes to reasonable rates for life insurance. If you’ve been treated in the past but have reached a point where you no longer need treatment, the best life insurance rates could be available to you. If you are currently treated for mild depression on one medication you can get better than standard rates.
It really all comes down to how well you’re functioning and how compliant you are with your treatment. Hinerman Group has a wealth of experience with life insurance and mental health, including mood disorder underwriting and finding the companies that offer the best approvals. Give us a call.
Want more information on depression life insurance? We’re here to answer your questions and to help you find the best possible price on the life insurance you need. Call or email me directly. My name is Ed Hinerman and I really answer the phone. Let’s talk.