ADHD and Life Insurance
Attention Deficit Hyperactivity Disorder or ADHD is one of those “types” of medical conditions that can complicate one’s life insurance application mainly because ADHD can vary significantly from one individual to the next and isn’t physically measured.
This means that…
If you have been diagnosed with ADHD, your diagnosis alone isn’t going to provide enough information to an insurance company for them to know whether or not you will be able to qualify for a traditional life insurance policy.
As a result…
Your application will likely require more work and will likely benefit from only being submitted to certain insurance companies that tend to be a little bit more “lenient” when it comes to approving those who have been diagnosed with ADHD.
For this reason…
We wanted to take a moment and cover some of the most common questions we get from our clients with ADHD who are looking to purchase a life insurance policy so that they can better prepare themselves for what the process will likely look like, and how they can improve their chances of qualifying for the best life insurance policy for themselves at the best price!
Questions that will be addressed will include:
- Can I qualify for life insurance after I’ve been diagnosed with Hyperactivity Disorder (ADHD) and/or Attention Deficit Disorder (ADD)?
- Why do life insurance companies care if I’ve been diagnosed with Hyperactivity Disorder (ADHD) and/or Attention Deficit Disorder (ADD)?
- 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 ensure that I get the “best life insurance” for me?
Before we get started…
We’d like to take a moment and acknowledge that Attention Deficit Hyperactivity Disorder (ADHD) and Attention Deficit Disorder (ADD) are not the same medical condition.
That said, in the “eyes” of the life insurance industry, these two separate medical conditions will essentially be viewed and treated as the same.
For this reason…
We here at IBUSA have chosen to combine our discussion of these two different diseases within the same article and will use the term ADHD and ADD interchangeably.
Can I qualify for life insurance after I’ve been diagnosed with Hyperactivity Disorder (ADHD) and/or Attention Deficit Disorder (ADD)?
It is possible to qualify for life insurance after being diagnosed with Hyperactivity Disorder (ADHD) or Attention Deficit Disorder (ADD), but the terms of the policy and the premiums you will be required to pay may be affected by your condition.
The specific terms of a life insurance policy will depend on the insurer and the specific details of your situation, including the severity of your condition, your age, and any other underlying health conditions you may have.
When applying for life insurance with a pre-existing condition like ADHD or ADD, it is important to be honest and forthcoming about your medical history. Many insurers will ask for medical records and other information about your condition as part of the application process.
It is worth noting that life insurance policies for individuals with pre-existing conditions may have exclusions or limitations on coverage, and the premiums may be higher than those for individuals without pre-existing conditions.
It is important to carefully review the terms of any policy before you agree to it, to ensure that you understand any exclusions or limitations and are comfortable with the premiums and other terms of the policy.
Why do life insurance companies care if I’ve been diagnosed with Hyperactivity Disorder (ADHD)?
Life insurance companies are in the business of assessing and managing risk. When they issue a life insurance policy, they are agreeing to pay out a benefit to the policy beneficiary in the event of the insured person’s death.
The premiums that policyholders pay are used to cover the costs of administering the policy and to build a reserve to pay out claims when they are made.
When a life insurance company evaluates an applicant for a policy, it considers a variety of factors to determine the level of risk associated with insuring that person. This includes the applicant’s age, gender, and overall health, as well as any pre-existing medical conditions or risk factors.
A diagnosis of Hyperactivity Disorder (ADHD) or Attention Deficit Disorder (ADD) may be considered a risk factor because these conditions can affect an individual’s ability to make decisions and manage their own health.
The severity of the condition, the presence of any other underlying health conditions, and the individual’s overall health may also be taken into account.
Life insurance companies use this information to determine the likelihood that the insured person will die during the term of the policy, and to set the premiums accordingly.
If an insurer believes that an applicant with ADHD or ADD is at an increased risk of death, it may charge higher premiums to compensate for that increased risk. In some cases, an insurer may decline to offer coverage altogether.
And while it may seem unfair for a life insurance company to choose to deny coverage to an individual who has been diagnosed with ADHD, symptoms of the condition can include:
- Excitability or Hyperactivity,
- Lack of restraint,
- Difficulty focusing,
- And sometimes depression combined with difficult learning.
Conditions that can lead to some dangerous outcomes. Particularly when the individual isn’t properly managing their condition.
And this is exactly…
why some people looking for life insurance with ADHD or ADD will potentially be eligible for a Preferred rate, while those who have more severe issues will receive a standard rate class or lower.
It’s also why we see that most (if not all) of the best life insurance companies will spend a bit more time focusing on “lifestyle” choices when approving an application submitted by someone that has been diagnosed with ADHD or ADD.
What kind of information will the insurance companies ask me or be interested in regarding my ADD?
When you apply for life insurance and disclose that you have been diagnosed with ADD, the insurer may ask for detailed information about your medical history and current condition. This may include:
- The specifics of your diagnosis, including when it was made and by whom
- The severity of your condition and any symptoms you are experiencing
- Any treatment or management strategies you are using, such as medications or therapy
- The results of any medical exams or tests that you have undergone, such as blood work or imaging studies
- Information about your diet and lifestyle, including whether you smoke and your level of physical activity
- Any other underlying medical conditions or risk factors that may be relevant
The specific information that an insurer will request will depend on the policy and the specific requirements of the insurer. Some insurers may ask for additional information or may require you to undergo a medical exam as part of the application process.
Additional questions which may seem unrelated to your condition but may be closer scrutinized than a typical life insurance application may include:
- Are you taking any other prescription medications?
- Have any of your prescription medications changed in any way within the past 12 months?
- In the past 2 years have you been hospitalized for any reason?
- Do you have any history of drug or alcohol abuse?
- Have you ever been convicted of a felony or a misdemeanor?
- Do you have any issues with your driving record? Issues such as multiple moving violations, a DUI or a suspended license?
- Do you currently participate or plan on participating in any dangerous hobbies or activities?
- Do you plan on traveling outside of the United States within the next 12 months?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
What Life Insurance Rate can I qualify for If I have ADD?
Life insurance rates are based on a number of factors, including your age, gender, health, and lifestyle. If you have attention deficit disorder (ADD), it may affect your life insurance rates, but it is not necessarily a disqualifying condition.
Life insurance companies generally consider a number of factors when determining rates, including your medical history, family medical history, and any medications you are taking. If you have been diagnosed with ADD and are taking medication to manage the condition, this may be taken into account when determining your life insurance rates.
It’s also worth noting that life insurance rates can vary widely depending on the specific policy and insurer you choose. It’s a good idea to shop around and compare quotes from multiple insurers to find the best rate for your specific circumstances.
This is why…
It’s near impossible to know what kind of “rate” that you might be able to qualify for without actually speaking with you directly. That said, there are some “assumptions” that we can make that will generally hold true particularly if you’re someone who:
- Hasn’t been diagnosed with any other pre-existing medical conditions other than ADHD or ADD,
- Doesn’t have a history of substance abuse or a criminal record,
- And doesn’t like to participate in any dangerous hobbies,
- Combined with a clean driving record and a “reasonably” steady work history.
For folks like this…
It’s reasonable to assume that if you choose to apply with the “right” life insurance company, you should have a decent chance at qualifying for a Preferred rate, assuming that you would otherwise be eligible.
Now as for those…
Who may not be so “perfect”, it’s important not to give up all hope because there is still a pretty good chance that you too may be eligible for a traditional term or whole life insurance policy.
Only now, you’ll probably have to settle for a Standard or “sub-standard” rate and you’ll definitely want to be more selective in which company you choose to apply with.
The good news is…
That here at IBUSA, we have tons of experience helping folks with all sorts of pre-existing medical conditions find and qualify for the life insurance they’re looking for.
It all just comes down to you, giving us a call, and giving us an opportunity to earn your trust.
This brings us to the last topic that we wanted to take a moment and discuss which is…
What can I do to help ensure that I get the “best life insurance” for me?
There are basically three things that you can do to make sure that you increase your chances of being able to find the best life insurance policy that you can qualify for.
The first thing…
that you can do is make sure that you choose to work with a life insurance agent that fully understands your condition and knows what a life insurance underwriter will be looking for when making their decision about your application.
The second thing…
That you’re going to want to do is make sure that the agent that you choose to work with has access to dozens of different life insurance companies.
After all, even the best life insurance agent in the country isn’t going to be all that great for you if he or she doesn’t have access to the policies or companies that are going to be the most “lenient” towards individuals who have been diagnosed with ADHD or ADD… right?
You want to make sure that you choose a life insurance agent that is really good at explaining things.
And by explaining things we mean that you want to make sure that your life insurance agent not only explains the “type” of life insurance options that will be available to you but also why one life insurance company might be better for you than another.
This will include explaining things like:
- What type of life insurance policy you may be considering.
- How long the policy will stay in force.
- What will the price be, and
- will that price ever change?
As well as…
“What additional features does one policy may have that another one won’t”.
The reason why…
We like to stress this point is because you would be amazed at how often folks simply choose the least expensive option not realizing that they are missing out on a lot of additional “features” that could become quite important to them later on.
This is particularly disheartening when the price difference may only be a few pennies a day!
But don’t fret…
Because now you know, and should you decide to give us a call, you’re not going to have anything to worry about!