Got turned down for life insurance

I'm not working right now, so I don't have any insurance through work. I want to get some life insurance with my brother as beneficiary, so in case I'm in an accident, there'll be money to pay for my funeral. So I applied for life insurance through my alumni group, and today got a letter saying that given my history of depression and alcoholism, I was declined. Pisses me right off.

--splitimage

I've tried to get life insurance as well. They hear the word "suicide" and they run and hide. It sucks. Suicide is a SYMPTOM of my MENTAL ILLNESS and I am no more a threat to them than someone with heart disease or high blood pressure. They'll accept people with heart disease, and just charge them a lot more. Why won't they accept people with mental illness?

I have a family, too. I'm not just looking for burial costs - if I die, my husband is screwed financially, and so is my daughter. I was able to find a $5,000 policy through Globe Life but I didn't think it was worth it.

Life insurance policies usually have a clause in them that they will not pay on suicide anyway.....so that's usually NOT the problem....maybe they are worried about the health condition your body is in from the alcoholism more than the depression I would think.....would think that they would just require a medical exam to prove nothing is wrong health wise. Sadly, life insurance is based on some statistical gobbildy gook that's out there on death statistics based on certain high risk conditions......they wouldn't write a life insurance policy for someone who has had a heart attack either....they even are leary of writing life insurance policies for people with high blood pressure.

Hmmm. Why not take the money you would pay the insurance premium with, and put it into a savings account in your name first, and with your brother's name as beneficiary. Once you have a job, you can also select a plan at the local funeral home, and begin making payments on it. The money in the savings can be back up for if you lose your job again and need to continue the payments on the plan.

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This is a major concern for me! I am due with my first child in September, and my husband and I talk often about getting life insurance. I worry that with my mental health history, I won't be approved.

I understand your concern....all you can do is try....many different insurance companies have different statistics they use.....but I like JD's idea actually maybe you could do something like that with a savings account....treat is as your life insurance. I know when I first got married....my husband was really into having life insurance & had every life insurance representative come into our home while I was trying to study, taking mid-terms/finals, & working on my degree. I was an accounting major & took many statistics courses......profs always said....don't waste your money on life insurance....better putting in into savings that you specify for that in the long run. It was a constant contention in our marriage.....at work we had automatic insurance coverage as part of benefits that we didn't have to pay for.

We ended up finding a good life insurance company & had some investments through them...when I became disabled, they waived my payments on it. I dropped the amount before I knew they would pay the amount & because of my suicide attempts....there is no way they would up the amount let alone because they are paying for it....have enough coverage because now I have NO SAVINGS after huge medical expenses & bad financial issues with husband I have since left after 33 years......so daughter will be able to cover any expenses. I love where I live....can get permission to be buried on own farm...no need to pay for cemetery.

I don't blame you for being ticked off. I really dislike insurance companies. They're more than anxious to insure a young perfectly healthy person, who they can drain for a whole lifetime, the monthly payments. They love you when you're healthy but scram when they sniff any problems or God forbid, having to pay out...gasp. They're in the money making business.

When we bought our car, we bought extra rust protection. We noticed a few rust spots and took it in. In the fine print ...you would need a microscope to read it (sarcasm)......it stated that - in order for it to be effective, we were supposed to bring it in every year for inspection. They refused to fix it. We complained further and they agreed to fix it but we had to surrender our protection.

My life insurance was issued before I had any type of diagnosis...I'm currently on a 20 year term...when its done my kids will be adults. I agree with JD regarding taking the premium you would have paid and investing/saving.

I'm sorry this happened for you Splitimage and anyone, who is denied. I was denied too for my bipolar, several companies. I appreciated the suggestion, JD, about the separate savings to cover costs and help family. This is a good idea that I can implement for them. Thank you!

Not all insurance companies will deny you for those reasons. you can still get approved with depression and alcholism in your history. However if you are alcholic you have to have 5 years clean before they will insure you. I would go with one of the bigger companies that will actually give you something.