People often disbelieve that anxiety & depression life insurance doesn’t exist and that if you have a serious history of depression life insurance is a no. however, that isn’t exactly true. Anyone can be eligible for some form of life insurance or cover but of course your exact medical history will determine the type of cover available and the amount also. How does it all work? Read on to find out a little more about obtaining life insurance with a depression history.
A Pre-Existing Condition
Let’s be honest, anxiety and depression can be classed as a ‘pre-existing condition’. What that means is that an insurer has basically said any medical condition (even a previous mental health condition) is a pre-existing condition. This can be the same if you have diabetes and look for diabetes life insurance, the insurer names diabetes as a pre-existing condition. In a sense, there is a much greater risk for those who have pre-existing conditions whether it’s diabetes or depression. Since there is a pre-existing condition it means the type of coverage available can be very different.
Who Can Be Eligible For Life Insurance When Depression Is A Factor?
It will be slightly tougher to obtain life insurance when there is a history of depression but that doesn’t mean to say it’s impossible to obtain it. However, the fact that depression has been at one point an issue within your medical history it might be a little harder to get the cover you wish. Of course, if you have been perfectly healthy over the course of the last few years and you don’t smoke or drink alcohol then it can be a lot easier to obtain insurance. While depression is a factor it’s not the only thing that matters. Anxiety & depression life insurance can be very important but you may need to look for specialist insurers.
Will Depression Always Impact Life Insurance?
Let’s say you have been suffering from depression or anxiety for several years and are now attempting to get life cover, you may find it to be very difficult to get a large amount of cover. However, if you underwent a short depression spell ten years ago and you haven’t had that as an issue again and you are in good health then you shouldn’t have too much trouble. Again, the type of insurance you can obtain will come down to your mental health as well as your overall physical health. It isn’t just one or two factors that impact the type of insurance you are eligible for. It’s like when you look at diabetes life insurance; while diabetes can impact the cover you get it’s not the only thing that will matter when it comes to being eligible for cover.
Always Have Cover
No-one knows what’s around the corner and should something happen you need to know your family isn’t left to deal with large funeral costs or medical bills. It’s a very difficult time to lose someone and trying to deal with that grief as well as the costs with a passing can be stressful. However, if there is life insurance there it can take the burden away somewhat. That’s why anxiety & depression life insurance has become a must of modern life. Check this site: http://www.insurancedebate.com/how-age-affects-life-insurance-rates/