Depression is a common affliction in today’s society. The instances of depression are higher with the challenges the country is currently facing.
Everyone gets depressed occasionally. Life events and hormonal swingers happen to everyone. It’s important to know if mood changes are normal or if something more is going on and you need treatment for depression. Despite each of us going to the Internet for a “self-diagnosis”, only a doctor can determine what is going on.
What is Depression?
Depression comes with telltale symptoms — it’s not just an issue of “feeling bad”. Insurance agents will look for a history of depression. Some objective signs are:
- Significant — and unplanned — weight gain or loss
Suicidal thoughts
Difficulty sleeping
Inability to concentrate
Using medicines to control depression
A pattern of frequent job loss
Pre-Existing
Getting insurance with depression can be done; it’s not easy. Depression lands in the pre-existing category. That can hamper a person’s odds of being able to get coverage.
People with depression have a higher rate of mortality than those who aren’t depressed. If you do have a history of depression — or a family history of it — make sure to tell the agent when you were diagnosed with depression and how old you were at the time. Duration and severity both will be looked at. The insurance company will also want to know if — and what — medicine you are taking as well as the effectiveness of the medicine.
Be sure to be honest about a potential history of suicide attempts and other co-occurring mental disorders. If you have been rated with a disability because of depression, be transparent and let the company know.
Once you are approved for life insurance, the current state of your emotions combined with your lifestyle and overall health will affect your rates.
It is entirely possible for an individual with depression can get insurance at a low rate. Just having depression does not mean you cannot get insurance under any circumstances; it just may be more difficult and/or expensive.
As you can tell, the chances of getting life insurance vary case-by-case. It is always best to review your choices with an insurance agent to see what coverage will work best for you.