How To Get Life Insurance With ADHD [2023]

Having Attention-Deficit/Hyperactivity Disorder (ADHD) and getting life insurance is definitely possible, as having ADHD doesn’t disqualify you. As with any medical condition, there are factors that insurance companies will use to determine policy rates for each type of life insurance. But lowering risk factors will help to ensure that you are able to cover premium payment mode installments and that your family remains protected.

How does ADHD affect life insurance rates?

You may be wondering, “How is my term life insurance rate determined with ADHD?” The answer depends on multiple factors, and your insurance agent will at least want to know some details before determining the extent. ADHD is considered a neurological disorder. Since it is usually discovered and diagnosed during childhood, it is specifically referred to as a neurodevelopmental disorder. But it can present itself during adulthood as a result of trauma as well.

There are different types, and the symptoms vary from person to person. Treatment is available for both children and adults suffering from ADHD. It may include both medication and therapy, and depending on the specifics, it may require treatment for associated conditions.

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Getting the Best ADHD Life Insurance Rates

Before finding out if you qualify for life insurance with ADHD, it’s good to understand how life insurance underwriting measures risk and classifies customers with medical conditions.

How Life Insurance Companies Determine Risk for Someone with ADHD

Insurance companies use life insurance underwriting guidelines based on the principle of risk vs. reward. Therefore, they first assign a person a risk classification to assign certain life insurance rating classes while deciding their insurance rates. The key considerations are age, health, and life expectancy. The scale may look something like this:

• Excellent health. Those with excellent health and long life expectancy may qualify for premium insurance, with lower rates and more extensive coverage.
• Average health. Those with average-to-better health may fit in a couple of different classifications, depending on their age, habits, and physical condition.
• High-risk. Those who have underlying health problems and are in poor physical condition would be considered high risk and will pay higher premiums.

Some companies may have classifications between these basic ones, and certain habits, like smoking, may put a person in a classification of its own. So where would a person with ADHD expect to be classified?

Having ADHD involves risk, but some insurance companies may consider them to be minimal. Some of the risks may be:

• The severity of the disorder
• The type of medication prescribed
• The presence of other related disorders
• The results of periodic evaluations

These factors may or may not have a huge bearing on your rates. But there are other factors your insurance provider will also factor in, such as:

• Overall physical condition (height, weight, age)
• Medical history (other health conditions considered high risk)
• Motor vehicle record and arrest history

Often, these factors have a greater impact on the rates your insurance company will charge for you to purchase life insurance with a medical condition.

Determining the Right Type of Life Insurance for ADHD

The insurance underwriters may also assess risk based on the type of insurance you’re purchasing. There are two basic types of life insurance, with each type having numerous options.

• Term life insurance. Term life insurance is a policy offering coverage for a specific number of years. There are about five different types of term life insurance that offer you flexibility and control over your policy.
• Permanent life insurance. Permanent life insurance, otherwise known as whole life insurance, refers to a policy that offers coverage for a person’s whole life span. Some variations include investment opportunities if you qualify.

So, in a nutshell, the type of insurance and your risk classification will ultimately determine the rates insurance companies will offer you. Is there anything you can do to lower the rates and make life insurance with a disability more affordable? 

What can you do to reduce your life insurance rates if you have ADHD? 

There may not be much you can do about your condition, but there are things you can exercise control over, such as your treatment, overall physical condition, and health. Prescription drugs have an impact on life insurance as well as therapy, and both work toward lowering your risk (according to Mayo Clinic) and therefore increase the chance that you can get lower rates. Work with your doctors to stick to your treatment and therapy, and make sure to get periodical evaluations to monitor your progress.

Take care of your overall health by maintaining a healthy diet and regular exercise. Avoid risky habits such as smoking and heavy drinking. These things help to lower your risk and improve life expectancy, positively impacting your options for affordable life insurance.

Final Thoughts on How ADHD Affects Life Insurance Rates

Having ADHD does not disqualify you from getting life insurance, and there are things you can do to make the rates more affordable. Understand how insurance companies assess risk and determine rates. That way, you can do whatever you can to lower the risk and keep your rates down or find the right life insurance for high-risk individuals. Having ADHD does not need to get in the way of caring for your family and making sure they’re taken care of.

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