Mood and depression life insurance underwriting
Depression Life Insurance underwriting is something that many of our clients have come to us with after being rejected by life insurance companies. This could be due to depression history, anxiety conditions, bipolar or panic disorders, or many others.
Recently, there have been tremendous improvements with depression life insurance underwriting. Some insurance companies have taken much more time to fully comprehend types of depression, treatments, and medications, and have instituted a more aggressive life insurance underwriting outlook for people who have a history of depression and need to have life insurance coverage.
Depression Life Insurance Underwriting:
Below, you will find some general life insurance underwriting guidelines for types and classifications of depression.
Underwriters tend to classify depression life insurance conditions into one of three categories in order to determine your term life rates:
Mild Depression
- No suicide attempts, within past 1-2 years,
- No substance abuse,
- No lost time from work,
- No hospitalizations
- low dose minimal medications.
Moderate types of Depression
- No suicide attempts within past 10 years,
- Substance abuse if any is no longer an issue
- No Hospital visits within past 2 years
- Minimal time lost from work,
- Usually no more than 3 medications.
Severe Depression –
- A History of suicide
- Psychotic issues,
- Substance abuse,
- Intensive psychotherapy,
- Multiple high dosage medications
Possible life insurance rates due to depressive issues:
Not all life insurance companies do an adequate job of depression life insurance underwriting. You need to make sure that you find the life insurance company who will view your situation the most favorably. We can help you to identify which carrier would be best.
Mild Depresssion
With the right life insurance company, it is possible to get preferred or even best class term life insurance rates with a number of life insurance companies
Moderate Depression
Usually, life insurance cases with moderate depression will qualify for the standard rate class.
Severe Depression
Severe depression is really viewed on a case by case basis. Underwriters will review all the history, types of treatments, medication amounts, and follow up and ongoing treatments.
Underwriting Depression Life Insurance Example
When it comes to our underwriting, we follow a responsibly aggressive approach and look closely at controlled impairments. Here’s an example about Mood and Depression Life Insurance underwriting for the record:
Based on the information given about this client, we were able to get a depression life insurance underwriting offer of Preferred!
