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How to Buy the Best Life Insurance With Depression in 2024


Depression is a widespread condition today, given the mental stress many people face. If your condition is manageable with medication, you can easily obtain life insurance with excellent rates. 

How to Apply for Life Insurance With Depression & Secure the Best Rates in [2024]

Are you looking for life insurance coverage but worry that your pre-existing condition of depression might limit your options? Most people believe that purchasing life insurance with depression can be a challenge. 

This was the case years ago but not anymore due to much more relaxed underwriting. We have partnered with trusted life insurance companies that are friendly towards applicants with pre-existing medical conditions.
We believe that everyone deserves access to the protection and peace of mind that life insurance offers. Our simple and streamlined process makes it easy for you to apply for life insurance with depression.
With just a phone call, our friendly and knowledgeable representatives will guide you through the application process, ensuring that you receive the coverage you need at very affordable rates. 
Don’t let your depression hold you back from securing the financial future of your loved ones. Take the first step today by contacting us to explain all your options.
Protect what matters most, because your peace of mind is priceless. We have been providing life insurance coverage for individuals with depression for over 25 years.


Depression is a condition that impacts millions in the US, often unrecognized, and life insurance applications are generally approved at favorable rates.

Can Depression Affect Life Insurance Rates?

Whenever we speak with people diagnosed with this condition, one of the first questions is whether having this condition affects life insurance. Potential applicants are also asked if it affects their approval chances and their rates increase. Depression life insurance rates are usually very affordable unless your condition is uncontrollable.

These are all excellent questions because these are all variables that can impact your application. We will cover these questions and a lot more, so hang on and keep reading. 


Can I Buy Life Insurance With Depression?

By far, the most significant percentage of people that apply for life insurance receive very affordable rates. This isDepression Life Insurance because most people in the United States have some form of depression at one point or another.

This is one of the most common medical conditions in the country, and the life insurance industry is well aware of that.

Yet, most people diagnosed with this condition can get life insurance with no problem at all. Many applicants fall into two excellent health classifications: Preferred and Standard Plus.

There is only one exception in more severe cases where suicidal thoughts are present with the application. Regular hospitalization and psychiatric care can also present a more challenging application. Depression life insurance quotes depend on how mild or serious your condition is.


Can Depression Increase My Life Insurance Rates?

If your condition is very mild to moderate; your rates will probably not increase. If your illness is more severe, your rates can increase, but if your medication has your condition safe and under control you should have nothing to worry about.

Most of the cases we see end up with preferred rates using the correct carriers to apply with. You should have no problems if your condition is stable and easily controlled. Here are the situations that generally cause rates to go up or decline.

  • Being hospitalized for depression
  • Becoming a Patient in a mental institution
  • Use of prescription medication with dosages for severe cases 
  • Having regular psychiatric counseling with an MD
  • Reporting thoughts of committing suicide


Purchasing Life Insurance While Using Antidepressant Medication?

Using antidepressant medication is actually a good idea for insurance companies. They know modern drugs for depression are very successful and can make all the difference in helping you. They also know you are seeing a doctor for your condition and creating a solid attempt to control your situation so you can lead a perfectly everyday life.

On the other hand, taking a long list of antidepressants and using high doses could also mean your condition is either hard to control or not even controllable. At this point, the insurance company you are applying with will ask additional questions to clarify everything.

Depression life insurance eligibility is very good and application declines are rarely ever seen. Using the correct company to apply with is also very important.


Depression and the life insurance application process is just as easy and quick as a person applying that is in perfect health.

Questions the Carriers Will Ask You:

  1. Have you ever been hospitalized due to your condition?
  2. Do you have suicidal tendencies or thoughts now or in the past? 
  3. Have you ever attempted to commit suicide?
  4. When was the first time you ever experienced depression?
  5. What medical classification of this disorder do you have?
  6. When did you most recently experience your symptoms?
  7. What treatment do you mainly receive?
  8. Do you ever have to be hospitalized for this condition?
  9. What type of prescription medications do you take daily?
  10. Do you receive therapy from a doctor regularly?
  11. Have you ever applied for life insurance and been declined?
  12. Have you ever witnessed a dilution or hallucinations?


What Are the Best Companies for Depression?

Lincoln Financial –
Founded in 1905, A+ rated AM Best with 9.6 million policies in force.

Protective Life –
Founded in 1907, A+ Rated with AM Best with 6.6 million policies in force.

Banner Life –
Opened for business in 1948, A+ Rated with AM Best of 18 million policies in force.

Transamerica –
Originally founded in 1903, A+ Rated with AM Best with 7.6 million policies in force.

AIG American General –
First started in 1849, A-Rated with AM Best with 5.6 million policies in force.

Prudential –
Opened for business in 1874, A+ Rated with AM Best with over 22 million policies in force.

Depression and life insurance coverage depends on using the correct carriers that are the most liberal towards this condition and using an experienced independent agent/broker.

What Are the Seven Main Types of Depression?


Everyone has heard about bipolar depression, originally named Manic Depression, years ago. Bipolar patients experience dramatic lows and extreme highs like a roller coaster. However, patients can also share very high energy and racing thoughts in their minds. You can also treat bipolar disorder with medical therapy and proper medications.


Situational depression, also known as Adjustment Disorder, is caused by significant life-changing situations or events that stress the individual. We all experience this type of condition from time to time. Situational is a widespread type experienced by millions of people around the globe.

The situational form can be triggered by the threat of fires, tornadoes, car accidents, and just about any other stressful event possible. Taking medication for situational depression is not needed. Many people will reach for a good stiff drink, and that is it.  


Psychotic depression typically requires more medical attention than other forms. One of the issues with this form is that the patients hear sounds and can see sights that are not there in reality.

In other words, they are having delusions. Having delusions is a frightening experience for the individual because some sights and sounds can be monster-like or evil spirits.


The Seasonal type usually shows its face during the winter when you feel trapped in the house for months. Seasonal depression is most familiar with people who live in states that experience cold and icy winters and lack sunlight. The symptoms can get worse with each passing month until, finally, Spring arrives.


Dysthymia is a mild form of this illness that can give the person a feeling of sadness and cause problems sleeping at night. Dysthymia depression does not prevent people from doing their normal daily activities. Usually, dysthymia does not require medication, but some therapy will suffice.

Major Depression:

Major depression is one of the more extreme versions that affect people’s everyday lives. Individuals with a major form have feelings of less physical energy, intense irritability, insomnia, and significant changes in their eating habits. Major depression is treated with various medications and professional therapy by a doctor.


This is a unique form that usually affects new mothers. The statistics show that over 80% of all new mothers feel sad after having their new baby. Approximately 20% of these mothers have been diagnosed with postpartum. The symptoms are tiredness, mild anxiety, and sadness.

This condition can also give the new mother a feeling of possibly harming the baby (by accident). Postpartum causes the mother to pay less attention to the baby during the first year after birth.


Can I Buy Life Insurance Without Having to Take a Medical Exam?

You have the option of applying without having to take a medical exam. As the name implies, these policies are No Medical Exam life insurance policies. They usually cost a little more than the fully underwritten type policies, but you will not have to worry about the smell of alcohol and the blood test everyone dislikes, including myself.

The only condition that could change the application process is if you have a severe case of depression where the carrier has to collect more information. No medical exam policies also have a short approval time, sometimes between 24-48 hours. Therefore, most people may apply for coverage without an exam if their condition is not severe.


What Are Life Insurance Health Classifications?

These are otherwise known as rate classifications, which determine your final rates. These health classifications aredepression and life insurance coverage calculated by the life insurance company’s medical underwriting team.

There are three main tiers of health classifications which are:

1. Preferred Plus, Preferred, Standard Plus, Standard Classes

2. Smoker Rate Classes

3. Sub-Standard Rate Classes

Here is a full breakdown of these classes:

Preferred Plus:

Preferred Plus is not a rate class issued to people with depression. This class is also known as Super Preferred, the best classification you could ever receive. About 10% of applicants can qualify for Preferred Plus. You have to be in excellent health with the proper height & weight ratio, and your family history is clean and right on the money.


Applicants often don’t get preferred rates unless their depression is mild. Therefore, the preferred rate class is an excellent rate class to be placed in. However, this will entitle you to have meager rates, not quite as reasonable as Preferred Plus but still very competitive.

You could have some minor issues like high cholesterol and high blood pressure. But it has to be controlled with medication. Most healthy people fall into this category if they are in good shape.

Standard Plus:

Standard Plus is a typical rate class for people with mild conditions. However, this is still an excellent rate class if you have any health issues or possibly height and weight abnormalities.

Many people fall into this rate class, especially in their 40s, 50s, or 60s. Their health is starting to have some health conditions that are perfectly normal in these age groups. You would still have to have a good family health history from your parents.


The Standard rate class is a prevalent health class for people. In the Standard category, you would be experiencing some problems with height and weight, your medical tests are no longer squeaky clean, and you might have a small list of medical conditions that are not terrible, but you have to keep your eye on them.

The Standard rate class is a standard class for people in their 50s and 60s, but the rates are still very affordable. As you get older, your health is naturally going to get tarnished. But this effect is perfectly natural, and this is unavoidable as you get older.

Substandard With Table Ratings:

This rate class would be for people with more severe cases. The substandard rate class is not a specific rate class like the others above, but it is a scale of table ratings based on your health history graded by letters or numbers that would typically be either the letters A-J or numbers 1-10.

The standard rate class with rate tables is usually because you have a more severe health history or recent medical setbacks, such as a heart attack, heart surgery, or a diagnosis of complicated health problems.

The only way to find out your actual rates is to submit an application and let the application process take its course. There is no cost to apply, and the carriers pay for all related expenses. The insurance will determine the rates, and the agents will help you from beginning to end.


Best Types of Policies for People With Depression 

There are two main types of life insurance for depression. The first type is the Term Life insurance plan design. Term policies cover the insured for the prescribed time listed in the policy. These term periods usually range from 10 to 30 years, and now Banner Life offers 35-year and 40-year term policies. 

The second type would be permanent life insurance plans such as Universal Life and Whole Life. Universal life will last the individual’s entire life covered under the policy. It costs about 3-4 times as much as term insurance, but it can be bundled with a term policy to have an excellent life insurance portfolio.

Unfortunately, whole life is not cost-effective, and many companies have dropped it from their product lines.

Here is a list of four of the most common types of coverage:

1. Term Life Insurance –

2. Universal Life Insurance –

3. No Medical Exam Life Insurance –

4. Return of Premium Life Insurance –


Will a Medical Assessment Help Get Better Rates?

Anytime you have a medical condition that could quickly impact your life insurance rates. A very simple and quick medical assessment is advisable. The pre-screening process is straightforward and is done entirely by your agent and only takes a few minutes. This is a process that will help to eliminate unwanted surprises during the application process.

The process involves you answering some medical condition-related questions. Your agent can then check with multiple carriers to see who will offer you the lowest rates before you apply. Medical pre-screening takes about 10 minutes and there is no cost. You can use our quote engine to compare depression life insurance quotes from over 40 top rated carriers.

Locating the best life insurance for people with depression is one of our most common requests. 

Keep in mind that new business rates are based on your age and will increase between 2-8 percent each year depending on your age. Apply as soon as possible to lock in your rates. Don’t pay any more than you have to.

Our Final Thoughts

Virtually all medical conditions, either physical or mental, are different. So if you are a depression patient, there areDepression Life Insurance Quotes many forms of treatment to help you. The same holds for life insurance products as well. 

Don’t let depression stop you from protecting your family members and dependents.

We can easily find an excellent policy for you with a simple phone call seven days a week.

All the best,
Jack Venturi

*For any questions you might have, you may call us at 815-390- 7545 and we will provide a quick answer. 


Jack Venturi Independent Life Insurance Agent

Jack Venturi

Independent agent and founder of

Jack Venturi has over 30 years of experience selling individual and commercial insurance including Property & Casualty, Health, Disability and Life insurance. Jack has helped thousands of people all across the United States purchase the best life insurance products at the lowest possible premiums over the phone (815)-390-7545 and online.

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