In previous generations, struggles with depression and anxiety were rarely discussed. But today, more and more people are opening up about their mental health.
Every day, a new celebrity discusses their mental health issues.
And businesses and organizations are beginning to build programs and benefits to help their employees’ mental and emotional stability.
Because there’s a lot of conversation surrounding depression now, you might be wondering about the relationship between your depression and life insurance options.
First, we’ll start with our best life insurance companies for people with depression.
Later, we’ll discuss the types of depression and cover how your depression might impact your life insurance options.
With some high-risk applicants, like smokers, there is a consensus among insurance providers on how their premiums will be rated (with life insurance for smokers being much higher).
*Learn more about no medical exam options
With conditions like depression or anxiety, there is far less agreement across the board.
In fact, there is no standard rating class for depression, making the time you spend shopping for your life insurance even more important.
With a little research, you can determine how much term life insurance you need, or maybe land on a whole life policy to meet your needs at an affordable rate.
Since some companies have harsher guidelines than others, you need to pinpoint a carrier who is lenient and still awards the best rates possible.
I’ve done a bit of that research for you, comparing and compiling the best life insurance companies for individuals with depression.
Through the years, Lincoln Financial has excelled at selling insurance to higher risk clients.
They have carved a niche for applicants with higher cholesterol scores, older clients, clients who use tobacco, and more.
One of the categories where Lincoln excels is with applicants with depression or anxiety problems.
Every time I’ve talked to a client with depression who has gotten quotes from several companies, they relay that Lincoln is one of the cheapest options.
Not only are they one of the more affordable choices for individuals with depression, but they also have several plans to choose from.
Lincoln sells traditional level term plans (Lincoln Life Elements Level Term), no exam policies, permanent life insurance, and guaranteed issue plans.
Another solid choice for individuals with depression, Prudential is known for their recognizable logo, “The Rock.”
While you’ve probably seen their mountainous logo, you may not know about their rates for people diagnosed with depression.
Prudential is also excellent for any client who is considered overweight, as their weight charts are looser than other companies.
Compared to other carriers, Prudential is more willing to take on higher-risk life insurance clients in general.
Another unique factor of Prudential is their “non-smoker plus” rate class for people who are in great health otherwise, but smoke.
Hancock is one of the oldest life insurance companies in America, having been in operation for more than 150 years.
And there’s a reason they’ve been around for so long.
Hancock is an extremely stable company who has perfected their customer service and their life insurance products.
They’ve thrived for a long time, and professionals expect them to continue to for an even longer time.
Not to mention they have some of the best grades from all of the insurer rating companies (A.M. Best, Moody’s, Fitch).
To be honest, AIG is not going to be the fastest company, but if you’re willing to wait, they can be a great pick.
AIG has plenty of options and rates to rival most of the competition.
AIG believes in tailoring plans to meet YOUR needs, not forcing you into a pre-planned policy.
One of their most unique strengths is their term policy’s flexibility.
For example, you don’t have to buy a 20-year term plan if you only want 16 years.
It’s your plan, and you can customize it to meet your exact needs.
If you’re interested in buying insurance for your children as well as yourself, Protective has products designed for you.
One of their greatest plans is the “Protect My Child” whole life policy.
If your child is between the ages of 2 weeks old to 17, you can buy this plan and it will give up to $100,000,which will double when they turn 18.
The best part, for sufferers of depression, is that there is no medical exam required. Period.
Why Depression Affects Life Insurance Rates
Let’s look at the numbers.
The fact of the matter is, depression is more common than most Americans realize.
- The results of the 2016 National Survey on Drug Use and Health estimate more than 16 million adults had at least one serious episode of depression in the year 2016 (defined as two or more weeks of a “depressed mood” or loss of interest and at least four other symptoms).
- Depression is more common in adults ages 18 to 25, and in multiracial individuals.
- Another potentially surprising statistic? Women are much more likely to experience depression than men.
- Depression is the leading cause of disability in the world and it’s continuing to grow more prevalent.
With more than 16 million people suffering from depression, life insurance companies are now faced with making decisions on how a diagnosis of depression might change their plans and premiums.
Types of Depression
Not every depression is the same.
With depression, like any other illness, there are different forms and varying degrees of severity.
The specific type of depression you have and the severity of it could change how much your premiums are and your ability to get approved.
Let’s take a look at some of those different types:
Major depression is what most people probably think of when they hear the word depression.
People with major depression have feelings of sadness, less energy, extreme irritability, problems sleeping, changes in eating patterns, and more.
Depending on the severity of major depression, it can prevent people from going about their lives.
This is a less severe kind of depression.
Most people classify dysthymia as a “functional depression,” meaning patients will feel “off,” but it doesn’t stop them from their day to day activities.
Symptoms can range from sadness to problems sleeping.
With a diagnosis of dysthymia, most professionals suggest talking to a therapist before trying medication.
Here’s a statistic you might find shocking:
85% of new mothers feel “down” or “blue” after having their baby.
Around 16% of those new mothers are diagnosed with postpartum depression.
Much like other kinds of depression, postpartum depression has the same symptoms: sadness, anxiety, tiredness, etc.
With this kind of disorder, mothers might feel an extreme disconnection from their child or fear of harming the baby.
This depression typically develops in the first year after giving birth.
Seasonal Affective Disorder
As you can probably figure out from the name, SAD impacts people during the winter months.
Lack of sunlight is primarily to blame for SAD, making people more irritable, tired, and anxious during winter.
While some depressive diagnoses might require little treatment or may pass with time, others like psychotic depression require more attention.
This kind of depression is characterized by bouts of psychosis, which involves hearing sounds or seeing sights which aren’t there, or having delusions.
Psychotic depression can create serious problems if not managed correctly.
Everyone has heard of bipolar disorder, but few people understand what it actually is.
One of the most stigmatized types of depression, bipolar disorder, occurs when a patient suffers from drastic lows and then extreme highs.
Bipolar disorder is also known as manic-depressive because the moods fluctuate between mania and depression.
Mania is classified as having more excitement than usual, high-energy, racing thoughts, and excessive confidence.
Like the other types of depression on the list, bipolar disorder can be treated with medication and therapy.
Also called adjustment disorder, situational depression is caused by a big life-changing event or a stretch of high-stress.
This is one of the most common types of depression because everyone experiences times in their lives which are very stressful.
Usually, situational depression doesn’t need medication, but it can be treated with a short-term prescription if your doctor sees the need.
With a general idea of the most common types of depression, let’s review which life insurance companies provide the most beneficial coverage for clients with mental health issues.
No Exam Life Insurance for People with Depression
Maybe you don’t want to go through all the hassle of a traditional policy.
If so, then you’re the ideal candidate for a no exam life insurance plan.
Just about every company on the market sells a version of life insurance without the health exam portion.
The company will still look at your medical records and prescription history, and you’ll still need to complete the health questionnaire.
No exam is quicker and easier, but it’s also more expensive and restricting.
Every carry puts a lower limit on the amount of life insurance you can buy with a no exam policy as well.
If you’re considering buying a no exam option, you need to decide what’s more important to you: a lower premium or convenience.
Do your research, compare rates, and see how your depression will impact your premiums, with and without an exam.
Possible Rate Classes
Here’s some good news: people with depression can still get Preferred or Preferred Plusrates!
During the series of health questions most insurers require, you’ll be asked about your depression diagnosis, the severity, the timeframe, and how it was or is treated.
If it’s been several years since you were treated with depression and you no longer take medication, then it won’t jack your rates up.
As long as you’re managing your depression carefully, you can end up in the best possible class.
The most common rate class is Standard.
Having depression does put a red mark on your application.
If you have any other health problems or other red marks, then you’re probably going to be put down a peg when it comes to your rate class.
Standard rates are not the lowest, but they are still extremely affordable with most companies.
If you’re in exceedingly poor health, there is always a chance you’ll get sub-standard rates.
So if you have depression or anxiety paired with other major health complications, the carrier might be more wary of awarding your coverage.
Just as people are different, each depression and anxiety diagnosis is different.
Some are more severe than others, some need prescription treatments, others need therapy to heal.
Some complications are long-lasting, while others may be a short chapter in your history.
When it comes to applying for life insurance with depression, there is no “ultimate guide.”
But if you’re diagnosed with depression or you’ve suffered from an anxiety in the past, take heart knowing there are policies on the market you can afford.
Get started with our easy to use life insurance quoting tool on the side of the screen.
With this form, you’ll get almost instant quotes from the dozens of carriers we’ve partnered with.
Ease your mind, ease your insurance shopping process, and pick up a great life insurance policy today.
Effective Business Management
Effective Business Management
Business Management: 4 Tips To Manage Your Business Remotely
In business management it is increasingly common for the manager to monitor operations from a distance. We’ve prepared a special post to help you with this situation.
In traditional business management practice, the owner of the company is always present, maintaining control of all processes and guiding his team to achieve the best results. However, not every form of organization allows the manager to be present at all times. Zoe Talent Solutions will give ideas about the Business Management courses.
Talking to suppliers, seeking clients and resolving bureaucratic issues can take all the time that would be intended to take care of the workplace. To solve this problem, many entrepreneurs turn to remote management means by touching their business from a distance.
Many managers are afraid of moving away physically from the company because they do not believe their employees will be as effective without a leading figure in command or if they work in the home office model. However, there are ways to make this practice easier and more efficient.
To help you implement remote administration, we’ve brought you 4 tips you should not miss.
Keep Track Of All Your Business Data
When someone opts for distance management, you may end up forgetting to effectively manage your business as a whole. Even from afar, the boss still needs to be the best employee, putting into practice various habits to be a successful entrepreneur.
For example, it is necessary to keep track of the values that pass through the company, the cash flow, if any employee performs below expectations, among other important indicators. One way to do this monitoring is to use management software. With it, you can always have at hand an accurate control of all the finances of the company.
Make It Clear That Everyone Is Still Working
Part of the business management involves managing your team so that it always performs well. This means that each employee must have an active role within the company and know their place in the process.
Before you leave, for the time being, show everyone what needs to be accomplished, why and how they will have to do the tasks, and tell you what the expected outcome is until you return. Also state why you are not present, so everyone will know that you, as manager, are as involved as everyone else.
Have An Assistant Or Physically Present Contact
Even if you have planned to not be present in the workplace, you will still need eyes, ears and hands in your company. To fulfil this part of business management, it is a good idea to stay in touch with an assistant, someone who is on-site every day, and have extensive knowledge of the process and its phases.
Should any unforeseen occur, this person can take the reins of the situation until the owner returns.
This is even more important when dealing with partners as it is necessary to have someone you trust who is not necessarily an employee or subordinate. Perhaps your “assistant” is actually the head of the partner company, which makes it essential to always maintain a healthy relationship in a partnership or business partnership.
Never Be Absent Altogether
Even if your work environment involves spending little or no time in direct contact with your team, make an effort to interact with everyone. Carrying out your business management exclusively by email is not very productive.
Schedule periodic meetings, or at least one videoconference, with the entire team. Even though there is not much to talk about business, discussing ideas and talking about other interests helps build a healthy relationship within the company and remind everyone about your job.
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The rough rule of thumb is to cover 10 times the main breadwinner’s income, yet you don’t have to stick with that. It may just be a case of do what you can afford – the budget planner should help. Here are some things you should take into account. It should cover…
- Any outstanding debts that need to be paid off (including a mortgage if you don’t have a separate policy)
- Immediate outgoings your dependants would need to pay
- Future spending you would have wanted to make, eg, university fees for the kids
- Any additional expenses a death may trigger, such as funeral costs
While 10 times your income may seem high, it’s worth remembering that inflation will mean the value of this payout is less in, say, 10 years’ time than it is now, and you’re getting cover to last you that long (or longer if you choose a greater term).
Your dependants don’t have to pay any income tax on the payout, but it does count as part of your estate so if your total assets are above the inheritance tax (IHT) threshold, they will have to pay 40% (ouch!) IHT on it. This can be avoided by putting the policy into something called a trust, see below for more info.
How long should the term be?
A policy covering children should last until they are no longer reliant on you, so that’s generally at least until they finish full-time education. If you’re planning on having more children you may want to estimate when that’d be rather than trying to extend or get a new policy later. This is because cover becomes more expensive the older you get.
To cover a partner it should last until the year you expect to reach pensionable age. Don’t feel obliged to cover a round number of years, eg, policies can be for 17 years.
Two single policies can be better than joint cover
When buying level term life insurance, you can either get a single policy or a joint couples policy. If both you and your partner are getting life cover, a joint policy may be marginally cheaper than getting two single policies, but it will only pay out once, usually on the first death. You used to be able to get a policy paying out on the second death but they have now become incredibly rare.
A joint policy vs two single policies
…a joint policy is cheaper than two single policies.
…if you are married but have no dependants it’s much less hassle to set up a joint policy compared to two single ones.
…if you have dependants you will only get one payout, usually on the death of the first policyholder. Single policies, however, pay out twice.
…if you split with your partner you may have to cancel the cover (unless you’re still on good terms) and buy two single policies, priced on your new age and health, which will be more expensive.
Two single policies: The pros
…each policy will pay out on the death of each person, rather than just on the first death, which is what happens with a joint policy. So you get two payouts rather than just one.
…if you split with your partner you would not have to buy a new policy.
Two single policies: The cons
…two singles policies are typically more expensive than a joint policy.
…if you are married but don’t have dependants you will only need one payout – to your partner. So there is no need for a second payout as there would be no one for it to go to.
|Both 30 years old||Both 35 years old|
|Two single policies||One joint policy||Two single policies||One joint policy|
|All prices are for non-smokers. Figures obtained via Cavendish Online with L&G in February 2018.|
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Set up a monthly direct debit so that cash is deducted automatically from your bank account the day your salary gets paid. You will hardly notice that you are saving. Even paying in a little each month helps, the most important thing is that you save regularly.
Contact your local branch if you would like to open a savings account or if you have any questions. We can give you more tips about how to choose the savings option which is best for you.
DNB has insurance policies to suit every need. We offer a wide range of insurance products for your car, house, household contents, holiday home, boat and pets and for when you travel. Unsure whether you need life insurance? Contact us for advice.
We can offer personal insurance if you are a Nordic citizen or have been a member of the Norwegian national insurance system for more than five years. In addition, you must be a resident of one of the Nordic countries.
Call us on (+47 915) 04800 and we will help you find the insurance products to suit your needs.
Car, boat and motor vehicle insurance
Comprehensive and third-party for boats and cars. Insurance for motorcycles, mopeds, all-terrain vehicles (ATVs), rotary snow ploughs and rotary cultivators. Insurance for caravans and trailers
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Coverage for your personal belongings and household possessions against loss or damage
Coverage for damage or destruction of your home
Holiday home insurance
Coverage for your second home
All-year coverage for travel made in and outside Norway
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