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Getting life insurance with depression requires consumer awareness. Steve Kobrin, LUTCF, shares his sound advice for anyone seeking life insurance with depression.
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(This health article was compiled from our own client files and case histories, as well as information on depression and suicide from industry reference sources, including bisysinsurance.com.)
Getting life insurance with depression can be tough, but it's not impossible—if you know how to handle the process to your advantage. Here's some of my best advice.
First, if you're suffering from depression, you should be completely honest with your life insurance broker. Suicide is a tough thing to talk about. And, nobody likes to admit thinking about it. It is so critical, though, to just put your cards on the table and tell your broker what you went through.
Believe me, when I say that you are not alone—and millions of people before you have reached that "edge of the cliff." If your broker knows about it during the research phase, he can factor that into your rate quote. However, if it isn't disclosed upfront, but is uncovered during underwriting—as it will be—then you will greatly reduce your chances of getting life insurance with depression.
Now that we've established the importance of honesty, you are probably wondering, “What life insurance rates can I get?” Life insurance applicants with depression can qualify for rates ranging from standard to a high flat extra. On some occasions, candidates will get declined or postponed.
Second, make sure your broker “prequalifies” you for life insurance with depression—without a formal application. I'll say it again—get prequalified without a formal application. Prequalification is the ideal method, because it results in completely reliable quotes with no risk of either a rating or declination.
As a consumer, how can you know if your broker is just “guessing” or if he's actually “prequalified” you for life insurance with depression? Ask him the following question:
“Assuming that I've been honest about my medical history—and assuming there won't be any surprises in my doctors' notes and my medical exam—are you absolutely certain that this quote is what I'll get from the life insurance company?”
If your broker can't be absolutely certain, then he hasn't “prequalified” you. Ask him to prequalify you, or find another broker who will.
As this health article on depression comes to a close, I would like to wish you the best in your own life insurance search.
Steven H. Kobrin, LUTCF, is an independent life insurance broker and nationally recognized expert in field underwriting for people considered high risk. He currently serves as a preferred life insurance quote provider for professional advisors and their clients, including attorneys, accountants, financial planners, and business loan officers.
Consumers and consumer advocates are warmly invited to contact Steve for his experienced and patient guidance.
Online: Life Insurance Quote
Email: skobrin@stevenkobrin.com
Phone: 1-866-633-1818 (toll free)
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