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 company that you choose to 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.
How Much Life Insurance You Need
Along with making sure that you are getting the right kind of life insurance, it’s vital to make sure that you are getting enough coverage for your family. Not having a large enough plan is going to leave your loved ones with expenses that they are likely not prepared to handle. Before purchasing any life insurance, you need to determine how much coverage they will need.
The first thing that you need to consider is that of your debts and final expense costs. The first goal of your plan is to make sure that your family and loved ones have the monetary support they need coming in to pay off your debts and expenses. Add up all of your major bills like your student loans, business loans, mortgage and any other expenses that your family would be held responsible to pay if anything were to happen.
The next thing to consider is that of your yearly income. The second goal of life insurance is to make sure that your family has the normal “paycheck” amount your normally provide on a monthly basis to cover their day to day living without struggling. If something happened to you, your family would no longer have your source of income, but that’s where your life insurance coverage comes in.
Getting Affordable Life Insurance Coverage
Disregarding health or your alcohol consumption, there are still many ways you can secure lower premiums and ensure that you’re getting the best rates possible. Making a few simple changes can save you thousands of dollars on your insurance coverage.
One simple way is to cut out the tobacco. When referenced as a smoker or a chewing tobacco user, you should expect to pay much higher insurance rates. Smokers actually pay at least two times the amount for insurance coverage. With some companies, you will pay as much as three times as much. So, to save more money, it’s time that you quit the bad habit for good.
Similarly, if you want to save money, cutting out the excessive alcohol can help you do that. Limiting how much you drink can have a huge impact on your health and your wallet. Less alcohol is going to help you lose weight and will improve your overall health, which can save you hundreds and hundreds each year.
Another way for you to save on your premium is to simply better your health. A medical exam will be required by the insurance company, and the test results are going to influence how much pay for your coverage. If you want to save money, you will need better results and you can do so by making healthier food choices and start exercising regularly. Both of these will help you to not only lose weight but to also decrease your blood pressure, lower your cholesterol, and reduce the chances of having more severe health complications in the future.
One way to make sure you get the best rate for your needs is to look over several different plans before you make your final decision. All companies are different, and they are all going to have different views on alcohol and medical underwriting. That means that you could get drastically differing rates from each company you get the quote from. Finding the best company can be the key in getting a plan that makes sense for your budget or paying a fortune every month.
There are thousands of different companies available to you, which means you could spend weeks looking to find best company. Instead of wasting time calling multiple companies, let our brokers do the work for you. Unlike traditional insurance agents, our agents bring all of the best insurance policies directly to you. It’s our goal to make certain that you get the best plan for you and your family.
Because the future is uncertain, you should not wait any longer to obtain the life insurance coverage that you need for you and your family. If something happened to you, and you did not have coverage, your family would be responsible for the debt and other final expenses. Nothing will make this time easier, but the proper life insurance coverage will help relieve some of the financial stress.