If you have ADHD and you’re looking for life insurance, then this article is for you. The first step to getting approved with ADHD or ADD is to apply with one of the best life insurance companies, based on the unique niche the company fills.
There are three important questions you need to ask in order to find the best company if you have been diagnosed with Attention Deficit Hyperactivity Disorder (ADHD):
- Can I get life insurance with ADHD?
- What rate class can I qualify for with ADHD?
- What is the process?
Let’s begin with a brief overview.
Attention deficit hyperactivity disorder (ADHD), is defined as a problem of not being able to focus, being overactive, and not being able to control one’s own behavior or, a combination of these problems. To be diagnosed as ADHD one must have these symptoms and be out of the normal range for a person’s age and development.
Some studies found that people with ADHD had 5 times the risk of suicide than those without ADHD. There has also been found a connection to a higher risk of mental health issues. For these reasons, people with ADHD may have a harder time finding life insurance or find their premiums have increased compared to what their agent quoted them initially.
Can I get life insurance with ADHD or ADD?
The quick answer is, YES.
The carrier will want to know:
- What type of medications you take.
- The frequency and dosage of your medication(s).
- If your symptoms are controlled.
- And for how long.
What life insurance rate class can I qualify for with ADHD?
Life insurance companies have about 16 different rate classes. What rate class you qualify for will also determine your cost for life insurance.
A mild case of ADHD, with no signs of mood or mental disorders, will most likely qualify for the best class possible. In other words, barring any other health issues, you could qualify for a preferred best or preferred plus rate class.
A person suffering from moderate symptoms, taking medications, with no history of drug or alcohol abuse and no hospitalization due to ADHD, would receive a standard rate class.
If you have a history of drug or alcohol abuse, have a criminal record, or have been hospitalized, you may still qualify for a fully underwritten policy, although for some, burial insurance or accidental death may be the only option. However, the primary factors in determining your eligibility would hinge on how long it has been since these events occurred. The farther away you are the better chances you have of qualifying for regular coverage.
If you are curious what your price tag would be, simply enter your information and see what the price is for your age and gender based on the above rate class you believe you qualify for.
For those who are currently having a difficult time getting approved for coverage, you may also want to read the following article which focuses on difficult to place insurance policies: Final Expense or Burial Insurance companies
What is the process for an applicant applying for life insurance when they have ADHD?
A fully underwritten life insurance policy requires a medical exam. The examiner typically comes to your home and checks your height and weight and takes a small blood and urine sample. Your lab results are then processed. The carrier will request physician statements and look into your medical records. The carrier will also do a prescription database check to see what medications you are currently taking and have taken in the past. An underwriter will then assess your “risk” level and give you a rate class assigned to your specific risk. Your assigned agent at TermLife2Go will then follow up with you and let you know of your approval.
The entire process is handled by us so you can just sit back and wait for the life insurance carrier to complete your file. Speaking of life insurance carriers, not all life insurance carriers are the same when it comes to underwriting ADHD.
Not all life insurance carriers are the same
The life insurance industry is just like every other industry out there. Competition is constantly driving insurance carriers to compete for your business. As a result, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers.
As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different companies available. Only by doing this can you insure that you are getting the best policy tailored to your specific needs. We know the who is the most ADHD friendly life insurance company. Let us guide you to the best policy at the best price — for you.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!
Because individuals who have been diagnosed with ADHD are still eligible for both traditional term and whole life insurance policies, we would encourage you to visit our Term and Whole Life Insurance Quotes page where you will be able to compare rates from dozens of different life insurance companies instantly!
So what are you waiting for? Just give us a call to see just what we can do for you!