Depression: Why is It A Life Insurance Risk Factor?

Many millions of people in America suffer from anxiety or depression. When you’ve been diagnosed with depression, it could be crucial to ensure your family members are protected in the event that you aren’t there to support them.

Final Expense Insurance San Francisco provides an insurance plan to protect your financial assets for your family members in the event that you are no longer able to provide for them. Are you worried about being eligible? Even even if you’ve been diagnosed depression or another related disorder you may still be able to be insured.

What do you need to be aware of when looking for life insurance for depression? This article will provide a more detailed review of the elements insurance companies take into consideration in determining the best type of insurance for your life.

How does depression impact life insurance coverage

Depression is a widespread serious, but often treated mental illness that can cause feelings of sadness as well as a decrease in interest in certain activities. A lot of people suffering from depression suffer from anxiety disorders, a frequent mental illness that is characterized by anxiety, tension, thoughts, and physical signs such as increased blood pressure.

In all of the U.S., about one of five Americans suffer from depression. In the U.S., around 40 million or 18.1 percent of Americans are suffering from anxiety. With the COVID epidemic, these numbers have increased. The 2021 Kaiser Family Foundation report found that 37 percent of U.S. adults were experiencing symptoms of either depression or anxiety during COVID-19.

All ages of people are susceptible to depression, however it is more prevalent in the later years of life. The risk factors for being diagnosed with depression include a family history of the disorder and major life changes or trauma, as well as certain chronic illnesses and medication. Based on the degree of the illness those suffering from depression may be more at chance of committing suicide.

Because anxiety and depression can also impact your physical health as well as life longevity, insurance companies will consider these issues when you are applying for a policy. When you’ve been diagnosed with depression, life insurance companies usually ask about:

  • The date you received your diagnosis of depression
  • How severe is your depression?
  • The kind of depression, like persistent depression or postpartum depression
  • How depression affects your daily life, including sleep and eating habits, as well as your work
  • If you’ve had a history of suicide attempts or suicidal ideas
  • If you’ve had a history of abuse or dependence on substances, such as drugs or alcohol
  • All medications, including inpatient, or outpatient hospitalizations or treatments

It is essential to be truthful about your mental health before seeking life insurance for depression. If you do not disclose any your medical history and it is revealed later the insurance company could refuse your application or, more importantly, refuse to provide the benefits you’ve earned to your loved ones members when they require them.

Are you able to get life insurance if you are depressed?

If you’re worried about being eligible to get life insurance don’t fret. There’s a life insurance policy available that will cover nearly all. The likelihood of you being eligible for a particular type of life insurance is contingent upon several aspects, including the severity of your depression as well as any other health issues.

Are you concerned that your health issues could make it difficult to be eligible or render your life insurance costs prohibitive? Life insurance without a medical exam could be the right choice for you. As its name suggests, no exam life insurance covers all kinds of policies that doesn’t require you undergo a medical examination for approval. The most common kinds of no-exam insurance are:

  • Simple issue life insurance. Instead of requiring an in-person medical examination, this type of insurance is based on questions regarding your medical history when filling out the application process, which includes past diagnosis, previous labs and prescriptions, and any surgery. Simple issue life insurance may be beneficial for those with moderate to mild depression who require an alternative to the traditional term life or permanent life.
  • Life insurance with guaranteed issue. This type of policy provides no-questions-asked insurance, without a medical examination or health-related questions to be asked. If you suffer from severe depression or suffered from health issues due to your illness Guaranteed issue insurance can provide the security you require to protect your loved ones.

When you are looking for insurance make sure you do your research to determine which policies will work best for your personal health and financial situation. An insurance representative at Senior Life Insurance Company San Francisco will help you evaluate various life insurance options in only one phone call.

Are you still unsure or would like more details about depression insurance coverage?

We’re here to assist you. Best Senior Life Insurance San Francisco collaborates with the top life insurance companies to help get the best coverage for your family and you. Contact us for a quote or request a quote online now.



Leave a Reply