I was recently contacted by a gentleman and asked, “Does ADHD affect life insurance rates?” It may depending on several factors. Attention Deficit Disorder and Attention Deficit Hyperactivity Disorder— better known as ADD and ADHD, respectively— is commonly diagnosed in childhood.
While it is true that most people are diagnosed in childhood and around 75 percent eventually “grow out of it” to an extent, between 2 and 5 percent of adults have ADHD and/or ADD, and more are diagnosed every year. Though most people do manage to control it and go on to lead successful, happy, lives, life insurance companies do look at ADD/ADHD, and this can lead to higher premiums.
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Does ADHD Affect Life Insurance Rates?
Before you get too concerned about ADHD and life insurance rates, keep reading to learn just what insurance companies are looking for. You’ll understand why these disorders do not always mean you’ll be paying for a higher rate. Keep in mind that you can start comparing rates at any time by using the free quote form on this page.
What Insurance Companies Are Looking At
ADHD and ADD are similar enough to be considered the same thing, at least in the eyes of insurance providers, so you will mostly likely just see both referred to as “ADHD”. The reason this condition is of concern to insurance companies is because people who have it are more prone to depression, addictions and overall risky behaviors. If you have ADHD and have a criminal history, for example, you are likely to get denied life insurance coverage.
You should at least be prepared to answer the following questions in detail:
When were you diagnosed?
How severe are your symptoms?
Are you taking any medications for it?
Are you currently on disability?
Do you have a history of recreational drug use?
Have you been diagnosed with any other mental or mood disorders?
Remember, the more we know about your condition, the better we are able to help you get the best coverage possible.
Rate Examples for Life Insurance with ADHD
With mild, very well controlled cases of ADD/ADHD, term life insurance rates will not be affected much. In fact, if no other mood disorders are detected, someone with only mild ADHD can qualify for Preferred Plus rates (the cheapest premiums). Here are some examples of what a 47-year-old man with ADHD could be offered in terms of rates for a $500,000 policy for a 20-year term.
Preferred Plus: Around $62 a month – Someone with mild ADHD and no other signs of mental/mood disorders can qualify for these rates.
Preferred: Around $74 a month – Someone with mild ADHD and no other mental disorders but who usually is not employed qualifies for these rates.
Regular Plus: Around $102 a month – Someone with mild or moderate ADHD and no history of drug use or hospitalization can qualify for these rates.
Regular: Around $118 a month – Someone with moderate ADHD but has a relatively controlled history with it and is not currently battling any drug addictions.
What to Do if You Get Denied
Again, people with ADHD are generally only denied life insurance coverage in rare cases. However, it does happen, although what is more common is that people with more severe ADHD are offered policies at higher rates. If you are denied coverage or only offered unaffordable premiums, don’t resign yourself to failure just yet. Speak to us about why you were declined and we can figure out what the best course of action is for getting you approved for life insurance.
How does ADHD affect life insurance rates & my situation?
For more information about your particular situation, please call us at 888-411-1329. We’ll get you a customized quote, and we’ll also be able to help you every step of the way in applying for term life insurance.
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