History of Depression and getting life insurance
Getting life insurance can be stressful. From setting up the initial meeting to filling out forms and answering personal questions about your health and finances, it can be uncomfortable. We just don’t like sharing our personal business with people we don’t know. And if we’re being honest, it feels a little bit like taking a test and worrying we won’t pass. For those of us with known health issues, it can be even more daunting.
For the 11% of men and 16% of women in Canada who suffer or have suffered through depression, just the idea of life insurance is enough to run the other way. The Public Health Agency of Canada defines depression as “a clinical term used by psychiatrists to define a time period that lasts more than two months in which a person feels worthless and hopeless.” Those of us who struggle with depression know that it has many faces and many forms, though Harvard Medical School outlines six major types of depression (two of which are specific to women): major depression, persistent depressive disorder, bipolar disorder, seasonal affective disorder (SAD), perinatal depression, and PMDD (a severe form of premenstrual syndrome).
In the past, depression (which is considered a pre-existing condition), may have automatically excluded you from insurance coverage or made the rates prohibitively expensive. In fact, many health conditions used to exclude you from coverage; but since people with mental illness have been one of the most stigmatized groups, no one was willing to talk about it. While the stigma persists, the good news is that with more public awareness, better treatment, and more research on the lives of those who suffer from it, insurance companies have become more open-minded about covering people who have lived with depression. Which means you can be optimistic about getting the coverage you need at a price within your reach — especially if you have realistic expectations of the process.
The more they know — the better your chances
Like any other pre-existing condition, when you’re upfront and honest, the process will go more smoothly. While you’ll inevitably have to answer more questions with a pre-existing condition — about medications and treatments, effectiveness and duration, as well as physician involvement — it’s best if the insurance company sees signs of improvement and/or management of your conditions. Other factors they consider can depend on the type of depression. For example, if your depression was tied to a life event like a death in the family or a divorce, and if you were treated with a single type of medication. But regardless of causality or duration, the more the treatment is documented, the better (underwriters like to see that you are keeping on top of your health).
Ultimately, insurance companies want to insure you, so they’ll work with you to find a solution that suits you and your family. Also, remember that insurance professionals typically have extra training about medical conditions and are likely to be less judgmental as a consequence. So it might be scary to pursue, but there are options for those with mental illness who want to protect their families — don’t let fear prevent you from applying for life insurance. And if you have more questions, we’re here to help.
