Life Insurance for People with Depression

A man reads that SelectQuote can offer life insurance to people living with depression or anxiety

Sharing your medical history to apply for life insurance can be intimidating, and it’s common for people to be apprehensive about the medical exam, but when you’re living with depression or anxiety, the medical exam can seem even more daunting. Fortunately, living with a mental health issue doesn’t necessarily mean you’ll be denied coverage or have higher premiums. Here’s what to know about the life insurance application process if you live with depression or anxiety. 

Can you get life insurance while living with depression?

It’s possible to get life insurance even if you’ve been diagnosed with depression or anxiety. Although it may impact your rates, you still should be able to find affordable rates if your depression or anxiety is mild or well-managed. However, depending on your diagnosis and treatment history, it is possible for a life insurance company to deny you coverage.

How does depression or anxiety impact my life insurance rates?

Your life insurance rates are based on a variety of factors, one of which being the current state of your health and your health history, therefore your depression or anxiety diagnosis and treatment history will also be taken into consideration. If you have mild depression or anxiety and are under professional care, your life insurance rates shouldn’t be impacted much. 

Life insurance carriers will also look at whether you use medication and if you have a history of hospitalization. How life insurance carriers rank the risk of depression or anxiety during the underwriting process varies from company to company, making it important to shop around. 

Best Life Insurance for People with Depression and Anxiety

Every carrier is different in how they weigh the risks of insuring those with mental health conditions. Typically, the most affordable type of life insurance is term life insurance. With term life insurance, you have the option to choose the length of your coverage, so you only buy it for as long as you need it. With carriers having different health classifications and ways in which their rates are determined, you’ll want to shop around to ensure you have the right policy for you. 

Other Life Insurance Options if You’ve Been Denied Coverage

If you’ve been denied life insurance coverage because you’re living with depression or anxiety, there are still a few options for you to get coverage. 

Simplified Issue Life Insurance

Simplified issue life insurance is a type of final expense insurance that bases your coverage on a questionnaire about your health and lifestyle rather than a medical exam. 

Guaranteed Issue Life Insurance

Guaranteed issue whole life insurance is another type of final expense insurance that offers guaranteed approval for coverage and requires no medical exam

How to Manage Your Life Insurance Rates While Living with Depression

When determining your rates, life insurance carriers like to see consistent treatment and management of your health. If your diagnosis was recent, it may be helpful to wait a year before purchasing a life insurance policy, that way you can prove steady treatment. Consistently taking medication or visiting a mental health professional will help you receive more favorable rates. 

SelectQuote Can Help Find People with Depression Affordable Life Insurance

Having depression or anxiety shouldn’t prevent you from purchasing life insurance. The easiest way to learn about your life insurance options is by working with SelectQuote. We can quickly help you determine what kind of policy is best for you and what might have an impact on your rates.

We do the shopping. You do the saving.