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When clients come to us looking for Depression Life Insurance, we almost always can get them a policy. However, the price can vary a lot, because depression varies a lot from one person to another. These days, many doctors prescribe antidepressants or anti-anxiety medications just to help people cope with stressful jobs, or menopause, or get through a tragedy in life. Life insurance underwriters look at those type of cases differently than for people suffering from true clinical depression. However, even people with prolonged clinical depression can get affordable life insurance rates if their depression is controlled.
The severity of one’s depression symptoms can make a difference in what kind of life insurance rate you will get, or whether you can get certain policies. If someone is on Disability due to depression, has recurring suicidal thoughts or a suicide attempt, the good news is, you can still get coverage! It just may be graded and cost more than what is available to persons with more well controlled depression. In fact, very mild depression can be rated Preferred with some life insurance carriers.
The type of treatment you are on can also affect the type of depression life insurance policy you can get, and rates you will pay. If you have shown good results on a certain medication but keep going off of it and relapsing in your depression or bipolar disorder, your life insurance underwriter will view that negatively. It is usually better, in life insurance, to be stable on a medication that controls mental or mood disorders, than it is to fluctuate a lot due to not sticking with a good treatment plan. Likewise, if you have fewer depression symptoms when attending periodic counseling sessions, it is better to attend them, or else get your psychiatrist or therapist to note that you no longer need them. At Outlook Life, we use companies that will look at all the aspects of your depression and not pigeonhole you. This enables us to find your lowest rates possible.
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