Major depressive disorder affects approximately 17.3 million American adults, or about 7.1% of the U.S. population age 18 and older, in any given year. That means that, if you are suffering from depression, you are certainly not alone – and if you’re thinking about how this condition affects your family, and your options for providing for them in case you no longer can, you’re also not alone. When it comes to protecting your family’s future, life insurance is your best option, but you might be wondering, like a lot of people, if you will be able to get life insurance coverage if you’ve been diagnosed with depression. The short answer is yes, but you will need to dive deeper into how depression affects your coverage and the price of your policy, as well as which policy might be best for you.

Depression & Life Insurance Coverage
Depression is a common, and often treatable, mental illness, but when it comes to applying for life insurance with a diagnosis of this condition, you will be considered a higher risk applicant. The main reason a diagnosis of depression worries life insurance companies is that, according to the National Institute of Health, depression often occurs alongside other illnesses and medical conditions. For example, adults with a depressive disorder or symptoms of depression have a 64% greater risk of developing coronary artery disease.
Aside from these health reasons, some life insurance companies might also be concerned that people facing depression will have issues paying their premiums. Statistics show that people with depression are more likely to leave their job, sometimes because of an inability to perform it, or because of decreased productivity, absenteeism, or other issues.
Can You Be Denied?
When you apply for life insurance, the insurer will ask:
- The date of your diagnosis
- The type of depression you have
- If you have a history of suicide attempts or suicidal thoughts
- If you have a history of substance abuse
- If you’ve been treated or hospitalized for depression
- The medications you are taking
Make sure you are as honest as possible when providing this information, otherwise you and your family will be denied coverage. And if you are denied for medical reasons, don’t worry: there are always other life insurance policies you can qualify for. For example, there are no medical exam life insurance policies which do not require you to undergo a medical exam or to answer any medical questions. The best way to determine which kind of life insurance policy you are most likely to qualify for, and will offer you the best coverage, is by doing some research and comparing policies from different companies. Working with a licensed agent will also ensure that you find an affordable plan that offers the amount of coverage you’re looking for for your family when you are gone.
If you or someone you know is struggling with depression, anxiety, or thoughts of suicide, please reach out to the National Suicide Prevention Lifeline at 1-800-273-8255.
If you are looking for life insurance, we have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.