Life insurance is one of the most important safety nets that you can buy for your family, but it can be a long and difficult process to get the insurance protection that your family deserves. We know that getting the life insurance that you need can be difficult, but there are some factors, like a history of depression, that can make it even more complicated. Luckily, we are here to help. We believe that every deserves to have quality and affordable life insurance, regardless of their health or any pre-existing conditions.
There are many factors affecting your chances of being able to obtain life insurance, particularly your pre-existing conditions and health history. A history of depression while seeking life insurance is something that can affect an insurance company’s decision regarding eligibility. 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 obtaining life insurance is still possible.
At BestLifeQuote.com 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 not only help you get a policy, but also to get a competitive rate. 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 greatly increase 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 the details of your depression are found later when your beneficiaries file a claim, that claim most likely will be denied.
Honesty is Key to Receiving Life Insurance When You Have Depression
Being depressed is a normal part of life. There are many things that can happen that will cause person to feel sad, even for long periods of time. A 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 medication that helps balance the hormones that can cause the depression itself.
It isn’t true any more that a history of depression results in an automatic denial for life insurance. We know more about it, what causes it, and how best to treat depression and its symptoms, resulting 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, 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, or even denial, than will 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 which make them a higher risk to insure. Those who have a known cause or are receiving treatment have lower suicide rates and fewer risky behaviors.
Life insurance is one of the most important investments that you’ll ever make for your family. It’s one of the only ways that you can ensure that your loved ones will be taken care of, regardless of what happens to you. Not having the life insurance protection that your family needs is one of the worst things that you can do. If something tragic were to happen to you, they would be responsible for all of your debts and unpaid expenses.
There are dozens of different factors that go into your insurance policy, 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 main types of life insurance are term life insurance and whole life insurance, both of them have different advantages and disadvantages that you should be aware of when looking to get life insurance.
With a term policy, you purchase a life insurance plan that has a pre-determined time that it’s effective, like an expiration date. Because these plans are only in force for a set of time, they are more affordable than other kinds of policies. The best way to use these plans is to buy a plan 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, which is a permanent form of coverage. As long as you continue to pay the monthly premiums for the policy, you’ll have insurance protection. Because these plans are permanent, they are going to be more expensive than the term counterpart. These plans are a great option for anyone that doesn’t want to worry about having to reapply for coverage in the future.
How Much Life Insurance Do You Need?
Aside from picking the right type of policy, it’s vital that you purchase enough coverage to give your family the protection that they need in case of a tragedy. There are several different factors that you’ll need to consider when calculating your life insurance needs. The first thing is your debts and any final expenses that you would leave behind to your family. The primary goal of your life insurance is to give your loved ones the money that they need to pay off any of those debts. Without the proper insurance, they could be stuck under a mountain of debt with no way out.
The next factor to consider is your annual salary. If you’re one of the main income earners in your house, your loved ones would suffer financially if you were to pass away. The next goal of your life insurance is to replace your paycheck and give your family the time that they need to replace that income permanently. It’s a good idea to purchase around seven to ten times your annual income.
If you have any questions about life insurance or which plan is going to fit your needs the best, please contact us today. We are independent insurance agents, and it’s our mission to ensure that you’ve got comparisons from the best life insurance companies that will fit your needs at an affordable price. Don’t wait any longer to get the insurance protection that 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 below. 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.
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