Life Insurance while taking Adderall XR.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after they have been prescribed Adderall XR to treat their Attention Deficit/Hyperactivity Disorder (ADHD).
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been prescribed Adderall XR?
- Why do life insurance companies care if I’ve been prescribed Adderall XR?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help insure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance after I’ve been prescribed Adderall XR?
The good news about being diagnosed Adderall XR is that it is not one of those “kinds” of medications that will automatically trigger an immediate “decline” on a traditional life insurance application. It will however raise a few “eyebrows” and certainly want to make a life insurance underwriter want to learn a little bit more about you prior to automatically approving your life insurance application.
Why do life insurance companies care if I’ve been prescribed Adderall XR?
Life insurance companies aren’t really all that worried about Adderall XR per say because the medication itself doesn’t really have any serious side effects that could possibly be harmful or life threatening. What concerns your average life insurance company is that Adderall XR is a medication that is used to treat ADHD which isn’t necessarily a “life threatening” medical condition, is one that can cause some concern for a life insurance company.
You take a look at some of the most common symptoms associated with ADHD such as:
- Mood swings including aggression, excitability, hyperactivity and impulsivity.
- Lack of restraint.
- Absent-mindedness, difficult focusing, forgetfulness.
- And depression.
Now will everyone suffering from ADHD suffer from these “types” of symptoms?
No, of course not. But until an insurance underwriter understands how sever your ADHD is or fully understands why kind of symptoms you suffer from what you’re generally going to find is that most if not all life insurance companies are going to be extremely hesitant about approving your life insurance application (at best) or will simply deny you coverage until which point they can better understand your pre-existing medical condition.
So, what kind of information will the insurance companies ask me or be interested in?
Prior to determining whether or not you’ll be eligible for a traditional life insurance policy what you’re going to find is that most life insurance companies are going to want to ask you a series of questions pertaining to your ADHD so that they can get a better idea about how severe your condition is.
Questions such as:
- When were you first diagnosed with ADHD?
- When were you first prescribed Adderall XR?
- Who prescribed your Adderall XR? Your primary care physician or a psychiatrist?
- How long have you been taking your Adderall XR?
- Over the past 12 months has your prescription changed at all?
- Are you taking any other prescription medications to treat your ADHD?
- Have you ever been convicted of a felony or misdemeanor?
- Do you have any issue with your driving record? Issues such as multiple moving violations, DUI or a suspended license?
- Do you have any history of drug or alcohol abuse?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
From here, we’ll generally have a pretty good idea about what “kind” of life insurance policy you ought to be able to qualify for as well as what “price” you ought to expect to pay.
What rate (or price) can I qualify for?
As a general rule of thumb, assuming that your ADHD is well under control and you have a steady work history, what you’re typically going to find is that there a few life insurance companies who will be willing to ensure “ADHD applicants” at a Preferred rate.
What this means is that…
Assuming that you are in otherwise good condition, having been prescribed Adderall XR to treat your ADHD should in and of itself not have any affect on the outcome of your life insurance application. Now that being said, if you are someone who has struggled with your condition or have other pre-existing medical conditions which could potentially “complicate” your life insurance application what you may find is that these “other” conditions might become the center of attention during your application process.
Which brings us to our next topic which is…
What can I do to help insure that I get the “best life insurance” for me?
Probably the most important thing that an individual can do to increase their chances at buying the best life insurance policy that they can qualify for is to first make sure that they “shop” their options. You see, when it comes time to applying for life insurance, while there are a lot of great life insurance companies out there, for folks with pre-existing medical conditions like ADHD, there are certainly some companies that are much “better” than others.
When it comes to deciding who an insurance company will and won’t insure, each company is free to make up their own rules/guidelines. As a result, what you’re going to find is that certain companies can “tend” to be more lenient when it comes to certain pre-existing medical conditions or lifestyle choices.
This is why…
It’s important to choose an insurance agency that has access to dozens of different life insurance companies so that in addition to just seeking out which company “might” be the “best” for you if you’ve been prescribed Adderall, they can also look for the “best life insurance” for you if you’ve been prescribed Adderall and you’re a little bit overweight too!
So, what are you waiting for? Give us a call here at IBUSA and see what we can do for you!