Can I Get Life Insurance If I Am Living With Depression?

Life insurance is still obtainable even though you may have been diagnosed with depression. Millions of adults today suffer from some type of depression and are under the impression that they may not be able to obtain life insurance. Let's take a look at a couple of types of depression and also look at some guidelines insurance carriers can use to determine whether an individual would be eligible for life insurance. You may be pleasantly surpised to find out you are eligible for life insurance despitre suffering from a despressive disorder.

The National Institute of Mental Health states the 14.8 million or 6.7% of Americans over the age of 18 suffer from Major Depressive Disorder. They also state that another 3.3 million or 1.5% of Americans over the age of 18 suffer from Dysthymic Disorder. That is a significant percentage of the population so let's break things down further where insurance underwriting is concerned.

Based on the severity of your depression, you may qualify for the best available rate for life insurance or could be considered uninsurable. Let's take a look at some guidelines the life insurance carrier's underwriters use to determine an individual's qualification for coverage, as there is a wide range of factors used to determine insurability.Here are some factors that may allow an individual with depression to obtain the best available rate for their life insurance coverage:

1. No hospitalizations for depression.
2. No suicide attempts.
3. Not losing any time from work or daily activities due to depression.
4. No medications or up to a single antidepressant with/without psychotherapy.
5. Having the symptoms of depression controlled for 6 months or longer.

Here are some factors that could allow an individual to possibly receive a standard rating or be rated:

1. No more than one hospitalization at least 3 years ago.
2. No suicide attempts.
3. Losing less than one week from work or daily activities due to depression.
4. Taking one or two medications for depression.
5. Number of episodes and the length of time since last episode.

If you do not meet these criteria, the likelihood of being classified as uninsurable for life insurance is greatly increased. But even if you are considered uninsurable through traditional underwriting, all is not lost. There are life insurance carriers who have guaranteed issue life insurance which does not ask any health or medical questions and have no medical exam. These carriers will provide life insurance for those who are uninsurable because of depression.


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Pivot life insurance marketplace understands life insurance, but we also understand families. We know your family situation is unique, and those characteristics are what make your family special. Our goal at Pivot is to provide you with the best term life insurance policy to fit your specific family situation and financial goals. Learn more at http://www.pivot.com