Many millions of people in America are living with depression or anxiety. In the event that you’ve had a diagnosis with depression, it may be vital to ensure that your family members are protected in the event that you’re not around to help them.
Final Expense Insurance San Francisco offers an insurance plan to protect your financial assets for your family in the event you’re no longer around to care for them. Are you worried about getting it? Even if you’ve been diagnosed with depression or any other related condition it’s still possible to be insured.
What are you required to know about life insurance with depression? Let’s take a look at the factors insurance companies will consider when helping you find the best type of life insurance.
How does depression impact life insurance coverage
Depression is a very common severe, serious, and usually managed mental illness that is characterized by feelings of sadness as well as a diminished interest in the activities. People suffering from depression often suffer from anxiety disorder, which is a well-known mental illness that can cause feelings of tension, worried thoughts, physical symptoms, like increased blood pressure.
In throughout the U.S., about one of five Americans suffer from depression. In the U.S., approximately 40 million or 18.1 percent of Americans suffer from anxiety. With the COVID disease, the numbers have been rising. A 2021 Kaiser Family Foundation report found that 37% of U.S. adults were experiencing symptoms of either depression or anxiety during COVID-19.
Everyone can experience depression, but it is more prevalent in the later years of life. Some of the risk factors for developing depression include having a family history of the condition significant life changes, trauma, as well as certain chronic illnesses and medication. Based on the severity of the disorder the person suffering from depression could be at greater chance of committing suicide.
Because anxiety and depression can also affect your physical health and life longevity, insurance companies will consider these issues when they offer a policy. In the event that you’ve had a diagnosis with depression, life insurers generally ask about:
- The date of your depression diagnosis
- How severe is your depression?
- The type of depression such as persistent depression or postpartum depression
- The impact of depression on your lifestyle, including sleeping and eating habits as well as your work
- Do you have a past of suicide attempts or suicidal ideas
- If you’ve had a history of addiction to substances, like either alcohol or drugs
- Every medication that you take, whether inpatient or outpatient hospitalizations,
It is essential to be truthful regarding your mental health when making an application for insurance for depression. If you do not disclose any the medical details and it’s revealed later the insurance company could deny your application or, even more troubling, refuse to provide cash benefits for your relatives when they’re required.
Are you eligible to be denied life insurance for depression?
If you’re concerned about obtaining as a life insurer, don’t worry. There’s a life insurance policy available for almost every person. Your ability to qualify for a particular kind of life insurance depends on several elements, such as the severity of your depression, as well as other health issues.
Worried that your health concerns will make it tough to qualify or make your life insurance rates unaffordable? A no-medical exam life insurance policy could be the right choice for you. As its name suggests, no exam life insurance is any kind of policy which doesn’t need you to undergo a medical exam to get approval. The principal kinds of no-exam insurance are:
- Simple issue life insurance. Instead of requiring an in person medical exam, this kind of policy relies on questions regarding your medical history at the time of the application, including past diagnosis, previous labs, your prescription history, as well as any surgeries. Simple issue life insurance could be a good option for people suffering from mild to moderate depression who need a substitute for traditional life insurance, either permanent or term.
- The Guaranteed Issue Life Insurance. This type of policy is a no-questions asked policy with no medical exam or health questions required. If you are suffering from depression or have experienced medical issues as a result of your medical condition guarantee issue may ensure the security you need to protect your loved ones.
When shopping for coverage be sure to do some research to determine which policies will work most effectively with your medical history and budget. An insurance representative at Senior Life Insurance Company San Francisco will help you evaluate multiple life insurance options with just one phone call.
Are you still unsure or would like more information regarding depression insurance coverage?
We’re here to assist you. Best Senior Life Insurance San Francisco is partnered with the best life insurance companies to help you determine the right policy for you and your family. Call us or start your quote online today.