Many people are surprised to learn that antidepressants can be an indicator of high-risk life insurance.
While depression as a condition isn’t necessarily hazardous to your physical health, it can lead to other risks that can threaten your life.
Can you get life insurance if you take antidepressants? Yes, you can get life insurance if you take antidepressants. A person taking a single antidepressant with a well-documented history of stability with depression can even be eligible for preferred life insurance rates.
You want to work with the best life insurance companies for people taking antidepressants that will dig into the severity of your condition to find you the best rate.
You can use our free rate engine to compare the cost of over 50 of the best life insurance companies in the United States.
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- Can I Get Life Insurance While Taking Antidepressants?
- Why Does Taking Antidepressant Affect Getting Life Insurance?
- What to do if I’m Declined for Life Insurance on Antidepressants
- Final Thoughts on if You Can Get Life Insurance if You Take Antidepressants
Can I Get Life Insurance While Taking Antidepressants?
In our experience as high-risk life insurance brokers, it is possible to get life insurance with depression while taking antidepressants.
If your underlying condition is mild enough, you may even qualify for no-exam life insurance.
The first thing that life insurance companies will want to see is why you are taking antidepressants in the first place.
Antidepressants are used for several conditions other than depression.
You can get life insurance with PTSD that is well-controlled with antidepressant medications as an example.
For the most part, most mood disorders are treated similarly from a life insurance underwriting perspective.
Once we have determined your underlying condition, the next thing life insurance companies look at is how many antidepressants you’re taking.
If you’re taking more than one antidepressant medication, that is a “red flag” to a life insurance company that your depression may be moderate or severe.
The more severe your depression is, the harder it is to get life insurance.
The next thing that life insurance companies want to see is that your depression is stable.
If your doctor is changing your antidepressant medications every time he sees you, that can be an indicator that your depression is not yet stable.
Finally, you need a well-documented history that your antidepressants are keeping your condition under control.
If you have any disabilities or suicide attempts in your recent history, that can make getting life insurance with antidepressants more challenging.
There is a lot of nuance and grey area when it comes to getting life insurance while you take antidepressants, so you need to work with a pro.
Depression and anxiety would fall under the category of high-risk life insurance, so it is best to work with an expert field underwriter who works with multiped life insurance companies.
Independent brokers that specialize in underwriting high-risk life insurance will increase your odds of getting life insurance with a pre-existing condition.
Why Does Taking Antidepressant Affect Getting Life Insurance?
According to the American Psychological Association, about 12.7 percent of the population take antidepressants, and that percentage is increasing.
As medical professionals understand more about depression and mood disorders, we are increasingly seeing antidepressants usage on our client’s prescription history.
Taking antidepressants indicates that you may have a problem with your mental health or a mood disorder.
Depression can lead to larger problems that will adversely affect your health and your chances to get life insurance with a mood disorder.
The number one concern of life insurance companies regarding depression is suicide.
Suicide is unpredictable and is typically covered in life insurance policies after the contestability period, usually 24 months.
Suicide risk is partly why getting life insurance with a mild case of depression is easier than getting life insurance with bipolar disorder; although, not impossible.
Additionally, depression and other mood disorders can lead to other health risks; for example, substance abuse of drugs or alcohol.
Also, if you cannot work due to your mental health, that can reduce your life expectancy.
Disability can lead to poor nutritional and exercise habits, which increases your chances of developing a disease.
The life insurance companies know this and will consider those risks when deciding to issue you a policy.
What if I’m Declined for Life Insurance on Antidepressant?
If you’re declined for life insurance on antidepressants, you do have options.
If you’re looking for final expense insurance, there are life insurance companies that won’t even ask about mental health at all!
That is where working with a high-risk life insurance broker will give you an advantage since they will know what burial insurance companies have a niche in depression.
In a worst-case scenario, there are guaranteed issue life insurance options available that don’t care if you’re taking antidepressants at all.
Guaranteed acceptance policies, like AIG guaranteed issue whole life, will accept you no matter how severe your depression is with a modified death benefit.
A modified death benefit will cover you for accidental deaths from day one.
However, if you die due to illness or a non-accidental death, the policy will return your premiums paid plus a competitive interest rate.
After the modified death benefit period is completed, the full death benefit payouts for all covered deaths, accidental or not.
However, final expense insurance will only cover up to $25,000 of death benefits in most cases.
If you want higher amounts of death benefits, you should consider an accidental death insurance policy.
Accidental death insurance pays a death benefit, similar to life insurance when you die from a fatal accident.
Accidental death will not cover illness or medically-related deaths, however.
Still, accidents are a leading cause of death claims, especially for clients under the age of 50.
Accidental death insurance allows you to get up to $500,000 in death benefits to protect your mortgage or protect your loved ones when you die of a covered accident.
You can combine both accidental death insurance and final expense insurance as well to provide your family maximum protection.
Final Thoughts on if You Can Get Life Insurance if You Take Antidepressants
You can get life insurance if you take antidepressants as long as your underlying condition is mild, stable, and well-controlled; sometimes without the hassle of a medical exam.
We’ve have seen life insurance companies offer preferred rates to clients who fit this profile in our high-risk life insurance agency.
However, if you are taking more than one antidepressant, that may indicate that your mood disorder is more severe.
You can get life insurance with moderate or severe depression, but you will no longer be eligible for preferred rates.
If your depression is so severe that you cannot qualify for traditional coverage, you still have options.
Final expense life insurance and accidental death insurance both are available for clients with severe depression history.
If you are looking for life insurance and take antidepressants, compare the rates of the best life insurance companies in the United States with our free rate engine.
Thank you for reading our post about getting life insurance while on antidepressants.
Please contact us with any further questions.