How to Get Term Life Insurance If You Have Depression

Life insurance is something that most of us consider an essential in our lives.  We worry about our children or spouse having enough money to bury us and being able to go on living their lives.  None of us want to be a burden to our families or our spouses.  As we try to obtain an insurance to help to make sure we do not put them through a hardship, there are times that we may run into a snag when applying for our insurance policy.  Some consider the ability to apply for more than the burial expenses, so that they can leave behind something for their loved ones helping to make life a little financial easier for them.

Why Can It Be Difficult To Be Accepted?

There are certain situations as to where it might be hard to get approved with many life insurance companies.  Depression is one of the situations that can create an issue of getting excepted when applying for term life insurance.  Depression strikes millions of people every day and is not uncommon.  Most of us get down or have down days once in a while.  That has appeared to be fairly normal for the majority of our population.  When a person is down and has a lack of appetite or trouble sleeping and it has lasted in excess of two weeks, then there is a problem.  Once a person has been diagnosed with depression many insurance companies will not insure them, feeling they would be too big of a risk.

Types Of Depression

  • Clinical Depression or called major depressive disorder
  • Dysthymia or chronic depression
  • Bipolar or manic depression
  • SAD or Seasonal Affective disorder
  • Posttraumatic Stress Disorder PTSD

Getting Insurance

Anxiety and depression life insurance can be a stressful application to fill out.  When applying for this insurance, most insurance companies will evaluate your situation.  They will see how severe of depression that you have been diagnosed with having.  A consideration will be to see if you are disabled by your depression or if it is controlled by medications.  They will want to make sure that it is under control with the use of medication.  Many will check and see if you have been hospitalized and treated with complications from your depression.  Do not lie on your application and fill it out with your medications, treatments and your doctors name and information.  Your physician must supply your medical history in order for you to be considered.

There are certain things that will most always make them turn you down and feel that you are too great of a risk to insure.  If you have reported cases of suicide attempts on your records would probably be the number one cause of being declined.  Some companies will decline your application if you have been hospitalized due to complications of your depression.  Others just want to make sure that it is under control and will approve your application for your new life insurance policy.

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