Not sure if you can get a life insurance with depression?
Life insurance and depression have a difficult relationship and for those who are or have been hospitalized due to their depression. Those who find themselves being hospitalized for their depression may be put on medication similar to wellbutrin xl to aid with managing their depression. Some decide to avoid hospitalization by deciding to enjoy cannabis which you can learn more about at cannabis buying guide. One may discover that because of the hospitalization, no one is willing to insure them or the premiums are too high. This means that those who suffer from depression will seek away to manage their ailment in order to avoid hospitalization. Those who have depression have found that CBD products such as full spectrum cbd oil could aid them with their depression. Studies have shown that it acts as an antidepressant affecting the chemicals of the brain, allowing it to have antidepressants and anti-anxiety effects. If you are interested in finding out more about CBD and depression, you may want to visit somewhere similar to Blessed CBD and speak with your doctor who may be able to answer any questions, you have in regard to depression, and how to manage it.If you are currently searching for life insurance and have a history of depression, there are a few things you should know ahead of time. There are two different types of ‘no medical’ life insurance: guaranteed issue and simplified issue that you can choose from.
We work with 20 various insurance companies to find the best insurance option for you. Find out more about your options below.
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More about depression as a pre-condition
The Centre for Disease Control and Prevention (CDC) released a while ago a study related to depression. In this study, they discovered that approximately 1 in every 10 Americans is suffering from depression, with a percentage average ranging from about 4.5% in northern to states to as high as 15% in more southern states. While there are many contributing social risk factors for depression, such as age, sex, ethnicity, education and employment status, there are also physiological factors such as health issues.You may also be surprised to know that here in Canada, life insurance and depression do not always go hand-in-hand, due to all the risk factors involved with depression. Health issues found to have a significant impact on the likelihood of depression include obesity, injuries resulting in disability or injuries that prevent a person from working. It is also important to note that not all depression is the same, in fact, there are 7 different forms: major or clinical Depression, chronic depression, atypical depression, bipolar or manic depression, seasonal depression (SAD), psychotic depression and postpartum depression. In most cases, those searching for life insurance with depression find policies hard or expensive to come by. No medical life insurance can be one of the possible options for people with depression.
No medical life insurance in detail
As mentioned above, there are two different types of ‘no medical’ life insurance: guaranteed issue (GI) and simplified issue (SI). For guaranteed issued policies, you don’t need a medical and don’t need to answer any questions. However, the drawback is that your premiums will be high and there will be a two-year waiting period (not including ‘accidental death’). For simplified issued policies, there is also no medical but you will have to answer a short series of questions. Unlike GI however, you will get your coverage from day one and likely pay a little less than GI in premiums. When you need life insurance and depression is something you want to keep undisclosed, one of these two options are for you.Your other option is to be upfront, submit to medicals and questionnaires, and see how you do. If you haven’t been hospitalized, you may discover that shopping for life insurance and having depression isn’t as bad as you anticipated. Not all companies will turn you down and rates may be lower than you frightfully imagined – so it is worth looking into.
Insurance companies are tough on those dealing with depression because the risk of the company having to pay out your policy is much greater – not to mention that they may have to pay it out much sooner than most. Major depression carries with it a risk of self-harm, in varying degrees, and this is something perspective insurers cannot ignore. While life insurance and depression may have a bit of a tenuous relationship, that doesn’t mean you shouldn’t try to secure insurance. Everyone should be insured – at the very least for death benefits – but if you have a family, life insurance is not something you can afford to ‘skip.’
Our insurance advisors will assist you with finding the best insurance option as we work with more than 20 insurance companies. We look forward to hearing from you – simply complete the form above.
