Depression is undoubtedly a debilitating mental health illness for many. Affecting a staggering number of individuals of all ages across the world, depression has contributed to multiple health and lifestyle changes for those who suffer with it.


However, depression can affect everybody differently, with symptoms ranging from mild to severe. It makes sense to consider whether living with depression can affect your opportunity to get life insurance- to protect your loved ones after the unfortunate event of your passing.

Can You Get Life Insurance With Depression?

In short, yes, it is possible to take out a life insurance policy of you have depression. However, due to the fact it is an illness, the cost and terms of your chosen policy may vary slightly.


Life insurance policies come with a series of questions and medical examinations, meaning that you will likely be asked about your current mental health status. As mentioned, the severity of depression can vary from person to person, so an insurance policy may seek further information on this from either you or a designated medical professional.


The severity of your depression may correlate with the rate of your premium. For example, if you suffer from particularly severe depression, your premium rate is likely to be higher. This is due to severe depression often being associated with higher rates of mortality, further health implications and long periods of hospitalisation. On the other hand, an individual with depression that is maintained successfully with medication or at a mild level may be able to take advantage of the regular premium rates- however, this may vary amongst life insurance policy providers.


In the event of highly severe or uncontrolled depression, a life insurance policy request may be subjected to complete rejection from the policy provider.


It is wise to shop around and seek quotes from a selection of policy providers before you go ahead and purchase a particular life insurance agreement. This will allow you to seek the best value policy to suit your needs.

Do You Have To Disclose Depression When Applying For Life Insurance?

It is essential that you disclose any form of mental illness to your chosen insurance policy provider just as you would with a physical illness. If you fail to disclose this type of policy to the policy provider, your claim is likely to be rejected later as a result of non-disclosure of medical information and background.


It is a regular procedure for life insurance providers to ask you a short series of health and medical-based questions in order to assess your current situation and provide an accurate quote. Whilst many may be deterred by a higher premium rate due to their illness, it does not completely exclude you from purchasing a life insurance policy altogether. It is of paramount importance that all of the medical questions provided are answered thoroughly and truthfully.


You should bear in mind that each policy provider will have different terms and conditions surrounding long-term and mental illness.

How Much Does Life Insurance Cost If You Have Depression?

As with any general life insurance policy for a healthy individual, the cost of life insurance for a policy holder with depression will vary between policy holders. It is likely that the policy holder will need further information on the status of your depression, including the severity, your treatment, and further health implications before any type of quote can be presented to you.


One thing that is highly likely, however, is that your premium rate will be higher than the standard rate. On the contrary, this should not be used to deter you, as everybody’s personal circumstances will be taken into account before any decisions are made.


Factors that could increase the rate include:


  • Suicidal thoughts.

  • Further health conditions as a result of depression.

  • The frequency of your depressive episodes.

  • How your depression is maintained, for example, with medication or with therapeutic interventions.

Each quote you receive may vary. You may wish to consider meeting with a life insurance advisor to gain insight into the ideal policy for you based on your personal life and budget.

Can You Be Denied Life Insurance If You Have Depression?

In extreme cases where your depression is so severe that it has resulted in hospitalisation, or particularly severe thoughts of suicide, your claim for life insurance may well be denied by the policy holder.


In accordance with the underwriting process, the risk of approving your policy will be assessed in accordance with your overall health state and also any further extenuating circumstances that could present you as a risk. Taking into account the risks of depression and an early death, premium rates will increase accordingly.


Despite the typical rule of increased premiums for those with long-term illness remaining consistent amongst most life insurance policy lenders, each company will be in possession of a different underwriting criteria, meaning they may be more or less stringent on certain factors. It is important to remember that having depression does not instantly mean your life insurance claim will be denied with no further assessment.


If your life insurance claim is denied due to depression or any other severe mental illness, there may be alternative policies available to you that will better suit your personal circumstances and requirements. It could be beneficial to shop around amongst life insurance lenders to gain a better understanding of the options available to you.

Why Choose Life Expert?

Choosing to purchase a life insurance policy from Life Expert will allow you peace of mind, as our expert insurance agents work with you to ensure you get the best possible life insurance policy to meet your needs.


Having depression is often a stressful and complex time in an individual’s life. Here at Life Expert, we understand this. Our team of experts will strive to support you through the full process to minimise any stress and provide a quick and efficient process.


For more information get your free life insurance quote today and a member of our team will show you your various options.