Advice on life insurance companies that are friendly to people with depression?

[Music Man]

My wife and I (we're in our 30s) have decided it would be a good idea to begin a life insurance policy. We use USAA for most things (home, auto, etc.) and have always had a wonderful experience with them.

We called for a quote, and the fact that we have both been diagnosed with depression at one point or another caused our premium to jump significantly. Now, we're still waiting for the underwriter to actually come back with the offer, and the agent said the premiums could be lower than what he said, particularly if they deem our depression not significant.

My wife has not needed to take a medication or seek counseling in several years. I take one medication for a mild depressive disorder.

I certainly understand and appreciate the idea of higher risk groups and know that may be the case with people with depression/anxiety, but that's not us. We've never been hospitalized, no suicide attempts, and we are able to meet our life obligations, both big and small.

Is this common and fair enough that we just need to bite the bullet? Anyone in a similar circumstance have experience with insurance companies that are amenable to people with depression?

It's frustrating to seek treatment for a condition and be open about it, only to feel like you keep getting snakebitten by it.

[jimfields33]

1. I would think that a year free of medication would cause the rates to normalize

Quitting smoking after a year will cause rates to go down and even with non smokers. I don’t know why medication would be exempt. I’d ask them when you are considered medicine free. Even if five years, your in your 30’s, I’d wait until the minimum is set and then buy. Have the mortgage insurance to pay off your mortgage. Could even be more helpful then straight up life insurance.

[Fla Dem]

2. You might benefit from sitting down with an insurance professional.

Just a thought. Seeing this is your first venture to getting life insurance, it might help to spend an hour with an agent in your area to go over your situation. You may also be more comfortable asking these questions face to face with an agent rather than over the phone. I am surprised about the increase in premium due to your and your wife's depression history. Also an independent agent could give you options from several insurance companies. If you're comfortable going with USAA that's fine.

[Corgigal]

3. Depends how much you need.

If you want easy, and can even up the amount over time, use Globe. They insured my former father on law in the last few years of his life. Paid in full when he passed. He passed at age 79, I was amazed any one would insure him at all.

I have 3 accounts with them. You are very low risk, and probably be fine. I doubt you’ll need a health exam, due to your age. Only do online, at first, don’t share more than necessary.