Partner, Waterway Financial Group, Myrtle Beach, SC
Depression can affect your rating while applying for insurance, but won't necessarily prohibit you from getting it. A common question on life insurance applications is going to be in regards to mental health, to which depression may or may not be seen by the underwriter as a large factor. Also, if you're depression requires medication, certain meds are scrutinized more than others.
If you have mild depression that has been controlled by one medication and stable for over a year, you can be rated the best health class with at least one company, and Preferred by many.
The opposite extreme is a recent suicide attempt, in which you would need to get guaranteed issue life insurance. However, when a couple of years have passed, you can get a simplified issue policy. The price gets lower the longer out from the hospitalization.
In between are the other situations and ratings. If you are going with a policy that requires an exam, keep in mind that your medical records will be reviewed. If there is a problem with getting approved, if usually stems from medical records. You might want to get a copy ahead of time and make sure that what your doctor has written is up to date and accurate. He/she may be agreeable to an appointment before you apply for life insurance, so that your improvements can be noted.
Depression is a broad diagnosis. It can range from mild medicated and controlled depression to suicidal. The real concern is the prescriptions your on and the language of the attending physicians statements by your doctor in your file. Incident driven episodes like the death of a spouse are generally viewed as part of the human experience. However some survivors find it difficult to recover from the loss of a loved one.
Regional Marketing Director, Capital Choice Financial Group,
Depression like any other medical issue can affect the premium you may pay or even if the insurance company will issue a policy at all. Underwriting looks at treatment, medications, duration, and severity to determine the approval, denial, or rate up. In the case of this condition, I will do a pre-screening prior to taking a full application. This saves the client's time and will determine a better approximate rate.
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The opposite extreme is a recent suicide attempt, in which you would need to get guaranteed issue life insurance. However, when a couple of years have passed, you can get a simplified issue policy. The price gets lower the longer out from the hospitalization.
In between are the other situations and ratings. If you are going with a policy that requires an exam, keep in mind that your medical records will be reviewed. If there is a problem with getting approved, if usually stems from medical records. You might want to get a copy ahead of time and make sure that what your doctor has written is up to date and accurate. He/she may be agreeable to an appointment before you apply for life insurance, so that your improvements can be noted.