Attention Deficit Hyperactivity Disorder (ADHD) is a neurodevelopmental condition characterized by a persistent pattern of hyperactivity-impulsivity and inattention that affects functioning or development. Individuals with ADHD may have difficulty sustaining attention in tasks or play activities, often lose things necessary for tasks or activities, and be easily distracted.
Just like with any other pre-existing condition, people with ADHD may have special considerations to keep in mind when purchasing life insurance, but that doesn’t mean they won’t be able to still find affordable coverage. In this article, we’ll explain how having ADHD can impact life insurance rates and explore the insurance options available for people with this disorder.
How does having ADHD affect life insurance rates?
Having ADHD may impact your life insurance rates, but it shouldn’t impact your eligibility for coverage. Your ADHD is just one of many factors life insurance carriers will take into account when assigning your rates. Here’s a look at some of the primary factors life insurance carriers will consider when evaluating your ADHD during the underwriting process:
Severity: Mild to moderate ADHD may have minimal impact on life insurance premiums. This means the condition is well-managed through medication and therapy and does not significantly interfere with daily life or work. Individuals with mild, well-controlled cases may even qualify for preferred rates depending on their overall health and lifestyle profile. Severe ADHD that results in compounding factors, like heightened impulsivity or substance abuse, can cause you to be considered higher risk by insurance companies.
Medication: Certain medications used to treat ADHD could influence life insurance rates, especially if they present side effects that might impact your health or if your medical records show frequent changes in medication.
Lifestyle and Management: Life insurance companies also consider how well an individual manages their ADHD, including regular doctor visits, adherence to treatment plans, stable employment, and a healthy lifestyle. Good control and management of the condition can help reassure carriers and possibly lead to more favorable rates.
Comorbid Conditions: ADHD often coexists with other conditions such as depression, anxiety, or substance use disorders. The presence of comorbid conditions can increase the perceived risk to insurers and potentially impact premiums or insurability.
Life Insurance Options for People With ADHD
While carriers will take applicants’ ADHD into account during the application process, most people with ADHD will still be able to qualify for traditional term or permanent life insurance. Here’s a look at the different life insurance options for individuals who have ADHD:
Permanent Life Insurance: Permanent life insurance is a type of policy that provides coverage for the entire life of the insured individual as long as the premiums are paid. It offers a death benefit and a cash value component that grows over time. Permanent life insurance can be an option for applicants with ADHD, but the severity of the condition, its management, and other associated factors will influence the terms of the policy and its premiums.
Term Life Insurance: Term life insurance is a type of policy that provides coverage for a specific period, typically ranging from 10 to 30 years. It offers a death benefit to the beneficiary if the insured individual passes away during the policy’s term. Term life insurance can be a suitable option for applicants with ADHD, and the impact of ADHD on term policy rates depends on the severity of the condition and its management.
Final Expense Life Insurance: If your ADHD does impact your ability to qualify for term or permanent coverage, you can consider final expense insurance, which typically has no or few medical underwriting requirements. Final expense life insurance, which includes guaranteed issue, simplified issue, and critical issue, is a type of life insurance designed to cover end-of-life expenses, such as funeral costs, medical bills, and other debts. It is a simplified policy with a lower coverage amount but no medical exam required, making it an option for applicants with certain health conditions, including ADHD.
SelectQuote Can Help You Find the Right Life Insurance for Your Needs
If you have ADHD or another pre-existing condition, finding the right life insurance policy may feel overwhelming, especially if you’re unsure whether you qualify for coverage. Fortunately, SelectQuote is here to help. Our licensed insurance agents work on your behalf, not the carriers, so you can feel confident in their commitment to finding you a policy that works for your situation and budget. We’ll help you cut out the guesswork by comparing coverage options on your behalf in just minutes so your loved ones can get the protection they need quickly and easily.
