Funeral Insurance with Depression: Top 3 Companies & Quotes

Funeral Insurance with Depression
Funeral Insurance with Depression: Top 3 Companies & Quotes

One in six people will experience depression at some point throughout their life.

Fortunately, there are several things that can be done to combat this disorder including medication, psychotherapy, and Electroconvulsive Therapy (ECT). Medication is the most common to modify the brain’s chemistry.

Funeral Insurance with Depression

Finding affordable coverage for depression is possible with no waiting period.

Some of the top funeral insurance carriers will not accept those who have received this diagnosis, but most will.

man holding a sign


Underwriting is the process the company goes through when determining if it will provide coverage to an individual.

The qualifications that must be met in order to get coverage are all predetermined. Underwriting is the process taken to see if an applicant meets these qualifications.

When it comes to determining eligibility for people with depression, here is what you need to know.

There will be a health questionnaire

This series of 10-20 questions will be the starting point. This process is typically done by the local field underwriter, or agent, that you are working with. By getting to understand your health, your agent will be able to pre-determine if you will be eligible for a plan.

If you are unable to qualify for a plan, your agent should be able to adjust and recommend another coverage option.

There will be a 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 is it important that you are upfront and honest with your agent in your answers to the questions.

The MIB check is something that you will be asked to give consent for the carrier to look at, this will come across as a HIPPA authorization.

There will be a Prescription History Check

Similar to the Medical Information Bureau check, the carrier will also look into your prescription history. This is also to confirm your answers to the health questions.

FACT 1: If you are taking medication the carrier will assume that you have the condition it is intended to treat.

FACT 2: If you have recently FILLED a prescription but are not taking it, the insurance company will assume that you are in fact taking it.

Some companies will look at combinations of medications to confirm eligibility as well.

Most applications for coverage will ask about other mental health concerns, but not depression alone.

If you have depression alone, most companies will accept you with open arms.

The thing that you will want to look out for is the medications that you are taking and whether the company will accept it. We will discuss this in detail with the company recommendations below.

women who is sad

Best Companies

Below is a list of company recommendations for those diagnosed with depression.

The list is for this condition only, if you have any other mental health concern, please do research on coverage with your specific diagnosis.

Each individual diagnosis will react differently with each provider as they all have different underwriting standards.

Mutual of OmahaMutual Of Omaha Logo

Mutual of Omaha offers exceptional coverage. We have been able to get multiple clients who have depression immediate coverage through this company.

There are 2 plans offered by Mutual of Omaha, Level & Graded.

Level offers no waiting period and the lowest prices.

Graded offers a 2-year waiting period and high prices. If the insured passes during this waiting period the beneficiary will receive the paid premiums plus 10%.

While we routinely recommend the Level plan from this company, we do NOT suggest the Graded plan due to its high cost and waiting period. There are other plans available in the market that provide better coverage and are more lenient when it comes to eligibility.

There are 3 medications that will be cause for a red flag.

  • Latuda
  • Symbyax
  • Zyprexa

If you have recently filled a prescription for any of these medications you will only be eligible for the Graded plan.

If you are unable to qualify for this company, we have several other options for you.

To learn more about qualifying for this plan visit the “blog” page found under the main menu.



$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
45 $25 $42
50 $29 $46
55 $35 $60
60 $43 $75
65 $56 $95
70 $74 $120
75 $100 $170
80 $133 $254
85 $183 NA

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
45 $23 $35
50 $25 $38
55 $28 $46
60 $33 $53
65 $41 $65
70 $53 $86
75 $72 $127
80 $98 $184
85 $136 NA

Foresters FinancialForesters Financial Logo black and white

Foresters Financial offers very low rates with extreme leniency for most mental health concerns.

This company offers 3 plan types; Preferred, Standard & Basic.

Preferred is a Level product that comes with immediate coverage and the lowest prices.

Standard also provides Level coverage with more leniency on health at slightly higher rates, still with immediate coverage.

Basic offers Modified coverage which has a 2-year waiting period and the highest rates. During the waiting period if the insured dies the beneficiary will receive the paid premiums plus 10% returned to them.

Both the Preferred and Standard plans come highly recommended. The Basic plan offers sub-par coverage and better policies are available through other companies.

People with a wide variety of mental health concerns are eligible for the Preferred plan.

If you have this diagnosis, especially if you are on Latuda, Symbyax, or Zyprexa, Preferred from Foresters Financial could be the best option for you.

All of the medications listed below will be accepted for Preferred coverage.pills

  • Ativan
  • Citalopram
  • Eskalith
  • Haldol
  • Haloperidol
  • Latuda
  • Lithium
  • Mellaril
  • Moban
  • Olanzapine
  • Paxil
  • Prozac
  • Quetiapine
  • Risperdal
  • Risperidone
  • Seroquel
  • Symbyax
  • Zoloft
  • Zyprexa

For more information on what it takes to qualify for this plan from Foresters Financial, visit the “blog” page under the main menu.



$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Preferred Standard Basic
50 $32 $45 $47
55 $37 $59 $60
60 $45 $74 $74
65 $56 $93 $95
70 $73 $112 $118
75 $103 $161 $171
80 $147 $216 $259
85 $201 $308 NA

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Preferred Standard Basic
50 $26 $37 $37
55 $31 $43 $44
60 $34 $50 $52
65 $43 $65 $66
70 $53 $83 $86
75 $75 $120 $132
80 $111 $167 $192
85 $166 $253 NA

Royal Neighbors of AmericaRoyal Neighbors Logo black and white

Royal Neighbors of America offers its premier product for those with mental health concerns.

On the application for coverage, it does not even reference mental health disorders, which means that it will not affect your ability to get coverage whatsoever.

In addition, this company does not have a height-weight chart to determine eligibility. What is a height-weight chart? This is a chart used to determine the ability to get a plan. If your weight, relative to your height, is too low or too high, you will not be able to get plans from certain companies.

With this said, Royal Neighbors provides its great plans to people with mental health concerns no matter what their size.

Two plans are available through Royal Neighbors, Level & Graded.

Level coverage has no waiting period and the lowest prices for this company.

Graded has higher prices and a 2-year waiting period. During the waiting period, if the insured passes, the beneficiary will receive the following payout depending on when the death occurred.

  • Death in year 1 – 30% of policy amount
  • Death in year 2 – 70% of policy amount
  • Death in year 3 or later – 100% of policy amount

While this is not as good as receiving full coverage immediately, it is still better than other plans. We recommend either plan depending on what you are able to qualify for.

To learn more about what it takes to qualify with this company visit the “blog” section under the main menu.



$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
45 NA NA
50 $40 $58
55 $46 $65
60 $50 $69
65 $59 $86
70 $75 $117
75 $110 $169
80 NA NA
85 NA NA

$10,000 of Coverage

Non-Tobacco Monthly Premiums

Age Level Graded
45 NA NA
50 $34 $46
55 $38 $51
60 $38 $52
65 $45 $63
70 $56 $84
75 $80 $123
80 NA NA
85 NA NA

Funeral Insurance Basics

Funeral insurance is a type of Whole Life coverage. This coverage comes with the following standard benefits.

The Basics:

  • No Expiration
  • Coverage Lock
  • Price Lock
  • Builds Cash Value
  • No Medical Exam
  • No Waiting Period Options

These plans go through a Simplified Issue Underwriting process which is why you will never be asked to get an exam.

Because this is a type of Whole Life coverage, it lasts for your entire life. This is exactly when your family will be needing the financial assistance that these plans provide since it is intended to pay for end-of-life expenses.

It is a very specific and very necessary type of coverage.

Captive vs Independent Agencies

A captive agency is one that is able to sell policies from one company only.

An independent agency is able to 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 such as home, life, auto, and health.

Most captive agencies represent several market segments.

Why Willamette Life

Willamette Life specializes exclusively in coverage for end-of-life expenses. This allows our agents to understand the ins and outs of each policy that we represent.

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

Protecting your family’s financial future and your legacy is our top priority.

From Washington to Kentucky and beyond, Willamette Life will get you covered.

Final Thoughts

a. Finding Funeral Insurance with depression may seem like a hard task at first, but most companies will accept this health concern.

b. There are several companies that will award coverage with no waiting period for those that have this condition, 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 and what medications you are taking could greatly affect the coverage you are able to receive from each company.

Give Willamette Life a call at 844-576-0019

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