Funeral Insurance With Depression: Top Companies & Quotes

Funeral Insurance with Depression
Funeral Insurance With Depression: Top Companies & Quotes

One in six people will experience depression at some point throughout their life. Fortunately, you can do several things to combat this disorder, including medication, psychotherapy, and Electroconvulsive Therapy (ECT). However, medication is the most common way to modify the brain’s chemistry.

Can I Get Funeral Insurance With Depression?

Qualifying for affordable and immediate final expense insurance with depression is possible. Some life insurance providers will not accept those who have received this diagnosis, but most will. Any prescriptions you take will play a role in the approval process. 

Final Expense Insurance Basics

Final expense is also called funeral or burial insurance. This is a type of whole life coverage, so it lasts for the insured’s entire life.

Standard Benefits:

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • Low-Cost
  • No Medical Exam
  • No Waiting Period (upon qualification)

Burial insurance plans go through a simplified underwriting process which is why you will never be asked to get an exam. They also come in lesser coverage amounts, making the premiums much less than a traditional life insurance policy.

Quotes for Burial Insurance with Depression

The pricing below is the average price someone diagnosed with depression can expect to pay for a $10,000 whole life insurance policy. The premiums displayed are paid monthly.

Life Insurance with Depression Quotes

$10,000 of Coverage

Non-Tobacco Monthly Premium Range

Age Female Male
45 $23 – $25 $27 – $29
50 $24 – $26 $31 – $32
55 $28 – $31 $36 – $37
60 $33 – $35 $44 – $45
65 $41 – $43 $55 – $56
70 $52 – $53 $71 – $75
75 $72 – $75 $100 – $103
80 $98 – $111 $140 – $147
85 $136 – $166 $193 – $201

Qualifying For Burial Life Insurance With Depression (Underwriting)

Underwriting is the process the company goes through when determining if it will provide coverage to an individual. The qualifications that applicants must meet to get coverage are all predetermined and differ from company to company.

Most applications for coverage will ask about other mental health concerns, including bipolar disorder and schizophrenia. If you have depression alone, most companies will accept you with open arms.

When it comes to determining eligibility for final expense life insurance with depression, here is what you need to know.

Will There be a Waiting Period if I Have Depression?

There are plans with a waiting period and plans without. Based on the provider’s stance on depression and if you are taking medication will determine if there is a waiting period. However, most people will be able to obtain immediate coverage with a depression diagnosis.

Health Questionnaire: A series of questions will be the starting point. This process is typically done by the local field underwriter or agent you are working with. By getting to understand your health, your agent will be able to pre-qualify you for a plan.

Medical Information Bureau (MIB) Check: The carriers will take the answers given on the questionnaire and then confirm them by running a MIB check. This is why you must be upfront and honest with your agent in your answers to the questions.

Prescription History Check: Similar to the Medical Information Bureau check, the carrier will also look at your prescription history. This is also to confirm your answers to the health questions. However, if you have recently filled a prescription, the carrier will assume that you are taking it to treat the intended condition.

 

women who is sad

Best Companies For Burial Insurance With Depression

The companies listed below are all on our best burial insurance companies list. The specific three carriers below are exceptional for people with depression.

Mutual of Omaha: Immediate coverage is available with Mutual of Omaha if you have not been prescribed Latuda, Symbyax, or Zyprexa. If these show in your personal prescription history, there will be a waiting period with this company. Learn more about how to qualify for a Mutual of Omaha Final Expense plan.

Foresters Financial: People with various mental health concerns are eligible for low-cost policies with no waiting period. If you have depression and are on Latuda, Symbyax, or Zyprexa, Foresters Financial could be the best option for you. Learn more about what it takes to qualify for Foresters Financial.

Royal Neighbors of America: Royal Neighbors does not ask any questions about mental health diagnoses but has slightly higher rates than the above-listed companies.

What to Look for in a Life Insurance Company & How to Buy

There are hundreds of final expense insurance policies to choose from. However, there are three main things that you will want to consider before applying for anything.

Insurance Provider: Apply for a policy with a life insurance company that has a strong financial rating. This will provide peace of mind that your beneficiary will get their money when the claim is filed.

Cost: Always attempt to get the plan with the lowest price as this could allow you to afford additional coverage.

Waiting Period: Several companies offer immediate funeral insurance for people with diagnosed depression. Do not apply for a policy that has a waiting period.

Captive vs. Independent Agencies

Captive Agency: This is an agency that can only sell policies from one company.

Independent Agency: An agency that is independent can provide products from as many companies as they choose to represent. These agencies can represent specific sections of the market or a wide range of products.

How Willamette Life Can Help

Willamette Life specializes exclusively in coverage for final expenses. This allows our agents to understand the burial insurance market in detail.

The agents at Willamette Life are well versed in working with people that most insurance companies consider “high risk.” We take pride in finding the best policy that uniquely fits each person that we work with.

man holding a sign

Final Expense Insurance With Depression: Final Thoughts

a. Finding funeral insurance with depression may seem like a complex task at first, but most companies will accept this health concern.

b. For those that have this diagnosis, several companies will award coverage with no waiting period. The key is to find the lowest premium.

c. It is vital to work with an independent agent that has access to several carriers. Depending on other pre-existing conditions you may have could greatly affect the coverage you can receive from each company.

Give Willamette Life a call at 844-576-0019

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