LifeQuotes.com: How to buy life insurance after a diagnosis of depression

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Apr 13, 2015, 06:00 ET

DARIEN, Ill., April 13, 2015 /PRNewswire/ -- LifeQuotes.com, the online life insurance exchange that offers instant quotes from 50 leading life insurance companies and allows customers to buy from any company shown, has good news for life insurance shoppers who are recovering from a diagnosis of depression. Results from a recent life insurer survey confirm that many such insurers are willing to consider applicants who have been diagnosed with depression, but there are acceptance guidelines that one must meet in order to secure coverage.

The long litany of news headlines alone might be enough to make you depressed: Depression among Facebook users, depression among city dwellers, depression among new parents, depression among the aged, depression among the newly-retired, depression among the very poor, depression among the very rich, depression among the middle class, depression among those who work, depression among those who are unemployed. Where does it end? And what if you need life insurance because you have dependents or debts that you want taken care of just in case?

According to the National Institute of Mental Health, major depressive disorder is "one of the most common mental disorders in the United States." Each year about 7 percent of U.S adults experience a major depressive disorder. Women are 70 percent more likely than men to experience depression during their lifetime. Non-Hispanic blacks are 40 percent less likely than non-Hispanic whites to experience depression during their lifetime. The average age of onset is 32 years old.

"Because we track the rates and underwriting guidelines of 50 leading life insurers, we are in a key position to help people, including those with medical histories, find life insurance at affordable rates," remarked Vice President Michelle Zieba. "There is a lot of misinformation out there, perhaps because most life insurance agents represent only 1-2 companies, whereas our 50-company database can more thoroughly shop the market."

The following chart of sample monthly premium rates shows the best possible prices for a life insurance applicant who has had a diagnosis of depression, is stable at time of application, and can meet all other underwriting criteria with no additional, ratable health issues. Quotes shown for amounts under $100,000 do not require a paramedical exam; quotes shown at or above $100,000 will require a face-to-face paramedical interview.

10-Year Level Term Life Rates, Diagnosis of Depression
Female Sample Monthly Rates						Male Sample Monthly Rates
Age	$25,000	$50,000	$100,000	$250,000	$500,000	Age	$25,000	$50,000	$100,000	$250,000	$500,000
25	$8	$9	$9	$12	$17	25	$8	$10	$10	$15	$22
30	$9	$9	$8	$12	$17	30	$8	$10	$10	$15	$22
35	$9	$9	$8	$12	$17	35	$9	$10	$10	$15	$22
40	$10	$10	$10	$15	$23	40	$10	$11	$11	$17	$26
45	$12	$13	$12	$19	$26	45	$11	$14	$14	$22	$33
50	$14	$15	$15	$26	$37	50	$14	$17	$17	$27	$49
55	$17	$19	$20	$30	$55	55	$18	$24	$25	$40	$74
60	$23	$26	$27	$42	$80	60	$26	$35	$30	$62	$118
65	$33	$36	$35	$67	$129	65	$38	$52	$55	$107	$208
70	$54	$66	$59	$107	$208	70	$58	$87	$90	$174	$343
75	$90	$119	$111	$226	$447	75	$122	$155	$161	$346	$687

Zieba continued, "The key is to be forthright in all of your answers and hold nothing back because detailed medical history questions will be asked. Make sure you know your medical history in terms of prescription drugs taken, dosages and start-stop dates."

Instant life insurance quotes at www.lifequotes.com are available to consumer on an anonymous basis. Customers can view plan information, company ratings, underwriting guidelines and apply online or by phone to the company of their choice.

Common underwriting questions for applicants with a history of depression may include: How many times hospitalized? Any suicide attempts? Any time missed from work? Any history of substance abuse? Number of different medications taken? Applicants who do not qualify for the absolute lowest possible rates may be offered coverage at higher rates and LifeQuotes.com also offers an array of life insurance plans that ask no health questions.

About 25 percent of the insurers could even award their very best rates to certain applicants with a history of depression. Attributes required to receive the very best possible rates can include:

if no time lost at work; no hospitalization; no suicide attempt or ideation; well controlled with a single medication prescribed by a regular physician, or
considered if no longer taking medication and if only one episode of less than 1 year, or
must be mild and resolved; no more than 2 medications; no anti-psychotic medications; no bipolar disorder; proven stability of symptoms and lifestyle; no hospitalization, suicide attempt, or time lost at work in the last 9 years

LifeQuotes.com advises all applicants to be honest in all of your answers and to keep in mind that the insurer you choose will require your permission to check your medical information, prescription drug history and driving record. Remember to answer each question truthfully because it is a crime in all 50 states to withhold requested information or make a misrepresentation on an insurance application.

Actual plan availability depends upon your age, state of residence, weight, overall health and other factors. Plans are not available in all states. The term life policies described herein are underwritten by one or more of the following companies: American General Life Insurance Company of Houston, TX under Policy Form #07007 and state variations ; American National Insurance Company, Galveston, TX under Policy Form # KC0910193 and state variations; Banner Life Insurance Company, Urbana, MD, and William Penn Life Insurance Company, Garden City, NY, both Legal & General America companies under Policy Form #ICC12OPTN and state variations; Fidelity Life Association, Chicago, IL, under Policy Form # F3600 and state variations; Independent Order of Foresters, Toronto, ON, under Policy Form # ICC73 770620 US and state variations; Life Insurance Company of the Southwest, Addison, Texas under Policy Form # ICC12-20112 or state variations; Minnesota Life Insurance Company, a Securian Company, St. Paul, MN, under Policy Form # F76777-15 and state variations; PHL Variable Insurance Company, a member of the Phoenix Companies, Inc, Hartford, CT under Policy Form # ICC14OL4907 and state variations; Prudential Financial/Pruco Life Insurance Company, Phoenix, AZ, under Form # PFT-2007 and state variations; Reliastar Life Insurance Company, Minneapolis, MN and Reliastar Life Insurance Company of New York, Woodbury members of the Voya Financial of New York, NY family of companies under Policy Form #1315-02/10 and state variations; Sagicor Life Insurance Company, Austin, Texas under Policy Form # ICC101000/1000 or state variations; Transamerica Life Insurance Company, Cedar Rapids, IA, under Policy Form # ICC12 TL18 and state variations; United Farm Family Life Insurance Company, Indianapolis, IN, under Policy Form # 18-364 and state variations and United of Omaha a Mutual of Omaha company, Omaha, NE, under Policy Form B630LNA07P and state variations Coverage is not available to New York residents. Premiums on level term life policies always increase after the initial rate guarantee period expires. These policies cover death by any cause in any place at any time subject to suicide exclusion within first two policy years (one year in some states).

About LifeQuotes.com
LifeQuotes.com operates an Internet-based life insurance exchange for consumers and agents at www.lifequotes.com. The company also provides private label, consumer-facing life insurance technology and fulfillment services to insurance companies, financial institutions, affinity groups, banks, credit unions, property & casualty agencies, trade associations and other affinity groups with large customer bases. The company's proprietary technology provides instant quotes and illustrations from 50 leading life insurers that enables a quick, paperless purchase process. More than 310,000 people have purchased policies through LifeQuotes.com since the firm's founding in 1984. Visit www.lifequotes.com for more information or to experience the life insurance quoting experience online. Copyright 1984-2015 Life Quotes, Inc. All rights reserved.

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SOURCE Life Quotes, Inc.