Trying to find the best life insurance rates for ADD and ADHD can be difficult. Applicants with either Attention Deficit Disorder (ADD) or Attention Deficit Hyper Disorder (ADHD) may need to do a bit more research, as oftentimes insurance companies will automatically rate policies as Substandard – but this isn’t necessarily always the case, so it definitely pays to look around.
When doing applying for coverage, the insurance company’s underwriters will want to know a variety of things before coming up with the exact amount of premium rate on your policy. Once they have done so, your policy will be put into a certain class of coverage.
What the Life Insurance Underwriters Will Want to Know
Be expected to answer some in-depth questions when you are shopping for insurance.
- When were you diagnosed? They will want to ensure that you are properly managing your condition.
- Are you currently on disability? Are you capable of working or you are on disability?
- Have you had any hospitalizations or suicide attempts? Any hospitalizations, and/or any suicide attempts due to your condition will make you a higher risk for life insurance coverage.
- Have you used recreational drug or alcohol use in the past? Any type of recreational drug or alcohol usage in the past will also make you a higher risk in the eyes of the underwriters.
- Do you possess any other health, mental, or mood-related disorders? The underwriters will want to know if, in addition to ADD/ADHD, you have any additional health or mental disorders, as this could intensify your condition.
- What, if any, medications have you been prescribed? The medications that you are taking, if any, for your ADD/ADHD could either be a positive or a negative, depending on what they are. This is because certain types of medication could do damage to bodily organs such as the kidneys or heart. If, however, you are taking other types of maintenance medication and it is helping you to monitor and better control your condition, this could be seen as a positive for the underwriters – and in turn, could help you to obtain a better rate on your insurance coverage. Some common medications that are used in treating ADD/ADHD include Wellbutrin, Adderal, Tofranil, Aventyl, Strattera, Ritalin, and Pamelor. All of these medications are considered to be insurable.
What the Life Insurance Underwriters Need to Know Before Determining Your Rate
For those who have ADD or ADHD and who are seeking life insurance, you should be prepared to offer a lot of personal information about your health and condition. Some of the questions will be:
- What’s your job
- Are you married
- Family history
- Tobacco usage
- And many more
These are only a few of the questions. They want to get a 100% picture of your health, lifestyle, and family history. They are going to take all of this information, get more info from the medical exam, and then bundle it all up and ship it off to the underwriters.
With this info, they will be able to determine where you fall on their risk chart. They will assign you a rating and the premiums will be based off this rating.
Getting the Best Life Insurance Rates with ADD and ADHD
In most cases, ADD/ADHD is not going to kill your insurance premiums. You should be able to get an affordable policy, but you have to do some work before you go shopping.
Insurance policies are long-term investments, you want to be sure you’ve found the best fit for you and your family.
If you’re wondering how you can find that plan, you have two options. First, you can start calling. There are thousands of options, picking the right one is like finding a needle in a haystack.
The other (and smarter) option is to use an independent agency. This allows you to call one agent and get dozens of insurance quotes. If you want access to your personalised quotes for applicants with ADD/ADHD, go ahead and get in touch with one of our agents.
You can use the form on the side or you can give us a call. Either way, you’ll be taking your first steps towards getting a policy you can afford.
Please feel free to give us a call, toll-free, at 888-229-7522.