When applying for life insurance coverage, there are many different parameters that the underwriters will review prior to accepting a potential insured. One of the most important of these is his or her health. This is because a person’s health can have a great deal to do with their life expectancy – and shorter life expectancy can mean more risk to a life insurance company of having to pay out a costly claim.
For those who have ADHD, obtaining life insurance can be problematic in certain instances. Although this condition is not in and of itself life threatening, the issues that it can lead to such as alcoholism, drug abuse, addictive personality, and overall patterns of risky behavior can. Therefore, when an applicant for coverage has been diagnosed with this condition, the underwriters for the insurer will need to know more.
ADHD stands for Attention Deficit Hyperactivity Disorder. Those who are afflicted with this condition will typically have trouble with paying attention, as well as with controlling impulsive behaviors. They may also exhibit overly active behaviors. Although ADHD cannot be cured, there are ways to successfully manage the condition so that individuals can live healthy and successful lives.
What the Life Insurance Underwriters Will Need to Know About ADHD
When you apply for life insurance with ADHD, the underwriters will want to know more in depth information about your condition. Therefore, some of the questions that you are likely to be asked may include the following:
- When were you initially diagnosed with ADHD?
- What are some of the primary symptoms of your condition?
- What, if any, medications are you currently taking in order to manage your condition?
- Has your condition led to other issues such as drug abuse, alcohol abuse, etc?
The underwriters will also typically require that you go through a medical examination as a part of the life insurance application process. This exam entails meeting with a paramedical professional who will take a heart monitor and blood pressure reading, as well as a blood and urine sample.
These samples will be tested for nicotine use, as well as for certain other health related conditions that could pose a higher potential risk of claim to the life insurance company. This can help the underwriters in placing your application in the most appropriate rating classification, as well as with assigning a proper premium price.
In addition, you will also be required to submit an application for life insurance coverage. Here, you will be asked to provide information regarding your:
- Marital status
- Smoking status and / or tobacco usage
- Alcohol usage
- Whether or not you have children
- Occupation and income
- Overall health status and history
- Family health history
- Foreign travel (if applicable)
- Whether you participate in “risky” activities such as sky diving
How Much Will Your Life Insurance Coverage Cost with ADHD?
Once all of the criteria has been reviewed, your policy will be placed into the proper rating classification. Although most insurance companies will have their own distinct categories, all will typically have three key areas. These include the following:
- Standard – A Standard policy rating is typically given to those who exhibit “average” health. For those who have ADHD, this rating can oftentimes be provided to those who have mild to moderate conditions. In most instances, there must be no history of drug use or hospitalization. Usually, you will be able to be on some form of medication that is helping to control your ADHD condition.
- Substandard – Those who are assigned a Substandard rating will be considered to have below average health. As it pertains to ADHD, this classification is typically reserved for those who have more moderate – or even severe – cases of the condition. The underwriters will typically need to closely review your medical records prior to assigning this rating (as versus declining the application for coverage altogether). In many cases, an applicant here may be taking stronger medications in order to control his or her ADHD condition.
- Preferred – Conversely, a person who qualifies for a Preferred classification is someone who is considered to be in excellent health, and who typically has a family history of excellent health as well. While it is possible for someone who has ADD to qualify for this classification, it is usually those who suffer from only a very mild case and who exhibit no other signs of mood or mental disorders.
In some cases, an applicant may be declined for coverage. This is most likely when the individual has been recently hospitalized and / or they have been suffering with an addiction that would be declined for life insurance regardless.
If an applicant who applies for life insurance with ADHD is denied for coverage by going the traditional route, there is still a possibility of obtaining a life insurance policy. In this case, it may be viable to apply for a guaranteed issue policy. With these types of policies, there is no medical exam required, and there are usually only one or two health related questions that are asked on the application for coverage.
While the premiums on these types of policies are usually much higher than for a comparable policy that is traditionally underwritten, there are instances where this is the only way to obtain the life insurance protection that a person needs.
How and Where to Obtain Life Insurance with ADHD
When shopping for life insurance with ADHD or any other special circumstance such as looking for life insurance as a veteran, it is typically a good idea to work with a company that has access to more than just one life insurance carrier. This way, you will be able to directly compare the policies, benefits, and premium quotes that are available to you. Also, because many life insurance companies underwrite their policies differently, what constitutes a Substandard classification for one insurer could come out to be a Standard rating with another.
If you are ready to start comparing the coverage that’s right for you, we can help. We work with the top rated life insurance companies in the disability market place today, and we can get you all of the information that you need quickly, easily, and conveniently – all right from your home computer – and within just seconds. We can do this without you ever having to meet in person with a life insurance agent. When you are ready to start the comparison process, all you have to do is fill out the form on this page.
Should you have any questions along the way, please feel free to contact us directly. We can be reached for assistance with any questions or concerns that you may have regarding obtaining life insurance with ADHD, as well as about obtaining the premium quotes that you need in order to make an accurate comparison. In order to contact us, dial 888-229-7522 toll-free.
We understand that shopping for life insurance can sometimes seem to be overwhelming. That’s why we are here to walk you through the steps that will get you closer to the insurance protection that you need for those that you care about. Contact us today – we’re here to help.