You’ve heard “the healthier you are, the cheaper your life insurance” many times by now I’m sure. One may not think to ask about mental health in addition to physical health, but mental health can also play into determining life insurance costs. Anxiety disorders are the most common mental illness in the U.S., affecting 40 million adults. Major Depressive Disorder specifically affects approximately 14.8 million American adults in a given year. Persistent Depressive Disorder, a form of depression that usually continues roughly at least two years, affects approximately 1.5 American adults in a given year. Psychological disorders like depression can have an impact on physical health as well.
Impacts on physical health can include:
- Acute physical stress which can lead to premature death
- A weakened immune system
- Cardiovascular issues
- High blood pressure
- Poor sleeping/eating/exercise habits
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. Life insurance companies offer coverage to individuals suffering from depression every day. Depression does not automatically mean you are disqualified from life insurance coverage.
Life insurance companies offer coverage to individuals suffering from depression every day. Depression does not automatically mean you are disqualified from life insurance coverage.
If you suffer from depression, when you apply for life insurance we will ask you to complete a questionnaire form so we can get more information about your specific situation. How the disorder is treated varies by insurance company and we use the information you provide to shop the specific companies we know have a higher chance of offering you the best coverage.
Underwriters 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. Information the underwriters typically want to know includes:
- If your depression affects your sleeping habits
- If your depression affects your weight or eating habits
- If you use medication to manage your depression
- If you have been treated in an inpatient or outpatient clinic
- If you have been hospitalized from depression
- If your employment history has been affected
- If you have a history of suicidal thoughts or attempts.
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 still can get affordable life insurance coverage. Once you apply and we have received the proper information from you, we will shop your case at the appropriate carriers. Having worked years with multiple life insurance companies, we have developed relationships with them and know which are best in covering individuals who have a history of depression.
Protecting your loved ones from financial struggle in the face of premature death can be helped by purchasing term life insurance. Term life insurance is affordable and you can take a look at your estimated cost by running a quote instantly. At Quotacy, you do not need to give up any personal contact information just to see a quote. Everyone deserves the chance to find out more about life insurance without fear of being bombarded by phone calls and e-mails. Even if you have an anxiety disorder, it does not mean you can’t get affordable life insurance coverage. We’ll help you protect those you love most.
Photo credit to jimmy brown
About the writer
Marketing Content and Social Media Manager
Natasha is a content manager and editor for Quotacy. She has worked in the life insurance industry since 2010, and making life insurance easier to understand with her writing since 2014. When not at work, you can find her throwing a tennis ball for her pit bull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.