Life Insurance with Depression — Your Options in Canada
Life insurance with depression is available from most Canadian insurers, and rates have improved significantly as the industry modernizes its approach to mental health. Whether you take antidepressants, see a therapist, or have a history of depression, you have options.
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How insurers evaluate depression and anxiety
Canadian life insurance underwriters assess depression based on severity, treatment, stability, and whether you have a history of hospitalization or self-harm. Mild to moderate depression managed with medication and/or therapy typically qualifies for standard or slightly rated coverage.
Key factors include: how long you've been stable, whether you've been hospitalized, the number of medications, and any related conditions (substance abuse, bipolar disorder). Manulife, Sun Life, and Desjardins each have different guidelines — some are significantly more accommodating than others.
Getting standard rates with a depression diagnosis
If your depression is mild to moderate, well-managed with one medication or therapy, stable for 12+ months, and you have no history of hospitalization or self-harm, many insurers will offer standard rates. This is the most common outcome for depression applicants through LowestRates.io.
Providing a letter from your psychiatrist or family doctor confirming stability and treatment compliance significantly strengthens your application. Insurers want to see proactive management — seeing a therapist or taking prescribed medication actually helps your case.
| Profile | Est. Monthly Rate |
|---|---|
| Age 25 (mild) | $18–$30/mo |
| Age 30 (mild) | $22–$38/mo |
| Age 35 (moderate) | $32–$58/mo |
| Age 40 (moderate) | $48–$85/mo |
| Age 50 (moderate) | $100–$180/mo |
Estimates for a healthy non-smoker. Your rate may vary. Get your personalized quote.
Options for more severe mental health histories
If you've been hospitalized for depression, have a history of self-harm, or have been diagnosed with treatment-resistant depression, traditional underwriting may be challenging. Options include guaranteed issue policies (no health questions) or simplified issue policies with limited health questions.
Canada Protection Plan and Assumption Life offer guaranteed or simplified issue policies that don't ask about mental health history. Coverage is typically capped at $100K–$300K, and premiums are higher, but approval is almost certain. Compare these options alongside traditional policies through LowestRates.io.
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Frequently Asked Questions
Can I get life insurance if I take antidepressants?
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Yes. Taking antidepressants is very common and most Canadian insurers will still offer standard or near-standard rates if your depression is well-managed and stable for 12+ months.
Do I have to disclose depression on a life insurance application?
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Yes. You must truthfully answer all health questions. Failing to disclose depression or medication is grounds for claim denial. Honest disclosure with evidence of good management leads to the best outcomes.
Which life insurance company is best for depression?
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Desjardins and Industrial Alliance tend to be the most accommodating for well-managed depression. For severe cases, Canada Protection Plan offers guaranteed issue options. Compare through LowestRates.io.
Will a history of therapy affect my life insurance?
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Seeing a therapist actually helps your application — it shows you're actively managing your mental health. Insurers view this positively compared to untreated conditions.
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