Depression Insurance Questions & Answers

How do life insurance underwriters view individuals with depression?

Life insurance for people with depression is not necessarily considered as a greater risk when issuing a life insurance policy. A person who has been diagnosed with depression may have a mild to an extremely sever case of depression with accompanying thoughts of suicide which can increase the risk assessment.

People who have depression and have a milder form of this mood disorder that was diagnosed early, and for which they are receiving treatment, will have a better chance of getting a higher rating and reduced premium.

Others who have a more severe depression syndrome which include indications that they have been considering suicide might be declined altogether.

Life insurance underwriters will consider a variety of criteria as they assess and consider approval or declining an application for a policy. Some of the major criteria which may be examined by an underwriter include:

• Determining when the symptoms first appeared
• Ascertaining whether there was any hospitalization involved to treat the person for the condition or because of thoughts of suicide
• Examining whether the person has been prescribed anti-depressant medication
• Considering if there any other mitigating health factors
• Establishing if the depression has impacted the person’s life such as their work, family or relationships

Finding life insurance for people with depression can range from being relatively easy to being declined. Policies and premiums charged will vary according to how the person is rated.

What are the symptoms of depression?

Depression is considered a mood disorder and results in a person altering their behavior and influences how they feel, think and interact in the daily lives.

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There are essentially 3 subtypes of depression which can be characterized as including 1) Depressive disorder 2) Bipolar depression 3) Major depressive syndrome.

The effects of depression can be easily treated through medication such as anti-depressants although some professional therapy might be required in addition. Depression can be a persistent syndrome or can be curable.

In extreme case a persons may have thoughts of committing suicide and possibly attempt to commit such an act.

The variety of symptoms for depression can include sadness, irritability, becoming indifferent, reduction in appetite, changes in their sleep pattern, feelings of being fatigued and a preoccupation with thoughts concerning death or dying.

Mental functions can also be affected including poor reasoning, memory, and can affect decision making which can lead to substance abuse.

Finding life Insurance with depression

Finding life insurance for people with depression is obtainable but can also be challenging as some insurers prefer to shy away from people who have been diagnosed with emotional or mood disorders such as depression.

However, not all insurance companies are the same as some companies can be seen as more progressive and liberal in how they view a person’s life insurance application. Difference’s are also used in how insurers will assess an application and in how people are rated.

The rating also affects the premium charged so it is best to try and seek out those companies which have a more liberal approach when it comes to insuring person who has been diagnosed with depression.