2024 Burial Insurance & Depression: What You Need To Know

If you are wondering if you can get burial insurance with depression you are in the perfect place. Yes you can get burial insurance if you have depression. Majority of life insurance companies will not ask about depression in their health questions for the application. This means you can get funeral insurance with no waiting periods if you have depression.

So whether you have Bipolar Disorder, Depression or anxiety. You can qualify for life insurance for final expenses. These burial insurance companies do not require a medical exam and you can be approved in minutes.

With their simplified process they just simply look at your medical history and assess your rate class according to your health issues and approval is done very quickly.

Understanding Burial Insurance with Depression

Final expense insurance(burial insurance, funeral insurance, cremation insurance etc.) is a simplified issue whole life insurance policy or guaranteed issue life insurance policy. Your health determines which policy is best for you.

That being said depression is not considered a severe health issue for simplified issue whole life. The requirements to apply for simplified issue whole life are answering health questions, consenting to health & prescription history checks.

There are no medical exams required, the life insurance company will look your health and prescription history to cross reference it to the health questions. If everything checks out you are approved and the policy is issued.

Final expense insurance is permanent whole life coverage with up to $50,000 maximum in death benefits depending on the company applied with. It builds cash value you can borrow against while you are alive. The cash value is an additional savings that builds in your policy as you pay your premiums every month.

Final expense insurance is designed to cover funeral, burial, cremation and any other end of life expenses. The life insurance company pays a lump sum benefit to your beneficiary of the policy amount when you die. Your beneficiary then uses the money to pay for your funeral.

Anything left over is for them to keep and use for anything they need.

Final Expense Insurance & Depression Costs Will You Pay More?

No you will not pay higher premiums for burial insurance with depression. Majority of funeral insurance companies do not ask about depression on their applications. This means they will accept the risk with no issues. You will pay the exact same premium amount as a healthy individual would that apply’s for coverage.

Best Life Insurance Companies for Depression

We work with the top burial insurance companies in the United States to help our clients from a wide range of health backgrounds secure the best coverage at the best rate for them and their families.

Our Top Carriers for Depression:

• Royal Neighbors of America
• American Amicable
• Transamerica
• Aetna
• Liberty Bankers Life
• Greek Catholic Union
• Prosperity Life
• Guarantee Trust Life
• Great Western

Each carrier maintains an A rating and has been in business for over 60 plus years.

Their policies have a rate lock meaning your premiums never increase.

The death benefit on their policies will never go down.

Many of these carriers also offer extra riders attached to their policies such as:

Accelerated Living Benefits:

A rider that will allow you to withdraw from the face amount of your policy early if you become diagnosed with a terminal illness. This can help with hospital bills and even experimental treatments normal health insurance may not cover.

Accelerated Death & Dismemberment:

Additional coverage if you pass away from an accident or accidental loss of limbs.

These companies simply look at your Medical Information Bureau health report and prescriptions at the time of qualifying using your Social Security Number.

Acceptable Medications would Include:

• Zoloft
• Paxil
• Prozac
• Celexa
• Effexor
• Pristiq
• Cymbalta
• Pamelor
• Elavil
• Tofranil
• Nardil
• Parnate
• Marplan

Have you been Denied Life Insurance due to Depression?

There are many insurance carriers who will deny people with depression. This was very prominent in the past in the old days a lot of carriers would look at your medical record and prescriptions even if there was one suicide attempt from over 30 years ago this could’ve resulted in a denial by the carrier in conjunction with your prescription history.

Now, most burial insurance carriers will not even ask about depression on their application! If the carrier does not ask the question on their application then this means they will accept that certain condition. The reason being is because simplified issue plans have made attaining coverage for individuals a much easier process.

This burial insurance for depression is designed with peoples medical conditions in mind.

So if you have been denied life insurance due to depression in the past and are worried about the financial burden of your final expenses being left on your family there is hope.

Our clients ask us common questions like:

“Do you have to disclose depression to life insurance?”

If the question is not on the application then no you do not have to disclose it.

Best Life Insurance Coverage for Depression?

If you have depression we can get you approved for level day one coverage with no waiting period.

Acceptable Conditions Include:

1. Mild Depression – As long as it is controlled and no hospitalizations in the last 2 years
2. Moderate Depression – Usually for clients with more than 1 prescription medication and treatment
3. Major Depression – Includes hospitalization and possible previous suicide attempts
4. Clinical Depression – Typically results in disability

Many of the carriers we work with do not ask about any of these conditions at all, making it very possible to obtain level day one coverage.

Life Insurance we do not Recommend for Depression

If you are looking for burial insurance for final expenses to protect your loved ones from the burden of your burial expenses then we do not recommend these types of life insurance.

Term Life

We do not recommend term based on the fact that:

The premiums increase when the policy is renewed they are not locked in.

They do full underwriting and look at everything from prescriptions to medications and will send medical professionals out to perform medical exams and blood test’s to see if you are approved.

They will take weeks to inform you if you have been approved or denied.

TV Advertising

You will see products marketed as burial insurance such as term and policies that may have increasing premiums as well as face amounts that decrease over time.

The most important questions to ask are:

Do the premiums ever go up?

Does the death benefit ever go down?

If a policy has premiums that increase or the face amount decreases, we do not recommend them as sufficient burial insurance.

Also, policies advertised as “no health questions asked.” This is guaranteed issue coverage being marketed which has a 2 year waiting period for death benefits.

How to apply for Life Insurance for Depression?

Applying for life insurance is very simple. Fill out the form to your right and at that point, one of our licensed agents will reach out to you via phone call and confirm some basic information and field underwrite you for your health rate class. At that point, they will confirm the amount of coverage applied for and begin the enrollment process.

There are two different ways to enroll depending on the carrier selected:

Voice Signature – This is done with you and the agent or you, the agent, and the insurance company.

E-mail Signature – This is done with you and the agent, the agent sends you an email with a Docusign link that you can access and sign for your application.

You will know right then and there if you have approval from the carrier. This can all be done in 30 minutes or less.

Fill out the form to your right to begin the process.

ParamountQuote Can Help

We are national and independent we do not work for the insurance companies we work for YOU. We make sure you achieve your vision of your family’s financial status when you pass away. With our advanced training and placement, we guarantee the best coverage and best rate.

We will hold your hand through every step and build a long-lasting relationship with you and your family.

We specialize in burial insurance because we are passionate about helping our clients leave their final gift for their families. It is the final way to show just how much you really cared.

Talk with us for 5 minutes and you will be a client for life!