Depression: Why is It A Life Insurance Risk Factor?

Many millions of people in America are suffering from anxiety or depression. When you’ve been diagnosed as depressed, it might be especially important to ensure that your family members are protected in the event that you’re not around to help them.

Final Expense Insurance San Francisco offers the security of financial protection for your family members in the event that you are no longer able to provide for them. Worried about qualifying? Even even if you’ve been diagnosed depression or a similar condition you may still be able to be protected.

What are you required to know when shopping for life insurance for depression? Here’s a closer look at the factors insurance companies take into consideration in determining the best type of life insurance.

How can depression affect life insurance coverage

Depression is a common, serious, and often treated mental illness that can cause depression and feelings of sadness, as well as lack of enthusiasm for activities. Many people with depression also experience anxiety disorder, another frequent mental illness that is characterized by anxieties, anxious thoughts, and physical symptoms like an increase in blood pressure.

In all of the U.S., about one fifth of Americans suffer from depression, while more than 40 million, or 18.1 percent of Americans have anxiety. In the midst of the disease, the numbers have increased. In 2021, a Kaiser Family Foundation report found that 37% of U.S. adults were experiencing symptoms of either anxiety or depression during COVID-19.

Related Article: Top 7 Benefits That Come With Whole Life Policies

People of all ages may experience depression, but it’s typically more common in adulthood. The risk factors for the development of depression include a genetic history of the condition significant life changes, trauma, and certain chronic illnesses and medication. Depending on the severity of the disorder individuals with depression may be at a higher likelihood of suicide.

Since depression and anxiety can be a threat to your physical health and life expectancy, insurance companies consider the effects of these disorders when they offer a policy. Should you be diagnosed with depression, life insurance companies usually ask about:

  • The date of your diagnosis of depression
  • How severe is your depression?
  • The kind of depression, like persistent depressive disorder or postpartum depression
  • How your depression impacts your life, such as your sleeping and eating habits, as well as your employment
  • Do you have a past of suicide attempts or suicidal ideas
  • If you’ve had a history of abuse or dependence on substances, such as the use of alcohol or other drugs
  • All medications, including inpatient or outpatient treatment or hospitalization

It’s important to be honest about your mental state when seeking life insurance for depression. If you do not disclose any details about your medical condition and it is revealed later the insurance provider could deny your application or, even more troubling, refuse to pay out money to family members members in the event that they’re in need of them.

Can you get denied life insurance with depression?

If you’re concerned about qualifying to get life insurance do not fret. There’s an insurance plan available that will cover nearly every person. Your ability to qualify for a particular type of life insurance depends on many elements, such as the severity of your depression and any other health conditions.

Are you worried that your health problems could make it difficult to be eligible or render your life insurance costs prohibitive? Life insurance without a medical exam might be the ideal choice for you. It’s true to its name: no exam life insurance is any type of policy which doesn’t need you to take a medical test for approval. The principal kinds of no exam insurance are:

  • Life insurance with simplified issue. Rather than requiring an in-person medical examination, this type policy relies on asking regarding your medical history when filling out the application, such as past diagnoses, your previous labs along with your prescription history and any surgery. Life insurance with simplified issue can work well for people with mild to moderate depression and who require an alternative to traditional life insurance, either permanent or term.
  • The Guaranteed Issue Life Insurance. This type of policy offers no-questions-asked coverage, that does not require a medical exam or health-related questions to be asked. If you are suffering from depression or have experienced medical issues as a result of the condition the guaranteed issue policy can provide the security you need and your entire family.

When shopping for coverage be sure to do some research to determine which policies will work best with your health profile and financial situation. A life insurance specialist at Senior Life Insurance Company San Francisco can help you to compare different life insurance options with only one phone call.

Are you still unsure or would like more information on depression insurance?

We’re here to assist you. Best Senior Life Insurance San Francisco is partnered with the best life insurance companies to assist you to determine the right policy for your family and you. Call us or start your quote online now.

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