If you are looking for life insurance depression and anxiety can play a role in finding affordable life insurance coverage. Depression and anxiety symptoms are some of the most diagnosed medical conditions, and many people do not consider how they will affect their life insurance rates or how to renew coverage. However, life insurance companies view depression and anxiety very seriously and even the most mild depression can be a red flag to an insurance company.
Depression and anxiety is a very broad term, and each condition will be looked at differently but it is important to understand what to expect when applying and searching for life insurance. Just blindly applying for coverage is one of the worst things you can do with any pre-existing conditions and symptoms because you will most likely end up with a negative underwriting decision. When you know what to expect, and what questions will be asked of you then you will have a better chance at approval for a life insurance policy.
Any type of depression symptoms raises a red flag to life insurance companies because it is viewed as increasing your chance of not living to life expectancy. Any condition or disorder which statistically increases your chance of death will result in higher life insurance premiums. Not all cases are the same but statistically those suffering from depression and anxiety have a higher risk of suicide, misuse of medications, alcohol and drug abuse, and higher risks of accidents.
Even medical treatments can prove dangerous as they often have high dosages of lithium contained in them based on a specific disorder. The treatment which is being used is important to not when applying or renew coverage. If you are seeing a physician, psychiatrist, or psychologist for treatment for disorders you must follow order to avoid any chronic side effects.
If you are currently suffering from depression and anxiety symptoms or have in the past, the life insurance company will want to know what specific type you have experienced. They will also ask specifics such as what date ranges your condition or disorder occurred, and what treatment was sought. It is important if any medications or treatments were recommended you are following doctors orders precisely to help in overcoming a specific disorder.
This shows life insurance underwriters you are taking the steps in order to make a safe recovery.
This treatment is important to make note of when a client is applying with carriers. A underwriter may ask some other questions which will relay to you throughout the carriers underwriting process.
One of the most important factors which goes into the life insurance decision making process is whether medical professionals or physicians feel any serious concern of suicide existed. If any suicide was attempted, or suicide was a thought, than life insurance companies will consider if harder to insure such an individual.
Suicide is generally not covered in a life insurance contract in the first year, but after this time period the insurance company will cover it, so they will must make sure they are not insuring someone who is at a risk for suicide. This is basic risk management.
If you have no suicidal attempts or thoughts, this would considered a more mild case of depression. If you are not having any other complications related to your health either mental or physical than you should not have any issues finding affordable life insurance. However, you still must be following doctors orders and following up on any treatments.
Some depression and anxiety disorder still may have a waiting period, but these instances would be on a case to case basis. We have fortunately helped clients with a history of depression symptoms obtain preferred life insurance ratings, and in turn very affordable premiums from some specific carriers.
When applying for life insurance with a history of depression and/or anxiety symptoms it is imperative you are honest and upfront with all information. This includes when working with us during the application process because your specific situation will help lead us to best company to work with. The more detailed information you can provide us, the better your chance at life insurance approval. If you are looking for renew your life insurance coverage, it is important to know depression could play a role in your renew options.
Once the application is submitted, life insurance underwriters will view your overall health picture. This includes your medical history, height/weight, driving history, and lifestyle choices. The combination of this will issue a rating, which then in turn determines what premium you will pay. Life insurance companies will also want to know what medication you may be on. Medication will also play a role, because some medication may actually pose a risk if not taken in the right dosages.
If you have a history of depression and/or anxiety symptoms, it is very important to work with a licensed and experienced independent life insurance agent who has access to multiple carriers. We know what questions to ask you, and what companies and carriers to work with to give you the best chance of approval at an affordable rate.