Depression: Why is It A Life Insurance Risk Factor?

Many millions of people across America are living with depression or anxiety. If you’ve recently been diagnosed as depressed, it might be particularly important to make sure your family members are protected in the event that you’re unable to be there for them.

Final Expense Insurance San Francisco is the security of financial protection for your family if you’re no longer able to provide for them. Are you worried about getting it? Even the case that you’ve been diagnosed depression or a similar condition it’s still possible to be insured.

What are you required to know before purchasing life insurance that covers depression? This article will provide a more detailed look at the factors insurance companies consider in helping you choose the best type of life insurance.

How does depression impact life insurance coverage

Depression is a common severe, serious, and usually manageable mental illness that triggers depression and feelings of sadness, as well as loss of interest in activities. Many people with depression also experience anxiety disorder, another well-known mental illness that can cause anxiety, tension, thoughts, and physical manifestations including increased blood pressure.

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

People of all ages are susceptible to depression, however it is more prevalent in adulthood. Some of the risk factors for developing depression include having a familial history of the illness as well as major life changes or trauma, as well as some chronic illnesses and medication. In accordance with the degree of the illness the person suffering from depression could be at greater likelihood of suicide.

As anxiety and depression can also impact 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 your depression is
  • The type of depression, like persistent depression or postpartum depression
  • The impact of depression on your life style, including your sleeping and eating habits, and also your work
  • In the event that you have a history of suicide attempts or suicidal thoughts, you should know.
  • If you’ve been through a period of abuse or dependence on substances, such as the use of alcohol or other drugs
  • Inpatient or outpatient hospitalizations,

It’s important to be honest about your mental state when making an application for insurance for depression. If you do not disclose any the medical details and it comes up later the insurance company may reject your application, or even worse, decline in paying cash benefits for your relatives members when they need them.

Are you eligible to be denied life insurance for depression?

If you’re worried about being eligible as a life insurer, don’t fret. There’s a life insurance policy available that will cover nearly everyone. Your eligibility for a certain type of life insurance is contingent upon several factors, including the extent of your depression as well as other health issues.

Are you concerned that your health issues could make it difficult to be eligible or render your life insurance rates unaffordable? No medical exam life insurance might be the best fit for you. It’s true to its name: no-exam life insurance can be described as any kind of policy that doesn’t require you take a medical test for approval. The most common types of no exam insurance include:

  • Life insurance that is simplified. Rather than requiring an in-person medical exam, this type of insurance is based on questions about your medical background during the application, including past diagnosis, previous labs along with your prescription history and any surgery. Life insurance with simplified issue can work well for people with moderate or mild depression who require a different option to traditional term or permanent life.
  • The Guaranteed Issue Life Insurance. This type of policy is a no-questions asked policy with no medical exam or health-related questions needed. If you are suffering from depression or are suffering from health complications because of your medical condition guarantee issue may help you secure the protection you require for your family.

When you are looking for insurance, do some research to see which policies work best with your health history and financial situation. A life insurance agent at Senior Life Insurance Company San Francisco can assist you in comparing various life insurance options in just one phone call.

Still have questions or need more information regarding depression insurance coverage?

We’re here to help. Best Senior Life Insurance San Francisco has partnered with top-rated life insurance companies to help you determine the right policy for you and your family. Call us today or get a quote online now.

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