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How to Buy Life Insurance With Depression

Life Insurance With Depression & How to Secure the Best Rates in [2023] 

Applying for life insurance for depression is usually a simple process. However, it can be a little challenging iflife insurance with depression Depression is severe. Everyone knows that life insurance companies look closely at your physical health.

They will carefully examine any medical conditions such as high blood pressure, high cholesterol, obesity, etc. The companies also pay close attention to any form of mental illness. Unfortunately, these mental conditions can sometimes advance to suicide, which is the only reason the insurance companies pay close attention.

This blog post will cover everything you need to know about applying for life insurance with depression and getting the best possible rates. 


Millions of people in the United States have some form of depression, especially during these volatile times. Yet, in many cases, their applications are approved in the Preferred rate class at no extra charge.

Can Depression Affect Life Insurance Rates?

The effect of depression and life insurance rates will depend on the severity of your depression disorder, which will run on a case-by-case basis.

Whenever we speak with people diagnosed with depression, 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.

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 Get Life Insurance With Depression?

By far, the most significant percentage of people that apply for life insurance receive excellent rates. This is 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.


Can Depression Cause My Rates to Increase?

Suppose your condition is very mild to moderate; probably not. If your illness is more severe, your rates can increase. Most of the cases we see end up with preferred rates. 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.

  • Hospitalized for Depression
  • Patients in a mental institution
  • Prescription medication and dosages for severe cases 
  • Regular Psychiatric counseling with an MD
  • Reporting thoughts of suicide


Why Was I Denied Life Insurance?

You probably applied with a carrier that was not as liberal towards mental illness conditions as other companies would be. Choosing the correct insurer is extremely important.

If you have been denied life insurance because of this condition, there is a possibility of one or two things to consider. Either you have a severe case or are connected with an inexperienced captive agent. An extreme case of this condition could be using multiple drugs with high dosages and hospitalization, regular medical visits with a Physiatric Physician, having made suicide attempts, or having strong thoughts of suicide.

Using an inexperienced captive agent such as a State Farm agent with little to no knowledge of high-risk medical conditions could decline you quickly. Many companies specializing in auto insurance would not sell life insurance to people with serious medical conditions. It would help if you worked with an independent agent that understands and is experienced with high-risk life insurance.

If an insurance company declines your application, you can contact an experienced life insurance agent such as ourselves. You can pre-screen your condition and choose the best company to apply with. Being approved for life insurance should be simple with today’s relaxed underwriting.


Can You Buy Life Insurance If Using Antidepressant Medications?

Using antidepressant medication is 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. They will not conclude how severe or mild your condition may be.


What You Might Not Know About Depression

  • Depression is the number 1 cause of being disabled throughout the whole world.
  • Over 17 million adults have some form in the United States.
  • Over 400 people in the world suffer from this disorder in the world.
  • Depression is one of the leading causes of suicide in the United States.
  • One out of every four children under 16 suffers from a mild form. 


What Questions Will the Companies Ask?

  • Have you ever been hospitalized due to your condition?
  • Do you have suicidal tendencies or thoughts now or in the past? 
  • Have you ever attempted to commit suicide?
  • When was the first time you ever experienced depression?
  • What medical classification of this disorder do you have?
  • When did you most recently experience your symptoms?
  • What treatment do you mainly receive?
  • Do you ever have to be hospitalized for this condition?
  • What type of prescription medications do you take daily?
  • Do you receive therapy from a doctor regularly?
  • Have you ever applied for life insurance and been declined?


What Are the Best Companies for Depression?

Here are some of the best companies for this condition. Again, pre-screening your condition can help us determine which company would be best for you to apply to. 

  • Lincoln Financial – First started 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 – Started a 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.

Make sure to connect with an independent agent representing all the top-rated companies. The key to getting the lowest rates is selecting the most applicable company.

What Are the Seven Main Types of Depression?

Not everyone has the same type of depression. Some forms are worse than others and affect people differently. Take a look at the seven most common types we know about today:


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. Seasonals are 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 are 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.


What Do You Need to Know Before You Apply?

You are going to want to get the very best rates possible. Therefore, it pays to get organized and prepared before submitting your application. Here is a brief checklist you can follow to help you get the best life insurance rates for depression.

  • Compose a list of all the appropriate medications you take for depression and the exact doses. You will need this information when you apply.
  • Construct an essential list describing how depression affects your everyday life and how your condition has improved with therapy and medication.
  • Your insurance company will obtain your medical records and doctor’s notes immediately after you submit your application. You will need all these records, and sometimes when the insurance companies request them, it could take a month or more before the doctor’s office submits them.  
  • Make sure your agents carefully run a medical prescreen to make sure you apply with the most applicable company that will offer you the lowest rates.

Before you sit down, a little preparation can make the application process smoother and eliminate potential surprises later.


Can I Buy Life Insurance Without Taking 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 underwriting type policies, but life insurance companies for depression I won’t 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. Rate classifications are calculated by the life insurance company’s medical underwriting team.

There are three main tiers of health classifications which are:

  • Preferred Plus, Preferred, Standard Plus, Standard Classes
  • Smoker Rate Classes
  • 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 proceed. There is no cost to apply, and the carriers pay for all related expenses. The insurance carriers control the rates, and the agents will help you from beginning to end.


What Are the Best Types of Plan Designs?

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 stated time stated in the policy. These term periods usually range from 10 years, 15 years, 20 years, 25 years, and 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 to have an excellent life insurance portfolio.

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

*Here is a list of the most common types of coverage with a link pointing to other blog posts for more information:


Why Should I Work With an Independent Agent?

Let’s first establish that you have depression and want to buy life insurance but don’t know where to start. You are probably worried that this condition will represent a problem and possibly prevent you from obtaining affordable coverage.

So the next step is to need a professional insurance advisor to help you along so you can purchase your coverage and have very affordable rates at the same time. Brokers are known as independent agents who work with all the top insurance carriers and can choose the best company for your specific needs.

The best part is there is no cost or obligation for his help. Independent agents specialize in helping people with medical conditions buy affordable protection with the most trusted carriers


What is the Best Way to Apply for Life Insurance?

The best way, without a doubt, is to apply over the telephone. You may remember the long, tedious 20-page insurance with anxiety disorder Applications or the, better online applications that periodically had software glitches. Now we have complete simplicity with telephone applications.

All you have to do is sit back and answer the questions over the phone, and in about 15 minutes, your application is complete. Nothing could be simpler and quicker!


Will a Medical Pre-Screen Help Get Better Rates?

Anytime you have a medical condition that could quickly impact your life insurance rates. A very simple and quick medical pre-screen is advisable. Pre-screening is a straightforward process that is done entirely by your agent. 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. 


How Can I Compare Life Insurance Quotes for Depression?

All you have to do is activate our instant rate quote system on our website. You can compare over 40 of the most competitive companies in less than a minute. I recommend using the Standard rate class from the health classification drop-down menu to play it safe.

If you apply, we can pre-screen your condition to give you a much more accurate idea of your rates.


In Conclusion

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

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

If you have any questions concerning life insurance with depression, contact us today and we will help you at no cost or obligation. We are brokers that work for our clients and not for the carriers. Our job is to help you get approved for the best policy for your needs with the lowest rates possible. You can also set up a specific time to get all your questions answered if you’d like.


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 (708)-334-6226 and online.

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