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Life Insurance With Depression

Obtaining life insurance with depression is normally a simple process! 

Applying for life insurance and having a history of mental illness such as depression can at times be a challenging process if the condition is severe. Everyone knows that life insurance companies take a close look at your physical health. They will carefully examine any medical conditions such as high blood pressure, high cholesterol or being overweight or obese plus many others.

The companies also pay close attention to any forms of mental illness as well. These mental conditions can sometimes contribute to suicide which is the number one concern the carriers have. Naturally this would trigger a payout of the face amount of the policy. The bottom line is, your mental condition is every bit as important as your physical condition when it come to purchasing affordable life insurance.


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 of depression in the United States
  • Over 400 people suffer from depression in the world
  • Depression is one of the leading causes of suicide in the United States
  • One out of every four children under the age of 16 suffer from mild depression 


What the insurance companies want to know

  • Have you ever been hospitalized due to depression?
  • Do you have suicidal tendencies or thoughts now or in the past? 
  • Have you ever attempted to commit suicide?
  • When did you first ever experience you had depression?
  • What medical classification of depression you have such as major depressive disorder?
  • When do you most recently experience your symptoms of depression?
  • What treatment do you mainly receive for depression?
  • Do you ever have to be hospitalized for this condition?
  • What type of prescription medications do you take daily?
  • Do you receive therapy by a Doctor on a regular basis?


Some of the best companies for depression

  • Lincoln Financial – Founded in 1905, A+ rated with 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 – Founded in 1948, A+ Rated with AM Best with 18 million policies in force
  • Transamerica – Founder in 1903, A+ Rated with AM Best with 7.6 million policies in force
  • AIG American General – Founded in 1849, A Rated with AM Best with 5.6 million policies in force
  • Prudential – Founded in 1874, A+ Rated with AM Best with over 22 million policies in force


What you need to know before you apply for life insurance with depression

Needless to say, your going to want to get the very best rates possible. It pays to get organized and prepare before you actually submit your application. Here is a brief checklist you can follow to help you get the best life insurance rates with depression.

  • Compose a list of all your relevant medications you take for depression and the exact doses. You will need this information when you apply.
  • Construct a basic list describing how the depression effects your everyday life and how your condition has improved with therapy and medication.
  • Obtain your medical records along with any of your doctors notes before you actually apply. 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. You can really speed up the process this way. 
  • Make sure your agents carefully runs a medical pre-screen so you can make sure you are going to apply with the most applicable company that will offer you the lowest rates.

A little preparation just before you sit down to apply can make the application process smoother and eliminate any potential surprises later.


Life insurance health classes

These classifications are otherwise known a rate classifications which finally determine your final rates. They are determined by the life insurance companies 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 the classes:

Preferred Plus:

This is not a rate class issued to people with depression. This class is also known as Super Preferred which is the very best classification you could ever receive. About 10% of applicant 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.


Very rarely does an applicant get preferred rates unless their depression is very mild. Preferred is an excellent rate class to be in. This will entitle you to have very low rates not quite as good 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:

This can be a common rate class for people with mild conditions of depression. This is still a very good rate class to be in if you have a few health issues or possibly some height and weight abnormalities.

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


This is a very common health class for people with depression. In the Standard class 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.

This as a common 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 of depression. The Substandard rate class is not a specific rate class like the others above but it is a scale of table ratings that will be based on your health history graded by letters or numbers which would normally be either the letters A-J or numbers 1-10.

This is normally because you have a more serious health history, or you’ve had some recent medical setbacks. Such as a heart attack, heart surgery, a diagnosis of type 1 diabetes or other complicated health problems.

Our final word

I am sure by now you have a much better understanding on how life insurance companies view depression on a life insurance application. This should really help when you go to apply. You must still have a lot of questions you need answered so don’t hesitate to call us. We are available 7 days a week with no cost or obligation.

You can set up a time at your convenience and get all your questions asked or complete an application. 

All the best,
Jack Venturi


Jack Venturi Independant Life Insurance Agent

Jack Venturi

Independent agent and founder of

Jack Venturi has over 30 years of experience selling all forms of individual and commercial insurance including Property & Casualty, Health, Disability and Life insurance. Jack has helped thousands of people all across the United Sates purchase the best insurance products at the lowest premiums possible over the phone and online.