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Life insurance is one of the best purchases that you’ll ever make for your family. It’s the only way that you can ensure that you can provide for them if something tragic were to happen to you. Finding the perfect insurance policy can be confusing and frustrating, but it doesn’t have to be.
There are a lot of different things that is going to impact your life insurance policies. Everyone knows that your age, tobacco usage, and health are going to affect your rates, but what about your mental and emotional health? If you have depression, is that going to get you declined for an insurance policy or will they charge you more because of your diagnosis? There are a lot of questions that applications with depression have, and we are going to explore these issues for you.
Depression is a common condition in the United States. In fact, more than 1 in 20 Americans over the age of 12 have been diagnosed with depression at some point. Although it’s a common ailment, there is still a lot of things that aren’t talked about very often. Because the majority of people don’t discuss the issue, many people don’t know how depression can affect their life, or their insurance policy.
Depression is an illness that can affect the way a person feels, thinks, sleeps, and their overall mood. It is a serious condition that often goes untreated or just thought of as a case of the “blues”, but it can have drastic effects on the body. Typically, depression is defined by these feelings if they last for more than two weeks. Depression can easily make daily life difficult. It can impact your work, your family, and your marriage. In fact, people suffering from undiagnosed depression have are less productive at work.
Five different types of depression that can impact your health, each of them is distinct in the side effects and the treatments. The five types are major depressive disorder, bipolar disorder, chronic depression, seasonal affective disorder, and posttraumatic stress disorder. Each of these are serious conditions that you should be aware of. The earlier that it’s detected, the better chance to minimize the impact.
There are dozens of different signs of depression that could lead to a diagnosis. Some of them are well-known, like a constant sadness or feeling “down, but these aren’t the only symptoms. Someone suffering from depression could also be irritable or seem on-edge often.
Another sign of depression is a lot of interest in activities that you would normally enjoy. This could be anything from golfing to reading a book. Those things that you used to love, you have no desire to do. Similar, you may find that you’re more active that you were before or less active than normal.
There is a host of other symptoms like extreme feelings of guilt, problems concentration, change in weight or appetite, insomnia or sleeping more than usual, or thoughts of suicide. As you can see, there are dozens of different symptoms that can affect not only your mental health but your physical health as well.
Diagnosing depression is simple. Unlike most diagnoses, there aren’t extensive tests that have to be done. Doctors conduct depression screenings frequently to ensure there aren’t any diagnosed mental or emotional complications. In most cases, your doctor will do a depression screening and look at your score. Depending on the answers to the questionnaire, the doctor can see the severity of the depression.
Your doctor will look at any possible physical causes that could be causing the depression related symptoms. If all of the physical signs are normal, your doctor could diagnose you with depression or refer you to a specialist to ensure the problems are physical.
There are some risks factors that can may you more likely to be diagnosed with depression. Depression can occur at any age, but it typically is diagnosed in adulthood, especially in older adults (around the ages of 45-65). If you have another health complication like diabetes, you’ll be more likely to be diagnosed with depression.
Additionally, having a family history of depression also drastically increases your risk of being diagnosed yourself. Anyone that has gone through any extreme stress or traumatic event is more likely to be diagnosed as well.
Another factors that could increase your risk is your race. African Americans and Hispanics are both have a higher chance of being diagnosed with depression at some point in their life.
Thankfully, there are dozens of different treatments options for those with depression Every type of depression, regardless of the severity has treatment options that can help lessen or eliminate the symptoms. The most common treatment is antidepressant medications. These medications can regular the way that you brain uses chemicals that can control your mood. Because everyone is different and there are so many different antidepressants, you may have to try different drugs before you find the one that works the best for you.
Another form of treatment is counseling or “psychotherapies.” There are plenty of studies that have shown that cognitive-behavioral therapy can help patients suffering from depression. A doctor may suggest a patient try counseling instead of medication or in addition to a drug.
There are also a few lifestyle changes that you can make that could lessen the symptoms of your condition. Simple things like getting regular exercise, talking to your friends and family, and even a healthy diet can have positive impacts on your depression. You and your doctor can try a mixture of these treatments to see which ones work best for you.
When you apply for insurance with depression, there are several factors that the company is going to want to be answered before they approve you for coverage. They will want to know when you were diagnosed with depression, as well as the type of depression that you were diagnosed with. You’ll also need to provide the name of the medication that you’re using (if you are using any) to control the condition, how many times you take it, and the dosage amount. Additionally, the insurance company is going to want to know how often you’ve switched medications.
They company will also ask if you’ve ever been hospitalized because of your depression or if you’re disabled as a result.
Your depression diagnosis isn’t the only thing the company is going to be interested in. They will still want to know about your overall health as well. After you complete the initial paperwork for your insurance policy, the company is going to schedule an appointment with a paramedic to complete a medical exam. The results from the medical exam are going to play a major role in how much your pay for your life insurance coverage.
During the medical exam, the paramedic is required to measure your blood pressure, heart rate, weight, and also get a blood sample and a urine sample. If you have any other pre-existing conditions, like cardiovascular complications, it could harm your chances of being approved for coverage or cause your premiums to go up.
There are several things that you can to do to get the lowest insurance rates possible. As we mentioned, your health is going to play a role in your monthly premiums. One way to lower your rates is by improving your health. You can do this through a healthy diet and exercise (which are both ways to help reduce the impact of your depression). Diet and exercise are going to help you lose weight, lower your cholesterol, lower your blood pressure, lower your heart rates, and much more, which will all translate into more affordable life insurance.
Another thing you can do is quit your bad habits like smoking or using chewing tobacco. Being listed as a smoker on your insurance application is going to cause your premiums to shoot through the roof. With some companies, you’ll pay twice as much as non-smokers for your insurance coverage. Some companies are going to charge you three times more. Coupled with the depression, using tobacco is one of the worst things you can do for your health and your wallet.
The best way to ensure that you’re getting the lowest rates is by working with an independent agent. Unlike a regular agent, independent agents represent several of the most highly rated companies across the United States.
Every company is different, which means they are all going to view your specific physical and mental health differently. You could receive drastically different insurance rates for the same amount of coverage from two different companies. That’s why it’s important to get quotes from dozens of companies before you choose one that works for you. You could spend days calling different companies to receive quotes, but the best way to do that by working with an independent agent. They will save you both time and money.
With depression, as long as you have no other pre-existing condition, you will not have any problems getting life insurance coverage. If your depression is mild and well-controlled, you can get extremely affordable rates, but aside from getting cheap coverage, you’ll need to decide what type of plan you’re going to buy.
There are several types that you have to choose from. The two biggest are a term and whole life. Both of them are excellent options for coverage, and they both have their advantages and disadvantages that you have to consider to see which one fits your needs better.
Term life insurance is the most common policy. These policies are sold and have a pre-determined time that they are in force. After that date has passed, the policy is no longer valid and you’ll have to reapply for coverage. Because they have an expiration date, these plans are cheaper than whole life plans.
As you can guess, whole life insurance policies are effective permanently. As long as you continue to pay the monthly premiums, you’ll have life insurance. Because you don’t have to worry about reapplying for coverage, these plans are going to be more expensive.
If you have any questions about getting life insurance with depression, we would be happy to answer those questions for you. Additionally, if you have questions about the types of coverage or how much coverage you need, we would be happy to walk you through that process and ensure that you’re getting the perfect coverage for you and your family.
You never know what life is going to throw at you tomorrow. You should always plan for the worst. Nobody wants to think about their own death, but not planning for the inevitable is the worst mistakes that you can make for your family. Don’t put it off any longer, let us help you get the perfect life insurance policy at an affordable rate.