Wallace Group - Insurance Blog

Life Insurance for People With Depression

If you have depression and have tried to buy life insurance recently or in the past, you may not have had a good experience. Not all life insurance companies treat people with depression the same way. You probably just found the wrong carrier to work with. At The Wallace Group our expertise is finding life insurance for people with depression. Our highly capable team shops your case through dozens of top rated life insurance carriers to find a plan that fits your needs at an affordable price. To get started now, hit the quote link at the bottom of the page and we will start putting solutions together for you.

If you are on some sort of anti-depressant or take medication for anxiety or ADHD, then you might still be able to qualify for standard or perhaps preferred depending on your circumstances. Buying life insurance for people with mental and emotional disorders depends greatly on their history and how their condition impacts their daily living. If your depression has not caused you to miss work that is very important to note on your application.

The extent of how depression impacts your day-to-day life will matter when determining what rate you will qualify for when buying life insurance for people with depression. When we begin our conversation, I will ask what you do at your job, on your weekends, for fun, and what other responsibilities you have. This is information I will use to show the carrier that depression has minimal impact on your life.

Some of the factors that will impact someone with depression buying life insurance is their medical history, how long you have been treated, or whether you have been an in-patient at a mental health hospital. Some carriers, depending on your age and other factors may issue a preferred rate even if you have had impatient treatment. I cannot guarantee anything, but it is possible.

The context of your depression is also a factor in determining your rate. Some of us have had issues in our lives where we have sought treatment for depression. Divorce, loss of a loved one, or other things that happen to us can cause depression. These are things I note I note on applications I take because this can remind underwriting people that we are human beings sometimes bad things happen. It can also help indicate that your depression is mild and is being solved by treatment. If you have had a tragedy in your life, then we should put that in a cover letter to attach in your application.

If you have ever attempted suicide or self-harm, you should let your agent know. Depending on when it happened and the resulting treatment, this could raise your rate or result in a decline from traditional life insurance carriers. Suicide attempts are taken seriously by underwriters. When the attempted suicide happened, how far you went, and how you addressed the situation are all details we should include in your application. You will most likely have a rate increase if not declined by traditional policies, but you may still qualify for guaranty issue life insurance depending on your age.

Life insurance companies will usually have a 2 year suicide exclusion in their policies. This is standard practice. If you find yourself in that place, please call a professional immediately and get some help today. We will be here when you are ready.

Whatever your struggle with mental health may be, click the link below and let us see how we can help you. I never guarantee results, but I will help you in any way I can. Click the quote link below and let us help you today.

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