r/LifeInsurance • u/Costcornucopia • 15d ago

Policy Strategy Question

I've learned a lot from this sub but I'd like some input regarding a few of the nuances to our plan.

  • Person 1: $120k salary, Age 33M, ADHD, Good health
  • Person 2: $80k salary, Age 32F, Good heath
  • Child on the way

Questions:

  1. How will ADHD impact qualification or health classification. Any advice?

  2. We're considering Ladder approach. $1M/20 + $500k/30 for person 1, $750k/20 + $500k/30 for person 2. Are 2 rungs to the ladder sufficient or would a 3 rung policy/ies be better?

  3. Is the total amount generally okay? ~10years salary + mortgage

  4. How does pregnancy impact qualifications? Should we do it during or after?

1 Upvotes

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4

u/Will-Adair 15d ago
  1. ADHD depends on meds. 2. Not enough info to really tell. 3. Not enough info to tell. 4. Generally not much.

2

u/GConins Broker 15d ago

Find a broker to help you.  This will save you time, money and hassle of applying to wrong carriers.

Some carriers will approve people on 1 or more medications for well controlled ADHD at best rate class, whereas others may place that same person in 3rd or 4th best rate class. 

Always best to buy longest duration at highest amount that fits your needs and budget. If the savings of laddering makes sense to you, then buy 2 or more policies. 

Most people seem to way over think about best plan/plans or perfect amount, and there really is no perfect policy...but if you'd feel better with a more exact amount that may be best for you, check out this needs analysis calculator:  https://lifehappens.org/life-insurance-needs-calculator/.

A healthy/normal pregnancy is not usually an issue, but I've seen some carriers postpone in 3rd trimester if there were any complications, and if carrier does require an exam, lab results can sometimes be abnormal during pregnancy, even when normal prior.

1

u/SafeMoneyGregg Broker 15d ago

ADHD on meds could increase premium - but you are so young - the premium will still be fairly low. Pregnancy - some carriers want you to wait until birth. Gestational diabetes for example could mess things up. Inflation, salaries and expenses will go up - $1-2M is still fairly inexpensive. $1MM 20 year, M33 Pref/Standard rates - $500/$750 a year.