The ten factors below will positively affect your life insurance cost if you have had a history of alcohol usage. The list is comprised are health and lifestyle issues that will provide the insurance company the information needed to accurately evaluate whether your risk level has been affected by your alcohol usage.
Before applying for any policy, it is imperative to fully disclose any past alcohol related issues to your insurance agent. Having your specific information will allow your agent the opportunity to review all options before submitting any application.
Every life insurance company will request that an alcohol questionnaire be completed by anyone attempting to purchase insurance that has a history of excessive alcohol use, alcohol abuse or treatment. The answers to these questions are critical to determining an individual’s risk and their ability to get a policy. For more details, see the sample list of questions generally found on an alcohol questionnaire.
- A history of successful completion of a rehabilitation program with continued abstinence and faithful attendance of Alcoholic Anonymous (AA) meetings.
- A clean driving record with no history of DUI or DWI or careless driving convictions. If there are driving related issues, the longer the time elapsed since the offence the more favorable the possibilities
- Limited medical complications including high blood pressure, heart or liver problems including normal liver function tests.
- No prior drug or other substance abuse problems.
- A good track record of consistent employment with no significant interference due to alcohol usage.
- No legal issues related to past alcohol problems.
- Provide a detailed cover letter from your physician as well as a personal letter detailing your alcohol usage history and rehabilitation.
- Be a nonsmoker. Smoking increases policy rates by up to 70% without any alcohol history.
- No history of bankruptcy or other financial problems.
- Have a consistent marriage without divorce including active involvement with children if present.
If you are a reformed alcohol user, there is a good chance of getting a competitively priced life insurance policy. The key is to be physically healthy and to provide positive information regarding your character. Providing clear-cut and encouraging information regarding your health and lifestyle issues in many cases will allow the insurance company to justify a better rate.
For more information, contact MEG Financial at (877) 583-3955.