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Why Is Depression Considered a Risk When Purchasing Life Insurance?

Mental health concerns, especially depression, are always of interest to both health and life insurance companies.

  1. Areas of Interest for Life Insurance Companies

    • When you apply for life insurance, expect the company to ask you about the following four things; your driving record, your family health history, your personal physical health, and your mental health.

    Mortality Rates

    • Insurance companies are especially interested when potential clients have a past diagnosis of depression, because mortality rates among individuals suffering from depression are significantly higher than those of healthy individuals. A study performed by the Netherlands Institute of Mental Health and Addiction revealed that the mortality rates are nearly double.

    Reasons for Mortality Rates

    • Although suicide rates play a part in these statistics, the bigger concern is actually the stress that depression causes on the body. This exposes depressed individuals to a wide variety of other health risks, including high blood pressure, heart problems, and decreased immune system function.

    Health Conditions Comparable to Depression

    • Unfortunately, a diagnosis of severe depression can put someone in the same insurance category as people with cancer, AIDS, heart disease, and diabetes.

    Helpful Tips

    • If you are looking for life insurance and have a diagnosis of depression, be honest with your provider. Supply them with any medical records they need. Keeping secrets is not a good way to develop trust with the insurance company. You may also want to consider waiting a few months or even years after a major mental health diagnosis, which will help lower your insurance rates.

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