Depression and Life Insurance

Depression and Life Insurance

Depression Life Insurance plans or mood and anxiety disorders in this day and age are very common life insurance underwriting issues.  This is due in part primarily to the issues that could arise such as suicide, drug or substance abuse and cardiovascular disease.  These types of risk’s typically are higher early on in the disorder within 2-3 years of a hospitalization or treatment center.

Anxiety disorders can include the following: panic, social phobia, social anxiety, obsessive compulsive and post-traumatic stress to name a few.  The symptoms may include, nervousness, accelerated heart rate, sweats, headache and insomnia. 

Mood disorders are labeled as Depressive and Bipolar, with a criteria for being labeled as major depression when someone has a history of being depressed for over 2 week plus the following symptoms: weight fluctuations, fatigue, suicidal tendencies, guilt, lack of concentration with feelings of worthlessness.

Counseling and drug or medication therapy is the typical treatment for most insured’s with antidepressant drugs and counseling as the most effective treatments.

How does Depression and mood-anxiety disorders affect Life Insurance Underwriting:

Mild Depression Life Insurance:

  • No suicidal ideation for 1yr, able to perform normal activities with minimal symptoms on 0-1 medication (no anti psychotic agent), rare anxiety attacks, no ECT for >19yr, no hospitalization/suicide attempts/disability for >9yr

These cases could be considered with no table ratings

Moderate Depression Life Insurance:

  • No suicidal ideation for 6months, able to perform normal activities with minimal moderate symptoms on 0-3 medications (no anti psychotic agent), single episode of disability (of short duration), no hospitalization/E CT/suicide attempts for >9yr

 These cases could be considered at table 2-4 rate classes

Severe Depression Life Insurance:

  • Significant symptoms, requires anti psychotic medication, long episode(s) of disability, single suicide attempt, ECT/hospitalization(s) 

These cases will most likely be mid to high table rated or declined-postponed until further improvement on the case. 

As always please make sure you are working with a qualified advisor or life insurance broker to help you navigate the carriers for the best rates.  Life insurance underwriting changes and they should be able to help you obtain the best rates.