Depression, Suicide and Life Insurance – A Case Study

Michael, didn’t recognise Depression the first time he was diagnosed. He agreed that he wasn’t feeling his normal self, was sleeping a bit longer and wasn’t enjoying work much at the moment but he certainly didn’t feel like suicide. Wasn’t suicide for people who had given up on life. He was just feeling worn out. Time for a check up.

Luckily, his doctor did see the signs and immediately prescribed anti-depressants and a holiday from work. Which, because he had some savings and accumulated holidays, he took.

He spent the time resting, getting fit and getting some professional help. By the time he returned to work, he was back to his old self and was so productive the he got a promotion and a raise.

The second time, he wasn’t so lucky. The added responsibilities that came with his promotion meant that he hadn’t had a holiday in four years. He recognised the symptoms this time though, so he knew what was happening.

The trouble was, there just wasn’t the time to deal with it. There were targets to meet, staff to manage and an employer who seemed hell bent on sending him to an early grave. The work kept piling up and no matter how fast he ran, the goal posts seemed to be getting further and further away.

If you’ve already had one bout of depression, you might find that an insurer declines any future application for life insurance or you might find that you can only get a low quality policy that doesn’t cover you for all causes of death. Such as the seemingly cheap policies advertised on TV.

This is one of the reasons, why I recommend young single people get plenty of life insurance even if they don’t have large debts or a dependent family to support. They might just have those things one day, and if they’ve had depression as well, they might find that they are not able to give them the protection they deserve.

So, no matter how old you are, how many debts or dependents you have, see a financial planner and make sure you have enough cover. You need it and your family deserves it.

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