As crazy as it sounds, those who suffer from mental disorders, like depression, actually have a harder time getting insurance. More importantly, it is tougher to get life insurance. At Neurosciences Medical Clinic, our experts are here to explain the effects of depression and how it affects life insurance. We are experts in TMS therapy that are located near Miami.
Life Insurance Is Important
Life Insurance should be able to cover about 10-12 times an annual salary. Policy amount depends on what stage of life you are at, who you are providing for, your assets and several other factors.
Early on, a young family has rent or a mortgage, and a lot of bills. There is a lot of times when sometimes more bills than money. When you are older, you could have the house paid off, be living debt-free with assets like 401K plans and IRAs, drawing Social Security, and you may need less or no Life Insurance. In essence, you are self-insured, though many keep their policies in place regardless.
The Effects of Depression
In the process known as underwriting, the level of risk is determined and affects the cost and issuance of a policy. The factors surrounding mental illness make it appear that you are a bigger risk to the insurance company. Such factors can include:
- Severity of depression
- Length of depression
- Current treatments
- Medication history
- Treatments received in the past year
Life insurance rates are based on actuarial science, which is the use of statistics to look at mortality rates, production of income and the time value of money. The higher the risk, the higher the premium. If they choose to ensure you. Mental illness and depression specifically are considered higher risks with lower mortality rates, in much the same way accidents on your record affect the ability to get and afford auto insurance.
People diagnosed with depression were found to have a shorter life expectancy than those who were not diagnosed with depression. Part of this is due to the fact that often people with depression were often diagnosed with related conditions that coincide with depression.
Because people suffering from depression and certain other mental health issues have been shown to have a higher mortality rate, underwriters may deny coverage to someone with severe depression, or the insurer may decide to charge you much higher policy premiums because you are considered high-risk
Do not get too scared. There is still hope for you. Getting life Insurance is possible when suffering from depression. Here is what you need to know when The key takeaways here are twofold:
If you are suffering from depression and in a place where life insurance makes sense, you can still get affordable insurance. You just need to know how to maximize your chances of obtaining a policy and need to be smart when shopping around among different insurers to get the right coverage.
If you suffer from depression, get help. There are many solutions available, but you need to see someone about it. If you’ve been under medical supervision and the outcome or effects of the medication aren’t acceptable, consider TMS Therapy. It is a safe, proven, FDA-cleared treatment for depression, covered by most insurance carriers and Medicare, and even Medicaid in some states.
Call Us Today
When it comes to depression treatment and insurance, we are the professionals to trust. TMS therapy is right for you, especially those who are experiencing the effects of depression. At Neurosciences Medical Clinic near Miami, we are medical professionals who will help you fight this long dark battle of depression. You will not be alone. We know all about depression treatment. Call us today for more information. We offer the best transcranial magnetic stimulation near Miami.