Getting Life Insurance With Depression or Anxiety

Getting Life Insurance With Depression or Anxiety
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    When you suffer with anxiety or depression, getting life insurance isn’t as easy. Just know that anxiety and depression sufferers can still get affordable life insurance coverage.

    However, when you’re ready to apply, you need to pick from the best life insurance companies that will offer you the best premium rates for depression or anxiety. If you choose incorrectly, you can overpay or worse- get denied!

    depression and life insurance

    Most people are under the assumption that depression and anxiety are something that people can easily get over. The reality is that depression and anxiety are health conditions that can be significant, and in order to get a handle on them, you must take proper care. This is extremely important if you need and want life insurance. 

    Your condition should not affect your health. The life insurance underwriter may take that into consideration into whether or not they offer you life insurance and if you get a good premium rate. It will all depend on your medical records and history with depression.

    We put together 7 steps to getting life insurance with depression or anxiety. We also provide some insider tips on what the life insurance companies will be looking into before offering you a policy.

    How to buy life Insurance with Depression

    Here are 7 steps you should follow if you're wanting to get approved for coverage.
    Total Time Needed: 30 minutes

    Required Tools:

    - Computer.
    - Phone.

    Things Needed?

    - Independent licensed agent

    Steps to get approved

    Step 1: Work with an independent agent
    With depression & anxiety, make sure to use an independent life insurance agent that has access to multiple companies.
    Step 2: Communication
    Your agent will listen about your depression as well as your goals for coverage. They will also ask you the questions that a life insurance company underwriters will want to know about your depression or anxiety.
    Step 3: Shopping the competition
    Your agent is like your personal shopper. They will find the best life insurance company that will approve you and give you the best deal for depression.
    Step 4: Choose your company and policy
    Once the bests companies have been found, you can choose the policy that meets your specific needs, goals and budget.
    Step 5: Apply
    Your agent will help you apply quickly and easily online or over the phone. Most companies provide e-signatures and e-delivery so you can submit your application as quickly as possible.
    Step 6: Underwriting
    After submitting the application you will begin the underwriting process. Once that has been completed you will know if you’ve been approved.
    Step 6: Purchase your policy
    Once your application is approved you may purchase your life insurance policy and put it in force.

    Getting Life Insurance With Depression or Anxiety

    It may not seem fair but life insurance underwriters will use the entire population to base their decision… not just you as a person.

    However, there are ways you can ensure your application is a bit more personal.  The goal is to make sure the underwriter has the necessary information to provide you with a rate that is given to you as an individual

    … not a population-based rate.

    Do you suffer with anxiety and/or depression and need life insurance? Let’s learn how you can get the best rate.

    3 Questions You Should Ask Yourself When Shopping For Life Insurance with Anxiety or Depression

    Before you shop around for rates, there are three questions you need the answers to:

    • If I suffer with depression or anxiety, can I still qualify for life insurance?
    • If I suffer with depression or anxiety, what class of insurance rates will I qualify for?
    • If I suffer with depression or anxiety, what must I do to apply life insurance coverage?

    Is It Possible To Attain Life Insurance Even If I Suffer With Depression or Anxiety?

    Yes, it is quite possible to get life insurance, but you’ll need to fill out a questionnaire regarding the condition before you are approved. Some of the things life insurance companies will want to know include:

    • When were you first diagnosed?
    • Was your condition mild, moderate or severe?
    • What kind of medication were you prescribed?
    • How often do you see your doctor?
    • Have you seen a psychiatrist for your symptoms?
    • Have you’ve gone through electroshock therapy?
    • Did you have thoughts of suicide?
    • Were you hospitalized because of the mood disorder?
    • Do you have any other risks such as alcohol addiction?

    The answers you give will dictate whether or not a life insurance company will accept your application for life insurance coverage.


    What Type Of Life Insurance Rate Will I Qualify For If I Suffer With Depression or Anxiety?

    There are 16 different rate classes, and the rate class you’d qualify for is going to dictate what you end up paying.

    Preferred Best

    A majority of well-controlled clients (anxiety or depression) who use just one medication are eligible for the best class.  If your condition is under control, you’re taking just one medication and you’re being treated by a primary care physician, you may be eligible for the preferred rate or even the preferred plus rate.


    People who have a moderate level of anxiety (OCD or PTSD) or depression, who use more than one medication, see a psychiatrist for their condition or have been in the hospital for it, may be eligible for the standard rate.

    Table Rated

    People who suffer with serious forms of depression or anxiety, are disabled, or have attempted suicide or have thoughts of it could get a table rate but may have to consider a final expense policy to go along with it.

    The rate class you’re eligible for is often dictated by the records your doctor keeps. If your doctor has noted the possibility of suicide, this information is going to have a huge effect on whether or not you’re approved for coverage. The better the report is from the physician, the better rate you could end up with. Due to how much weight the doctor’s medical reports can carry, there are no guarantees from a life insurance company.

    Things become even more complex when you’re suffering with anxiety or depression along with another health condition – like thyroid or diabetes. If both conditions are controlled, it’s possible to be eligible for the standard or better rate from an array of life insurance companies.

    life insurance table rating

    What Process Must I Go Through If I Suffer With Depression or Anxiety?

    If you’re going to make a decision on a life insurance policy, you must understand the choices available like whole life and term life insurance. The easiest way to decide is what is the coverage for? Here are some general examples.

    Term life is generally best for insuring the primary income earner to protect either family or business. For business owners, term life can be used to cover their key person business insurance or SBA loans. It’s also good to meet the demands of a divorce decree life insurance. 

    Whole life is better for long-term planning (estate planning with life insurance or buy/sell agreements that were funded with life insurance)

    Fully Underwritten, Guaranteed Issue and Simplified Issue: 3 Kinds of Coverage Options For You To Choose From

    Guaranteed Issue – Policies that are guaranteed issue are ideal for people who have a severe case of anxiety or depression. There are no health questions or medical exam, with coverage beginning within three days.

    No Medical Exam Policy – This policy is ideal for people with a mild case of depression or anxiety. With it, you’ll be required to answer a number of health questions – there is no paramedical exam (no blood drawn, no urine sample, etc.). The company is likely to still cary out a DMV and prescription database search.

    Fully Underwritten – This is type of policy demands a medical exam be undergone. It usually involves an examiner coming to the home, checking your weight and height and taking a urine and blood sample. The lab will process the results.  Life insurance companies will carry out a prescription database check to learn what medications you’ve taken previously and what you’re presently using. From all this information, the underwriter will determine what your risk level is and give you a rate class based on it.

    Best Life Insurance Company for Depression?

    Life insurance companies cater to specific “niches” in order to be the top carrier in specific markets. So certain life insurance companies may be better for certain conditions. In other words, there is no best company for Celiac Disease, OsteoporosisAngioplasty….or Depression. It ultimately comes down to your specific health & lifestyle — and matching it with the company who will offer you the best rate.

    Not A One Size Fits All Life Insurance Policy for Depression and Anxiety

    It’s important to remember that the life insurance industry is no different than any other industry. Each company is looking for your business, and because of this, life insurance companies work in niches to garner the market share. Learn these niches to find out what life insurance company is best for your needs.  Go with an agency that knows what the different companies are that can give you a great deal on life insurance rates for people with depression or anxiety.

    With the wrong insurance company, you pay much more than you should, and may even be denied for coverage because of your condition. We help people everyday by using over 60 of the nation’s top rated life insurance companies.  This allows us to make sure we are providing you the best chance at getting life insurance at the lowest rate possible.

    Life Insurance Blog

    When you work with Life Insurance Blog you will work directly with an independent agent. Your agent is dedicated to you and is available for the entire process.  You will have all of your questions answered before putting in the application and you will receive updates throughout underwriting. Once we receive the final outcome, we’ll make sure you’re still getting the best rate available!

    Get started now! Give us a call or get a life insurance quote for free by completing our easy form on this page.

    Thanks for reading our post, Getting Life Insurance With Depression or Anxiety. If you’re wanting more details on depression and anxiety, we’ve put together a brief summary on the condition below. 

    What Is Anxiety & Depression and how does it affect life insurance?

    The terms anxiety and depression are used frequently, but what actually are these conditions? Anxiety is the feeling of worrying, being fearful or uneasy that extends beyond what people regarded as the right response to a threat. Depression occurs when people feel unhappy or are sad.

    Now major depression (also called major depressive disorder) is when a person’s feelings, thoughts, mood and behaviors are affected by major issues.

    This clinical depression leaves a person unable to function in their daily life, affecting their sleep and work. 

    Chronic depression or Dysthymia is when a person’s mood is continuously low, with symptoms that are milder than major depression but last longer than major depression.

    Seasonal Affective Disorder (SAD) is another kind of depression that generally happens during a particular season – usually winter.

    Michael Quinn

    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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