Best Life Quote

Life Insurance With Depression

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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Investing in life insurance is one of the best financial decisions you can ever make. Life insurance provides for and protects your family from a lot of financial stress if something unexpected happens to you.

The process of getting life insurance can be stressful. But that shouldn’t keep us from doing what we can to get it.

Many factors affect your chances of being able to obtain life insurance. These are particularly your pre-existing conditions and health history. A history of depression while seeking life insurance can affect an insurance company’s decision regarding eligibility.

Life Insurance with Depression

If you have a history of depression, obtaining life insurance can be a little more difficult than if you did not have such a history. But it’s still possible.

At we use the services of over 30 different insurance companies to provide insurance to our clients. And we will work with them and you to help you get a policy.

We’ll also help you get a competitive rate. depressed businessman in suit looking down at computer

To do this, we need you to be completely honest regarding your depression and any treatment you are receiving for it. Remember, receiving treatment can significantly improve your chances of obtaining life insurance.

Failing to disclose this information may seem like a good way to be able to purchase a policy. But if a company finds out these details later, when your beneficiaries file a claim, they will most likely deny the claim.

Life Insurance When You Have Depression

Being depressed is a normal part of life. Many things can happen that will cause a person to feel sad, even for long periods of time. Death of a loved one can cause this, as can other major life-changes. Depression caused by events is rarely considered to be clinical depression.

Clinical depression is not caused by an external event, but often by internal hormonal imbalances. These can be treated with therapy to help you gain skills to think more positively. And also with medication that helps balance the hormones which cause the depression itself.

It isn’t true anymore that a history of depression results in an automatic denial of life insurance. We know more about it, what causes it, and how best to treat depression and its symptoms. This results in fewer rejections in the insurance industry.

Many people are able to obtain some type of life insurance through our agency, even with a history of depression. But only when they are honest with our agents when filling out their applications. Every insurance company is different, but we know which ones are willing to take treatment for depression into consideration.

Depression that has no apparent reason and is not being treated can result in much higher rates. It may even result in denial. But coverage is more negotiable when dealing with depression with a known cause. Or depression that is being treated. If you are not receiving treatment for depression that has no known cause, you are much less likely to receive lower rates.

This is because people who suffer from depression have shorter life expectancies due to higher suicide rates and their increased risk-taking behaviors. This makes them a higher risk to insure. Those who have a known cause or are receiving treatment have lower suicide rates and fewer risky behaviors.

Types of Insurance With Depression

Having life insurance is not impossible even with a history of depression. It is so important to have so that if something happens to you, the family you leave behind will have what they need to take care of your debts and final expenses.

It is one of the most responsible financial decisions you can ever make. And it is available to you regardless of your history with depression.

Dozens of different factors are considered in determining the details of any insurance policy you might be offered. It can be confusing and overwhelming trying to find the perfect policy for you. But we are here to help.

One of the most important decisions is to pick the best kind of plan to fit the insurance needs of your family. The two most common types of life insurance policies are term life insurance and whole life insurance.

Both of them have different advantages and disadvantages that you should know about as you research your options.

With a term policy, you purchase a life insurance plan that has a pre-determined time that it’s effective, like an expiration date. These plans are only in force for a set period of time. So they are more affordable than other kinds of policies.

The best way to use these plans is to buy one that matches the needs of your family. For example, if you have twenty years left on your mortgage loan, purchase a 20-year term life insurance policy.

The other type of plan is a whole life insurance policy. This is permanent coverage for as long as you continue to pay the premiums. Because whole life plans are permanent, the premiums are usually higher in cost than the term counterpart.

Whole life plans can be a great option for people who believe they will need coverage their entire life and don’t want to reapply for coverage in the future.

How Much Life Insurance Do You Need?

Once you know what type of policy is best for you, the next step is determining how much coverage is the right amount. You’ll need enough to provide for the needs of your family if something happens to you. Several factors should be taken into consideration for this.

The first factor should be how much debt you would leave behind that the family would need to pay. Without proper insurance, they could be stuck under a mountain of debt with no way out. Final expenses should also be part of the debt calculation.

Funeral and burial expenses can vary. $10,000 – $15,000 is a common range.

After debts and final expenses, the next factor should be your annual salary.

Especially if your income is the main source of income for the household. You will need to make sure to cover several years of it so that the family can adjust and find ways to replace that income permanently. A rule of thumb is to purchase somewhere between seven and up to ten times the amount of your annual income.

Depression Life Insurance – Final Thoughts

As independent insurance agents, we take pride in making sure you get the comparison quotes you need from the best life insurance companies on the market.

We welcome any and all questions about life insurance. And we specialize in helping you find the right plan to fit your needs. So please contact us today and let us help you get the insurance your family deserves.

To learn more about buying a policy of term life insurance with a history of depression, and about receiving the best rates possible for you, please give us a call today or simply fill in the contact form on this page.

It is possible for you to still purchase a policy when you have depression. And we can also point you in the right direction regarding how insurance companies view and rate the different treatment options.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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