If you are someone who has struggled with alcohol before but you need life insurance, we have the information you’re looking for, to not only get accepted for life insurance, but pay the lowest possible premiums. You can even obtain quotes for term life insurance with no exam required if this is something that interests you.
When applying for life insurance and alcohol is a previous hurdle, the insurance company you apply to will have an impact on your ability to qualify, but there’s more to the story, too.
There are certain things underwriters are looking for specifically which may raise or lower your overall risk. Even things such as your BMI can affect life insurance rates and coverage.
Continue reading below to find out what matters most, how you can secure the best policy rates, and how we can help you get approved faster than anyone else!
Risks of Life Insurance And Alcohol
First things first, having a few drinks here and there isn’t going to be an issue.
Having some beers with your co-workers on Friday night after a long, stressful week doesn’t mean you suddenly have to worry about being declined for life insurance. In fact, some companies won’t even ask you about it at all, unless it’s been established as an issue already.
So where does alcohol come into play with life insurance? Think DUI’s, being hospitalized for drinking too much, excessive and prolonged use which requires counseling, AA, rehabilitation or other controlled environment. When alcohol becomes more than just a clashing of glasses with friends once in a while or enjoying a cocktail while on vacation by the pool, long term issues can arise which lower possible lifespan.
Only at the point of risking longevity does an insurer begin to care about whether or not they should approve your application and offer you a life insurance policy.
It’s no secret that alcohol consumption, especially among young adults, can lead to high risk activity, poor choices, and even long term disease if it is repeatedly abused over many years.
Having a DUI on your record is treated a little differently than if alcohol was to blame for poor health.
For someone who has had a DUI or DWI on their record in the past 5 years, while each carrier has a slightly different stance on what you can get, you’re likely looking at a policy with a flat extra charge. This simply means an extra monthly/annual charge on top of normal premiums, assuming you can otherwise qualify for a policy based on age and health.
More than one DUI on your record, without regard to time frame, makes it even harder. You might still be able to qualify for a fully underwritten (traditional) life insurance policy, but you can expect high premiums and fewer carriers who to do business with.
Public Intoxication / Disorderly Conduct
Non-vehicular tickets or arrests are also treated differently than health related alcohol concerns, as there are different degrees to which one could be charged. Felonies and misdemeanors are treated separate, and will be looked at on a case-by-case basis from virtually every carrier.
Because alcoholism has both physical and psychological impairment risks, additional questionnaires will probably be required in accordance with underwriting guidelines.
The extent to which a person is eligible is heavily dependent on what factors are at play, such as dependence, depression, citations, rehabilitation or AA completion, adherence to any repercussions issued by law, and of course, health related risks.
There are many factors for you to consider, but for the average person, responsible use will yield you excellent rates as long as your current and past health history would also award you such ratings. If you have questions about your particular situation, we’d be happy to assist you find what you’re looking for, as well as shop the nations top rates to make sure you pay the least possible price for your insurance. There are many other issues out there to think about when applying for life insurance such as your diet, your weight, your daily activities, your medical history, including things such as how applying for life insurance with suicide attempts or thoughts notated on your medical history can label you as high risk. Check out all of our blog posts for more info on items that affect life insurance.