Does ADHD Affect Life Insurance Rates?

Does ADHD Affect Life Insurance Rates
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    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 – insurers will want to know some details. Even the best life insurance companies look at ADD/ADHD, and this can lead to higher premiums.

    How to buy life Insurance with ADHD or ADD

    Here are 7 steps you should follow if you're wanting to get approved for coverage.
    Total Time Needed: 30 minutes

    Required Tools:

    - Computer.
    - Phone.

    Things Needed?

    - Independent licensed agent

    Steps to get approved

    Step 1: Work with an independent agent
    With ADHD, make sure to use an independent life insurance agent that has access to multiple companies.
    Step 2: Communication
    Your agent will listen about your ADHD as well as your goals for coverage. They will also ask you the questions that a life insurance company underwriters will want to know about your ADHD.
    Step 3: Shopping the competition
    Your agent is like your personal shopper. They will find the best life insurance company that will approve you and give you the best deal for ADHD.
    Step 4: Choose your company and policy
    Once the bests companies have been found, you can choose the policy that meets your specific needs, goals and budget.
    Step 5: Apply
    Your agent will help you apply quickly and easily online or over the phone. Most companies provide e-signatures and e-delivery so you can submit your application as quickly as possible.
    Step 6: Underwriting
    After submitting the application you will begin the underwriting process. Once that has been completed you will know if you’ve been approved.
    Step 6: Purchase your policy
    Once your application is approved you may purchase your life insurance policy and put it in force.

    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.

    Helpful Links:

    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 life 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.

    Best Life Insurance companies for ADHD?

    Life insurance companies cater to specific “niches” in order to be the top carrier in specific markets. So certain life insurance companies may be better for certain conditions. In other words, not all companies are great for Thyroid diseaseColitis, Cardiomyopathy….or ADHD.

    The best company will ultimately come down to which one sees your specific health the best. 

    ADHD Life Insurance Quotes

    Based on the examples above, you can can compare life insurance rates instantly on this page or visit our life insurance calculator page

    Simply select the proper health class rating based on the severity of your ADHD and see what rates will be based on your life insurance payout amount and length of coverage.

    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 today. We’ll get you a customized quote by shopping your case to the top life insurance companies in the USA. We’ll also be able to help you every step of the way in applying for term life insurance.

    Thanks for reading our article, Does ADHD Affect Life Insurance Rates?.  We look forward to helping you secure life insurance. To learn more about life insurance, make sure to visit our page Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.

    Does ADHD Affect Life Insurance Rates?

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    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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