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When applying for life insurance, insurance companies take many things into consideration.

One of the things they are most concerned about is the mortality rate of the applicant.

What contribute to the mortality rate are the applicant’s lifestyle, health, pre-existing conditions, and mental health as well.

For example, if a smoker who rides motorcycles frequently without a helmet, who is a heavy drinker, and has diabetes, applies for life insurance, they will not have a very good chance of getting accepted.

In contrast, someone who has no pre-existing conditions, does not smoke, lives a safe and healthy lifestyle and never drinks applies for life insurance, that individual will have a better chance than the previous individual.

Depression as a Pre-Existing Condition

Unfortunately, depression falls into the category of pre-existing conditions and can affect an individual’s chances of being accepted for life insurance.

It has been shown that people with depression have a higher rate of mortality than people who aren’t depressed. If you do have a history of depression, insurance companies will look closely at your depression history. They will want to know the age you were at your diagnosis, and how much time has passed since the diagnosis.

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The duration of the depression and how severe it is will be looked at as well. They will also want to know if you are taking medication and how affective the medication is. It will also matter how often you have changed medications. It will be taken into consideration if you have been hospitalized frequently due to depression. Also, they will want to know if you have made any suicide attempts, if you have any other mental disorders, if you are disabled because of the depression, if you have any current alcohol or drug abuse problems, as well as any other health problems in general.

If you have any combination of these, then the prospects for getting insurance may be very grim. Someone who has many of these problems will either be denied insurance completely, or will have to pay a higher premium. Even if you have a depression history, you can still definitely get insurance.

However, the current state of the depression, your lifestyle and your general health will greatly affect how much you pay or if you can be covered at all.

On the positive side, a perfectly healthy person who has depression can certainly get insurance at a low rate. Having depression does not mean you cannot get insurance, it just may it more difficult or expensive.

If there have been thoughts of suicide or suicide attempts, you will most likely be declined. However, a slight case of depression may not affect your application at all, depending on the case. The type of medication you take can affect your case as well. Insurance companies also decline people who have depression derived from Post Traumatic Stress Disorder as well.

Life Insurance Applicant with Depression

We’ve been able to help several people get life insurance coverage that suffer from all sorts of depression.  When talking with the client about their depression history, we need to know:

  • The severity—mild, moderate, or severe?
  • Are there any hospitalizations or time loss from work?

If mild and no complications, we have several carriers that will go with a preferred rating.   The key is showing that you are compliant with what your doctor has ordered.   Some life insurance companies that are more aggressive underwriting depression are AIG, AXA, Banner, Genworth, Lincoln Benefit Life, Protective and Transamerica.

A recent applicant only health issue  was depression and they were first diagnosed in 2009  and wasn’t treated again until June 2012. They were not diagnosed with a specific type of depression and they thought it was just a general depression.  They had never been hospitalized and only took two minor medications.  In this clients case, we were able to get them approved Preferred.

Getting Approved with Depression

As you can see  it really varies cases by case whether you can get insurance if you have a history of depression. It’s best to discuss your options with an insurance company or insurance agent to see what will be best for you.

This article is featured in the Cavalcade of Risk Carnival hosted by My Personal Finance Journey.

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When you have diabetes, you may worry that you can’t get life insurance at all.

In fact, nothing could be further from the truth.

Approximately 8.3% of the U.S. population has some form of diabetes, making the disease one of the most prevalent health concerns in the country.

Getting affordable life insurance with diabetes can take some extra effort, but it is possible to get a policy with a favorable rate.



How Does Diabetes Affect Life Insurance?

With diabetes, just what your medical treatment is like and how well your condition is managed can make a big difference. Be sure to let insurance companies know whether or not you have to take medication to control your diabetes and what dosage you take. Knowing your average blood sugar level can help you to get more insurance offers and better rates if you have good control over your levels.

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