When you’ve been diagnosed with ADD or ADHD, it affects every area of your life. From determining whether or not you’ll be able to get the job you want to impacting how well you’re able to interact with the members of your family, your ADD or ADHD can have a significant impact on your everyday life–not to mention your expenses. Finding life insurance for individuals with ADD or ADHD, however, doesn’t have to be an unending headache. In fact, depending on several factors, you may still qualify for a life insurance company’s preferred rates.
Why Does ADD or ADHD Affect Life Insurance Rates?
Since neither ADD nor ADHD has a direct impact on your longevity, you might wonder why it has to impact your life insurance rates at all. Unfortunately, it’s not that simple. There are several reasons why an individual with ADD or ADHD may end up paying more for life insurance.
- Individuals with ADD and ADHD are more likely to have other mental conditions, many of which are treated with medications that can create other health problems.
- If you have ADD or ADHD, you may be more likely to engage in risky behaviors or to have dangerous hobbies, both of which increase your life insurance rates.
- Individuals with ADD or ADHD are more likely to commit suicide than the general population.
- Individuals with ADD or ADHD are more likely to abuse drugs or alcohol or to engage in reckless driving behaviors than the general population.
The goal of your life insurance company is to minimize the risk that they’re taking–that is, they want customers who will be around, making payments on their policies, for a long time before they have to pay out on the policy. Because of the risky behaviors associated with ADD and ADHD, many life insurance companies may have different standards for those individuals. By working with an independent agent, however, you can find the life insurance company that will be most likely to give you preferred rates given your current circumstances.
Does my ADD or ADHD have to affect my life insurance rates?
The short answer is no, an ADD or ADHD diagnosis will not automatically impact your life insurance rates. Plenty of people with ADD and ADHD have perfectly normal lives and don’t require any treatment for the disorder. If you have a relatively mild case of ADD or ADHD that is either completely controlled by a low dose of medication or that doesn’t require medication to treat, you’ll find that you won’t have any trouble getting a preferred rate on your life insurance. You’ll also find that other factors contribute more to your life insurance rates than an ADD or ADHD diagnosis. These include:
- Your family history of other health problems including cancer and diabetes,
- Your overall health,
- Whether or not you smoke, drink, or consume drugs,
- What medications you’re on,
- Whether or not your weight is under control,
- And a variety of other factors.
When you work with an independent agent, they’re better able to find an insurance package that looks at you as a whole person. Instead of creating a life insurance policy based entirely on your diagnosis, they’ll work with you to find an insurance company that will look at all of the facets of your health history.
How serious is your ADD or ADHD?
For some people, managing ADD or ADHD is relatively simple. They might enjoy a relatively normal life, not require medications, or need only minor dietary changes in order to manage the condition. On the other end of the spectrum is severe ADD or ADHD that requires high doses of stimulant medication in order for the individual to function properly. While these issues don’t typically lead to a denial of your life insurance application, they may cause your rates to be raised. This is especially true of risky stimulant medications that carry serious warnings for regular use.
How will companies determine your eligibility for life insurance?
If you don’t even think about the fact that you have ADD or ADHD most days, it’s unlikely to affect your life insurance rates significantly. You will, however, need to disclose information about your illness when you fill out the paperwork to apply for life insurance. A full medical examination, including a list of the medications you’re taking, will be part of the application process. Even if you aren’t currently taking medication to control ADD or ADHD, that diagnosis is part of your medical history, and it will be disclosed to your life insurance company.
Some individuals consider hiding the information about their diagnosis or failing to provide that information to a potential life insurance company. Failure to disclose information about a diagnosis you’ve received, however, is fraud. Not only is it illegal, it can cause your life insurance company to reject your application. If your deception is discovered within two years of your application, they can retroactively deny your life insurance. Failure to disclose your ADD or ADHD can also cause your life insurance company to deny your claim on your death.
How can you lower your life insurance rates with ADD or ADHD?
While your ADD or ADHD may have a significant impact on what you’re paying for life insurance, depending on the severity of your condition, you’ll find that other factors matter more. Before you panic over your life insurance rates, keep in mind that there are several things you can do to decrease your overall cost.
Stay as healthy as you can. You may have trouble with impulse control: preventing yourself from eating half a box of cookies, for example, or deciding whether or not you’re going to go through with that workout on any given day. When you stay healthy, however, your life insurance rates will reflect that decision. Keep your weight under control, stay active, and check with your doctor to see what else you can do to improve your overall health.
Look for natural ways to manage your ADD or ADHD. Medication is a wonderful choice for people who need it, and if you’re considering going off your medication, you should be under a doctor’s supervision at all times. On the other hand, if you’ve just received a diagnosis as an adult or if you are capable of managing your ADD or ADHD without medication, avoiding stimulant medication can be a great way to stay under control. You may find that moderate caffeine consumption is enough to keep your mind in line, that you’re able to control your ADD or ADHD with diet or by avoiding certain foods, or that essential oils work well for you.
Kick that smoking habit, and stay free of drugs and alcohol. The occasional drink is one thing. Regularly overindulging, on the other hand, can have a significant impact on your overall health and on your life insurance rates. Avoiding substances that can drastically impact your health in a negative way is one great way to keep your life insurance rates low.
Evaluate the coverage you need. The less your policy is designed to pay out, the less you’ll have to pay each month. If you’re looking to lower your life insurance rates, try opting for lower coverage. By avoiding coverage over the amount you really need, you’ll find that life insurance is much more affordable regardless of your preexisting conditions.
If you have ADD or ADHD and are looking for a life insurance policy that will work for you, contact us! We’ll work with you to find a policy that will serve all of your needs.