Life insurance is the most important investment that you’ll ever make for your family. These policies are the best way to ensure that your family will be taken care of, regardless of what happens to you. There are dozens of different factors that the insurance company looks at when calculating your insurance premiums for your plan.
There are a number of characteristics that come with having ADHD including inattentiveness, fidgeting, and typically issues with organization. These are the traits associated with ADHD that do not cause a raise in insurance rates.
On the other hand, those with more severe cases of ADHD that have issues tied to more serious problems such as drug abuse, alcoholism, depression, risky patterns of behavior, and overall addictive personalities.
It is patterns of behavior such as these that lead to much higher insurance premiums.
Does ADHD Affect Getting Approved for Life Insurance?
The good news for those with ADHD is that affordable insurance companies usually don’t consider it to be a medical underwriting problem unless it can be in some way tied to an external condition. In the case that a person is suffering from a mild case of ADD and does not suffer from another sort of disorder, they will usually have no issue obtaining insurance.
The main goal of an medical underwriter is to determine whether or not a person with ADHD is susceptible to other unhealthy habits or tendencies that would be considered a risk to the insurance company.
The spokesperson for Metlife recently said that people who have ADHD can potentially receive the “best insurance rating“. Additionally he stated that if there is some external factor outside of the person’s control, they can still qualify for a standard rating. The cost of this plan is about 100 percent higher than a normal plan so it is not ideal.
Other factors such as addictions or criminal records in addition to having ADHD would usually disqualify a person from receiving any type of insurance. With this being said it is important to know all of your options going in as well as have a qualified insurance agent who will be able to locate the best possible plan.
Life Insurance Ratings with ADHD
The following bullets outline the general qualifications that people fall under in order to receive different types of life insurance.
- Preferred Plus: Sufferers of ADD are definitely capable of receiving a preferred plus status and it is not necessarily a rare occurrence. Someone with ADHD can qualify for this status is they suffer from mild ADD and show no other signs of mental or mood disorders. Medical underwriters also like to verify that there have been no previous hospitalizations nor drug or alcohol abuse.
- Preferred: Anyone who qualifies for preferred plus also qualifies under this status. It is meant for those who are not employed usually.
- Standard: Most likely applied to mild to moderate sufferers of the illness. As is the case with preferred plus, there must be on history of hospitalization nor drug use. It is usually the case that people falling under this category are users of some form of ADD medication. Some insurance companies even allow the use of mild depression medications.
- Substandard: This is saved for those with moderate to severe cases of ADHD. This is usually determined by a close examination of medical records. Stronger medications used for ADHD are typically associated with some under this status.
- Declines: Anyone who has been recently hospitalized or is otherwise suffering from addiction would be declined life insurance.
What if You Get Denied for Coverage?
All is not lost if a person with ADHD is either denied insurance or offered it at a steep premium though. Medical underwriters want to see that a person has their illness managed, the length in term of the illness is really a non-factor. Those who partake in at least a year’s worth of treatment or have otherwise gotten their problems under control with medication can reapply for insurance at that time.
Extensive research has allowed for ADHD to be treated so this is a very viable option for anyone in this particular case. Time is of the essence when treating any condition and it is certainly no different with ADD. The earlier it is detected, the more time a person has to learn the best methods for treatment and management. This is especially important in adulthood when it comes time to obtain a life insurance policy as it will end up saving you thousands.
Four and a half million people were diagnosed with ADHD in 2006 and since then, the diagnosis rate has been consistently climbing at 3% per year. Of these yearly diagnoses, 60% will still have ADHD into adulthood.
Bottom Line – ADHD Term Life Insurance
With these facts under consideration, it is important to know all of the information when it comes to getting insurance. Time is the most valuable tool when it comes to treating ADHD. Learning how to treat and manage ADHD is the end goal when trying to obtain affordable life insurance.
There are several ways that you can help yourself get the lowest insurance rates for you and your family’s protection. One of the first ways you can do that is by making some healthy lifestyle changes to improve your overall health.
Unless you choose a no medical exam life insurance policy, the insurance company is going to send a paramedic to determine what type of health you are in. The better the results from the exam, the better rates you’ll receive for your coverage, which means more money in your pocket.
You can do this through a healthy diet and exercise, both of these are going to help you lose weight, lower your cholesterol, strengthen your heart, and much more. If you want to save money on your insurance policy, the best way to do that is by improving your health.
Another way to improve your health is to cut out any tobacco products out of your life. Smokers pay twice as much for life insurance coverage versus what a non-smoker pays. In some cases, you’ll pay three times more for the same size of insurance policy. If you’re a smoker and you don’t want to quit, we can help you find the best policy for smokers.
The best way to ensure that you’re getting the most affordable policy is to work with an independent insurance agent, like ours at Life Insurance by Jeff. Unlike traditional insurance agents, we don’t only work with on single insurance company, we represent dozens of companies across the United States. Each insurance company has different systems for rating their applicants with ADHD, which means you could receive drastically different quotes from various companies. It’s easy to see why it’s important to get quotes from dozens of companies. Instead of wasting your time calling all of those companies or wondering when should you get life insurance, let us do all of the work for you.
How Much Life Insurance do you need?
One of the biggest factors that is going to be used to calculate your insurance premiums is how much coverage you’re buying. It’s vital that you purchase enough coverage for your family without paying for more life insurance than you actually need. It’s a delicate balance, but not having enough life insurance could leave your family with thousands of dollars of debt. There are several factors that you need to calculate to determine your life insurance needs.
The first thing that you need to look at is your debts and any final expenses that you would leave behind to your family members if you were to pass away. If anything tragic, your loved ones would be responsible for your mortgage, student loans, medical bills, and much more. The goal of your life insurance is to give them the money they need to cover all of those final expenses.
The next thing you’ll need to account for is your annual income. If you’re one of the main income earners in your family, they would struggle financially if you passed away. The other goal of your life insurance is to provide them with the money to replace your paycheck while the recover from the loss. There is no magic number for how much life insurance you should purchase, but we suggest getting around seven to ten times your annual salary for protection.
If you have any questions about getting life insurance with ADHD, please contact us today. We would be happy to answer those questions and help you get the most affordable life insurance policy to protect your family.