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Shopping for life insurance may seem like an overwhelming task, especially for people with health conditions like anxiety and depression. However, armed with the right information along with the support of a Quotacy agent finding affordable life insurance can be easier than you think.

If you’ve been diagnosed with a mental illness, you’re not alone.

  • Anxiety disorders affect 40 million U.S. adults every year
  • Major depressive disorder affects 16.1 million adults every year
  • Persistent depressive disorder affects 3.3 million adults every year
  • Post traumatic stress disorder (PTSD) affects 7.7 million adults every year

These individuals are in the workforce, getting married, and raising families. This means they need life insurance coverage.

We know you provide and protect the ones you love each and every day. Life insurance can ensure they are financially protected even if you are not around to do so yourself.

But what are the things you need to know to confidently shop and buy life insurance? And how do mental health diagnoses, such as depression and anxiety, affect buying life insurance? We’re going to dive into the details, go over the steps of applying with depression, and even take you through a real-life customer experience.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

Life Insurance and Depression: A Real Life Case Study

To give you a better understanding of what it’s like to apply for life insurance with a health condition like depression, here’s the story of a real customer experience. Names have been changed.

The Client: Linda, a Quotacy customer, 41 years old, has been diagnosed with depression and anxiety and also takes medication to treat it.

The Application: Linda compared quotes and applied for a term life insurance policy. The life insurance company she chose to apply with would have offered her Preferred—the second best risk class possible.

The Quotacy Process: Linda’s Quotacy agent felt confident that he could get her the best risk class possible if she would be willing to apply to AIG instead. AIG has a history of treating depression diagnoses more favorably than the company she originally picked.

The Outcome: Linda went with her agent’s suggestion and they moved her application to AIG. She was approved for Preferred Best—the best risk class possible—and saved $200 annually in premium payments.

Applying for Life Insurance with a Depression Diagnosis

If you suffer from depression, when you apply for life insurance, we will ask you to complete a questionnaire form so we can get a full understanding about your unique situation.

Every life insurance carrier evaluates health conditions differently and look at applicants with a history of depression on a case by case basis. The severity of depression and how it is being managed will be taken into consideration.

Once you apply, the information you provide will help us determine which carrier(s) would be the right fit and offer you the best price possible. Having worked years with the nation’s best life insurance companies, we know which are best in covering individuals who have a history of depression.

» Learn more: Mental and Behavioral Health and Their Effect on Life Insurance

Typically, the information carriers want to know includes:

  • Date of diagnosis and severity of depression (mild, major)
  • If your depression affects your sleeping, eating, or employment
  • If you have a history of suicidal thoughts or attempts
  • If you have a history of substance abuse (alcohol or drugs)
  • Medication, inpatient/outpatient treatments or hospitalizations

The life insurance companies ask for this information to determine their risk of insuring you. If you manage your depression carefully and are otherwise healthy, you can still get affordable life insurance coverage.

Life insurance is essential for keeping your family’s financial future secure. Especially if they rely on your income.

Even if you have an anxiety disorder, it doesn’t mean you can’t get affordable life insurance coverage. We’ll help you find the right coverage at the best price so you can protect those you love most.

If you’re ready to see what’d you pay for life insurance, start by running a free quote.

At Quotacy, you don’t need to give your personal contact information just to check prices. Everyone deserves a chance to get a better understanding of how much life insurance is without the fear of being bombarded by calls and emails.


Watch the Depression and Life Insurance Video

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius, CLU

Senior Editor and Licensed Life Insurance Expert

Natasha Cornelius, CLU, is a writer, editor, and life insurance researcher for Quotacy.com where her goal is to make life insurance more transparent and easier to understand. She has been in the life insurance industry since 2010 and has been writing about life insurance since 2014. Natasha earned her Chartered Life Underwriter designation in 2022. She is also co-host of Quotacy’s YouTube series. Connect with her on LinkedIn.