Depression is the one mental condition that can really put a damper on your life insurance rate, and for good reason: When this psychological condition becomes severe, it can lead to suicide.
"With depression, there really is a spectrum," says Goldstein. "Some can be very favorably written and even could be preferred, depending on the degree, the severity and how well it is managed. On the other end of the spectrum, if you had someone who had severe, major depression, lots of hospitalizations, lots of suicide attempts, that individual would not be rated as favorably, and possibly might not even be insurable."
Bloom says New York Life will not underwrite individuals with dementia such as Alzheimer's, people who have recently completed rehabilitation for drug/alcohol use, or those currently residing in a hospital/nursing home or facing major surgery.
Goldstein notes one other condition most life insurers would refuse to cover.
"In general, most carriers would not be underwriting HIV-positive individuals at this time."