How to Qualify For Life Insurance if You Have been Diagnosed with Depression

What is Depression?

Depression is defined as a mood disorder characterized by thoughts of sadness, despair, and discouragement. Varying in degree from mild to severe. More specifically there are levels of depression from situational to severe cases such as Bipolar disorder.

Diagnosis Situation Depression- is usually a experienced by many who may need mild medication as a result of a traumatic event, stress, high levels of anxiety, loss of a loved one, divorce, unemployment or other event.

Diagnosis Clinical Depression- can be more serious as it can greatly affect the quality of life by causing 2 or more weeks intense stress, sleep pattern disturbances, Significant weight loss or gain, uncontrollable thoughts of suicide, inability to concentrate , loss of interest  in or enjoy things that were at one time enjoyable.

Diagnosis Bipolar Disorder- high level mood swing with depression usually include include sadness, anxiety, irritability, fatigue, uncontrollable crying, change in appetite causing weight loss or gain, unusual sleep patterns, concentration problems, thoughts of death or suicide. There are several levels of the disorder

What Specific Factors Are used to Determine Insurability After a Depression Diagnosis 

• What type of depression were you diagnosed with?
• When was your first episode of depression and when was your most recent?
• Have you been treated by a specialist?
• What if any medications are you prescribed? What is the duration and amount?
• Have you any history of substance abuse? (Drugs, alcohol)
• Have you ever been hospitalized for depression?
• Have you attempted suicide? If so when?

Life Insurance Agent Support For Depression

Many Life agents are experts in researching what carrier’s concentrate on writing clients who have been diagnosed with depression and have a good understanding of what questions and support materials will be needed prior to submitting the application. They can assist you by directing you to those carriers and carrier guidelines that will give careful consideration to your specific criterion and measure it against their current sub-standard table ratings in order to get you approved at a favorable rate. All carriers have their own table ratings for every impaired risk case.

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How Can You Assist in Obtaining a Favorable Underwriting Outcome For Depression

Disclose all details associated with condition and treatment by completing a preliminary life insurance application or condition specific preliminary questionnaire by phone with your agent. We understand the information is personal and confidential and we are only inquiring for the purpose of locating a potential carrier prior to the application process to insure you get the best offers and we direct you to the proper carrier to avoid a decline.

Provide details of medications and treatments and history since inception the more detail the less the underwriter has left open for speculation.

Inform any psychiatrist that records will be needed (obtaining records released can be difficult and take a lot of time).
Obtain and sign any special HIPPA authorizations that the doctor's office may require.

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What Underwriting Outcome Should I Anticipate?

 

Mild Situational Depression =Standard to Preferred.
Mild and controlled with medications = Standard through Table 4
Manic Depression a Bipolar Disorder successful treatment = Table 4 to 6 and up.
Ongoing Suicidal thoughts and attempts = Postpone for 2 years.