People with a variety of mental health problems may have their life insurance plans denied. The criteria for qualification are different for each insurance company.
When it comes to qualification for term life insurance with depression, there isn't a common procedure. Each application is evaluated on its own merits, with the severity of each illness playing a key part in qualification.
We'll talk about how insurance companies give rates based on a person's mental health. We'll also help guide those with depression to protect themselves when searching for life insurance.
Shopping for life insurance is already a daunting process, and mental illnesses like depression can make it harder. Finding inexpensive life insurance, however, might be easier than you think if you know and understand how your mental illness affects life insurance.
Depression is a mental disorder characterized by a persistently low mood. Clinical depression or major depressive illness, on the other hand, is not the same as having a down mood.
Most certified mental health professionals may diagnose you with clinical depression if almost every day:
● You have suicidal thoughts or attempts, or recurrent thoughts of death.
● You have a decrease or increase in appetite that results in weight loss or growth.
● You decrease in physical movement.
● You are in a depressed mood for most of the day.
● You have reduced enjoyment or interest in activities that used to be pleasant for most of the day.
● You experience fatigue or a decrease in energy.
● You have feelings of worthlessness or excessive or inappropriate guilt.
● You're unable to make a decision.
● Your capacity to think is deteriorating.
A diagnosis of clinical depression, on the other hand, must result in considerable impairment in occupational and social elements of your life, regardless of the presence of any other medical illness.
Individuals with clinical depression may have a wide range of symptoms. For example, a person who struggles with their mental health during quarantine is likely to receive a different treatment plan than someone who has had the same mental illness for five years.
Though there are different variations of depression, all levels negatively affect your health. Depression and other psychological illnesses can have a negative influence on your physical health as well.
Physical effects can include severe stress that can result in death, immune system dysfunction, high blood pressure, etc. It can even lead to sleeping, eating, and exercise habits that aren't normal or healthy.
Depression does not automatically disqualify you from life insurance coverage. Every day, life insurance companies provide coverage to people who are depressed.
Unfortunately, though, finding coverage can be tricky. Although not all life insurance companies view mental health issues negatively, many will refuse to cover you if you have a history of anxiety, post-traumatic stress disorder (PTSD), self-harm, or other pre-existing conditions.
So those who suffer from milder cases of depression and who do not suffer from other forms of mental health conditions have a greater chance of getting approved for life insurance coverage.
How you treat your depression also plays a huge role in whether you qualify for life insurance as well. For example, if your depression is caused by lack of sleep and you treat it by eating science-backed foods to help you sleep, you are more likely to be covered than someone who survives off a variety of prescriptions.
If you're younger and healthier, the sooner you apply for life insurance and are accepted, the sooner you might be protected, and your monthly cost will likely be lower.
A mental health problem, like any other sort of health problem, should be declared as part of the term life insurance application process. This covers the diagnosis as well as all medications used to treat the symptoms and illnesses.
Failing to disclose your mental health history, even mild depression, might influence whether your claim is paid if you die. So if you applied under false pretenses, your insurer may refuse to pay your benefits if you pass away during your life insurance term.
Every life insurance company assesses health problems individually, and candidates with a history of depression are evaluated individually. The degree of depression and how it is treated will be considered.
Once you've submitted your application, the information you offer will help life insurance underwriters determine which policy and prices are best for you.
Failure to provide your whole medical history may cause your coverage decision to be delayed. If an unreported condition is revealed during the underwriting process, you may need to get further medical documents, which takes time.
The types of information that insurance providers typically seek when you apply for life insurance include:
● Any dates of diagnosis with depression diagnosed, and how severe it is or was
● Any poor sleeping, eating, and working habits
● Any suicidal thoughts or attempted suicide
● Any history of drug or alcohol misuse
● Any medication, inpatient and outpatient therapies, and hospitalizations
This information is required by life insurance companies to assess the risk of insuring you. You can still buy inexpensive life insurance coverage if you carefully manage your depression and are otherwise healthy.
Life Insurance Rates When You Have Depression
Depression without other problems or symptoms or mild to moderate depression may not have an influence on your underwriting class in many situations. An underwriting class is a group of people who have certain traits in common that influence their rates.
If depression or another mental disease interferes with school or your job, or if you've had a lot of prescription adjustments, you could have to pay a higher premium.
Alternatively, you may not be qualified for standard coverage in extreme situations where your depression makes it beyond challenging for you to lead a healthy life.
Though giving exact policy rate estimates is challenging because each person's level of suffering varies and each company weighs the risks differently, not disclosing your condition is the one factor that can universally disqualify coverage.
About The Author : Imani Francies writes and researches for the life insurance comparison site, QuickQuote.com. She enjoys helping people find the best life insurance policy and rates that meet their specific needs.