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Life Insurance and ADHD
Wondering if life insurance and ADHD can go together? Yes – you can qualify for coverage if you’ve been diagnosed and treated for ADHD. In fact, it’s even possible to qualify at preferred rates. If you’re approved, your rate will depend on your specific medical history. Long story short, the best way to get an accurate quote if you have ADHD is to talk to an agent – we’re ready and waiting to help you at 800-521-7873!
But First…How Does Life Insurance Underwriting Work?
Life insurance pricing is all about risk. When you apply, the insurer is going to look at your overall age, height, weight, health history, lifestyle, and family health history. They use this information to assess the risk they’re taking on your behalf. In other words, they need to estimate when they’ll probably need to pay a death benefit on your behalf.
For example, if you’re 55 years old and smoke a pack of cigarettes a day, you represent a certain level of risk. Compare that to a 19-year-old who doesn’t smoke – who are they more likely to need to pay out for sooner? The 55-year-old smoker, if approved, will pay more because they’ll probably need to pay that person’s death benefit sooner than the 19-year-old.
That’s why the overall picture of your health aside from ADHD is so important. On its own, ADHD doesn’t present a substantial risk to your health if it’s managed under your doctor’s care. But if you have other health issues, that increases the amount of risk you present and can drive up your price for life insurance.
Our advice: Give us a call at 800-521-7873. Once we get more detail about your specific history with life insurance and ADHD, we can give you an accurate quote and go over your next steps – including selecting the insurers most likely to offer you coverage.
Underwriting for Life Insurance and ADHD
As with any medical condition, a life insurance underwriter will need to dig into the details about your specific experience.
For ADHD, they’ll need to know things like:
- At what age were you diagnosed?
- What kind of treatment plan do you and your doctor have in place?
- Are you on any medication? If so, what is your dosage?
- Have you ever been hospitalized?
- Have you ever attempted suicide?
- Do you have any other medical conditions?
The rate you pay for life insurance with ADHD will depend on whether you’ve had any hospitalizations, suicide attempts, or additional health issues such as substance abuse.
- If you are able to work and have a clean medical history, that sends a strong signal to the insurer that your ADHD is under control. You may be able to qualify for Preferred Plus or Preferred rates.
- If you don’t work and have additional mental health issues including depression – but have not been hospitalized – you’re more likely to qualify for Standard rates.
- If you’ve been hospitalized recently or your medical history includes any substance abuse (drugs or alcohol), you probably will not be offered coverage at this time.
An Insurance Agent Can Help You Get the Lowest Possible Rates
Why is it so important to work with an agent for life insurance and ADHD? Can’t you just get an online quote or buy coverage online and call it quits? You can, of course – but you’ll pay more than you have to.
Our LifeQuote agents save you money. Period.
They know the insurance carriers who are most lenient in their underwriting for ADHD. That knowledge is based on seeing years of clients’ underwriting results. Sure, you can use our online quoter – but when it comes to life insurance and ADHD, the quoted rate you see can't accurately reflect your unique history and experience.
Life insurance agents can also help you navigate the process – and negotiate with the insurer on your behalf. For example, did you know that agents can submit cover letters with your application? A good cover letter can help sway an insurer to offer coverage or a better health class. Your agent can explain what you’ve done to control your ADHD. They can also tell the insurer about factors that mitigate risk and don’t show up in your medical records, like a successful employment history.
But you can only get the benefit of their experience by giving us a call. We’re ready and waiting at 800-521-7873!
Options for Life Insurance and ADHD: No Exam vs. Traditional Underwriting
Everything we’ve talked about so far on this page has involved traditional underwriting. That’s the most affordable way to go, every time. When the insurance company knows more about you, they can tailor your rate to your specific medical history. Traditional underwriting involves taking a medical exam and agreeing to let the insurer view your medical records.
But if convenience and time are worth more to you, there’s another way: no exam life insurance.
With no exam life insurance and ADHD, all you have to do is fill out an application and a questionnaire. The questionnaire will ask you about your medical history, but you won’t have to take a medical exam. Instead, the life insurance company will use your answers and data gathered from a variety of online databases (that include information like your driving record and prescription drug history). Based on the data they gather, they’ll decide whether to offer you coverage and at what price.
Because they don’t know as much about you, that rate will almost always be higher than the rate you’d get via traditional underwriting. But it’s the fastest and easiest way to get covered, hands-down. It all depends on your budget, schedule, and needs. If you’re looking for life insurance and ADHD coverage right away, no exam policies are a great option to try.
So how do you get no exam life insurance? Right here! You can use our no exam life insurance quoter – or better yet, give us a call and let us know that’s what you’re interested in. In just a few minutes, after asking a few questions about your ADHD and health history, we can match you up with an insurer and policy that meets your needs.
What if I’ve Already Been Turned Down?
Every insurer has its own rules for underwriting life insurance and ADHD. A rejection from one doesn’t mean you can’t get coverage from another carrier.
Your best bet now is to work with an independent agent – like one of ours! You’ll have much better chances of finding an insurer with favorable underwriting. And as we mentioned above, our agents have the knowledge and experience to help you do just that. From insider knowledge to a killer cover letter, they have the ability to match you with an insurer based on your specific needs and health history.
Let us help you find the coverage you need. Give us a call at 800-521-7873 today!
