Life Insurance and Depression

[papercranegirl]

Has anyone been able to get reasonably priced life insurance after they've been diagnosed with depression? My DH was just denied from the policy offered by his new job and currently we're without a policy. I SAHM and if anything happened to him we'd be screwed. I can't believe they can deny people based on something that 10% of the population suffers from at some point in their life. Do that many people not have coverage?

[msjd123]

When we applied for life insurance, I learned about the same thing, and I was shocked. I mean, really, just because a person has issues with depression doesn't mean they're suicidal! Anyways, DH and I got insuramce through USAA and we got supplemental disability insurance (because we don't get state disability) through Colonial.

[mightymoo]

I have been diagnosed with depression and got a rather sizeable policy recently. However, my depression was diagnosed years ago and I stated it is no longer a problem now. They took the info for the therapist I saw, etc, so they may or may not have looked into the charts.

Companies will have different policies. You might want to try another insurance company?

If it were me, I would be discusing this with HR. This is a benefit his job offers him, and so they should be making it work out. I would also look into getting his psychiatrist to write a letter making it clear that while he suffers from depression he is no way suicidal or in any danger of it.

However, generally the life insurance offered by employers is only a small drop in the bucket for what you really need. My husband gets 1x his salary paid, and 3x supplemental (additional paid by us). However, we have applied for a policy for another 17x his salary to cover us completely. Similarly, I'm covered for just as much as he is. Our goal is that if he dies, I can still SAHM. If I die, he can take a less stressful job closer to home, work less hours, etc. I need to be insured for nearly as much because he won't get any SS benefits if I die (which I will get if he dies). We have no debt and a pretty sizeable retirement savings, but if he dies, I need to replace his salary for the next 30 years, etc.

ETA - In terms of folks being without life insurance - I get the impression the vast majority of people go without regardless.

[sbgrace]

http://www.thekobrinagency.com/
This guy I am confident can get a high quality policy and likely at a reasonable rate. He specializes in high risk. I, also, think it is : that getting help for depression is something that should be concerned a high risk but I guess it is.

[papercranegirl]

Thanks for the leads. I'll check into them. I wish it was a problem that was in the past but Dh still deals with depression every day. He's not suicidal by any means, just mr melancholy. I'm glad he's getting help, I just wish that they'd warn you of the potential pitfalls of getting the help beforehand.

[cchrissyy]

"If it were me, I would be discusing this with HR. This is a benefit his job offers him, and so they should be making it work out."

yeah, if it were private insurance, I could see them denying people, but I'd think a group plan, as a benefit of employment, wouldn't be screening folks out.