When applying for life insurance with pre existing conditions it is important to understand how antidepressants and life insurance mix. We speak with many people who think because they have have a pre existing condition they will not be able to obtain affordable life insurance. This assumption could not be further from the truth. Some of these clients have a history of depression, and have been told they could not get life insurance because they take an antidepressant.
Antidepressants and life insurance is such a popular topic now since the amount of people who prescribed such medications is increasing at such a rapid pace. When applying for life insurance with pre existing conditions, such as depression, it is important to understand what options you have and what questions you will be asked.
Simply put, life insurance with pre existing conditions is a concern to life insurance companies because statistically they could decrease your life expectancy. Life insurance premiums are determined by a multitude of factors, but most of it boils down to life expectancy.
Life insurance premiums are based on how long the insurance company expects you to live.
If you have a history of pre existing medical conditions, which they know could decrease your life expectancy than you will pay more on a monthly or annual basis than someone who has not had any prior medical issues.
Pre existing medical conditions are extremely common, with even very few health people getting the best life insurance ratings offered. Just because you don’t think you will qualify for the best health rating shouldn’t keep you from getting life insurance. You will be surprised with how many people who have pre existing medical conditions are still able to get a good life insurance rating, and are able to obtain affordable coverage.
Most of the clients we speak with have been told by someone they cannot qualify for life insurance because of antidepressants. This thinking may have been true in the past, but now it is outdated. Although their are some antidepressants which would disqualify you for life insurance, there are much more which will be accepted by life insurance companies.
If you are taking only taking one antidepressant, and it is being used to treat mild (no history of hospitalization or work disability) depression, and do not have a history of suicide it will rarely have any affect of your ability to obtain life insurance. If you are healthy other than the antidepressant you still may be able to qualify for a preferred life insurance rating.
If you are prescribed two antidepressants or more in order to control your depression, you are more likely to receive a higher rated life insurance policy, or possibly a decline. Often times, people who prescribed multiple medications have some history of substance abuse or suicidal thoughts or actions.
These type of actions pose a high risk to the individual, which will result in a higher life insurance premium or a possible decline. No case is the same, so it is important to speak with an agent before disqualifying yourself for life insurance. If you are facing a high probability of decline, their are no exam life insurance policies which could still be issued.
If you are taking antidepressants and are interested in life insurance, the first step is to find out what options you have. By speaking with an experienced independent life insurance agent, we will be able to weigh your options out and find the best plan of action moving forward. If you have been declined already for life insurance coverage, you may not be out of options. We would be happy to help you find affordable life insurance coverage with antidepressants. You can reach us at 843-742-5981 to discuss your options.