Co-Founder, Coastal Financial Partners Group, California
It depends on many factors. Has there been a diagnosis of depression? If not, and the reason for the prescription is relatively minor, the affect on life insurance premiums may be minimal.
Depression can involve a short-term episode related to a stressful event, such as the loss of a loved one, business setback, or loss of a job, to a prolonged illness requiring years of therapy and medication. It would be important to know when first diagnosed as being depressed, if hospitalization was involved and how long treatment continued. Some situations may be insurable and others may result in a decline.
Taking one antidepressant for mild depression, with no hospitalizations or disability for depression, and no suicidal thoughts noted in one's medical records, rarely has an effect on life insurance ratings any more. If all other health factors are Preferred, taking one antidepressant will not normally change that.
If more than 2 medications are needed to control depression or there has been a recent hospitalization for depression, suicide attempt, or need to go on Disability due to depression, it is possible that you might get a high rating or even decline on a medically underwritten policy. In this situation, there is usually a No Exam policy that can cover you.
It could cause a rate up depending on the situation. The company would look at the reason for taking the antidepressant. Is it situational or chronic? What is the dosage? Have you ever been hospitalized? Any history of suicide attempts? Are there any other health issues? What medication are you taking? Depending on the answers to these questions you could get anywhere from standard rating to denied and need to go with a guaranteed issue plan. It is best to sit down with an agent who can get the details and do a prescreen based on your situation to find you the best available rate.
Taking antidepressants does not always affect life insurance rates. Taking one antidepressant medication for mild, controlled, stable depression will still allow you to be rated Preferred with many companies. And you can get No Exam life insurance at that same rate as everyone else.
When there is more than one medication taken for depression or other factors indicating more serious depression, your policy may be rated up to a higher premium. If you had a recent hospitalization for depression or are on disability due to depression, you may need to get simplified issue life insurance, and those premiums can be rather steep.
However, by shopping with an agency that carries many options, you can get affordable life insurance while using antidepressants.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
It does not have to. It all depends on how the broker sets the context for the use of the medication.
Let me give you an example.
A number of years ago, a woman called me asking the exact same question. Would she be eligible for life insurance coverage now since she does take antidepressants?
This is where the broker has to delve into the personal history of the potential applicant. You have to be thorough, but you also have to tread delicately because you will be addressing sensitive personal issues.
We talked a bit about her current medication program: what were the drugs, what were the dosages, when was the diagnosis, etc.
I learned about her prior history of basically self-medicating with drugs and alcohol. Very important to know, and very important to put in the proper context.
In talking further, I found out about some particularly troublesome childhood experiences. She actually was a survivor of childhood abuse.
This info was integral to the overall picture that was developing.
Through connecting the dots, a clear and also positive life story emerged.
Here was a person who had suffered severe trauma. Quite naturally, she became depressed in surviving it.
Before she was able to seek professional help, she tried to treat the symptoms herself with drugs and alcohol. Not the right way to do it, but at least she was cognitive of trouble brewing internally.
Eventually she fought her way through her addictions and got herself into the hands of psychiatric professionals. They gave her the therapy and medication she needed to keep her demons at bay. She became stable, compliant with treatment, and drug and alcohol free.
And eligible for life insurance at a very reasonable rate. All because the current use of antidepressants was put in the context of her life history.
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Depression can involve a short-term episode related to a stressful event, such as the loss of a loved one, business setback, or loss of a job, to a prolonged illness requiring years of therapy and medication. It would be important to know when first diagnosed as being depressed, if hospitalization was involved and how long treatment continued. Some situations may be insurable and others may result in a decline.
If more than 2 medications are needed to control depression or there has been a recent hospitalization for depression, suicide attempt, or need to go on Disability due to depression, it is possible that you might get a high rating or even decline on a medically underwritten policy. In this situation, there is usually a No Exam policy that can cover you.
When there is more than one medication taken for depression or other factors indicating more serious depression, your policy may be rated up to a higher premium. If you had a recent hospitalization for depression or are on disability due to depression, you may need to get simplified issue life insurance, and those premiums can be rather steep.
However, by shopping with an agency that carries many options, you can get affordable life insurance while using antidepressants.
Let me give you an example.
A number of years ago, a woman called me asking the exact same question. Would she be eligible for life insurance coverage now since she does take antidepressants?
This is where the broker has to delve into the personal history of the potential applicant. You have to be thorough, but you also have to tread delicately because you will be addressing sensitive personal issues.
We talked a bit about her current medication program: what were the drugs, what were the dosages, when was the diagnosis, etc.
I learned about her prior history of basically self-medicating with drugs and alcohol. Very important to know, and very important to put in the proper context.
In talking further, I found out about some particularly troublesome childhood experiences. She actually was a survivor of childhood abuse.
This info was integral to the overall picture that was developing.
Through connecting the dots, a clear and also positive life story emerged.
Here was a person who had suffered severe trauma. Quite naturally, she became depressed in surviving it.
Before she was able to seek professional help, she tried to treat the symptoms herself with drugs and alcohol. Not the right way to do it, but at least she was cognitive of trouble brewing internally.
Eventually she fought her way through her addictions and got herself into the hands of psychiatric professionals. They gave her the therapy and medication she needed to keep her demons at bay. She became stable, compliant with treatment, and drug and alcohol free.
And eligible for life insurance at a very reasonable rate. All because the current use of antidepressants was put in the context of her life history.