Life insurance is an extremely important decision that you will make for your family. It’s the only way to ensure that your family is going to have the protection that they need if you were to pass away. There are a lot of things that could make getting a quality life insurance policy more difficult.
When trying to get life insurance coverage, underwriters will analyze a number of different factors in order to determine whether or not to accept you for coverage. This is so they can ensure that you are an acceptable risk to take on for coverage.
What this means is that applicants who pose too much of a risk for filing a claim may not be offered life insurance coverage – and if they are, it is likely that they will be required to pay a higher amount of premium than those who are considered to be average, or standard, insureds.
In addition to reviewing criteria such as age, gender, height, and weight, life insurance underwriters will also review the health history of an applicant. However, there are many other factors that could deem a person as being a more risky applicant. One of those can be the receipt of a DUI/DWI.
How a DUI May Affect Your Purchase of Life Insurance
Even applicants who are in good health may have hobbies or other criteria that could raise their risk level in terms of obtaining life insurance coverage. In most instances, if you have received a citation for Driving while Under the Influence – or a DUI (DWI in some states) – within the past five years, you could still qualify for coverage. However, it is highly possible that it will affect the premium amount that you will pay for your policy.
Oftentimes, however, if the DUI occurred more than five years ago – and if you are in overall good health conditions and practice responsibility in terms of using alcohol – then you will likely qualify for coverage under the company’s Standard or better rates (provided that you meet the company’s other criteria for doing so).
What the Underwriters Will Review
When you have a DWI on your record and you are going for insurance coverage, there are some factors that the underwriters will take into thought when reviewing your application. These include the following:
- How often do you consume alcoholic beverages currently?
- What type of alcoholic beverages do you consume?
- What are your Gamma Glutamyl Transferase (GGT) levels from your blood profile?
- Are you currently prescribed to any medications? If so, what do you take?
Typically, the life insurance underwriters will also require a urine and blood sample for review. Here, a GGTP test will be done. This test is used for measuring the level of irritation in your liver. Those who either consume a great deal of alcohol or take a lot of medication will oftentimes have an elevated GGT level. If this is the case, it could be considered as a negative.
If, however, these levels are low and you rarely consume alcohol now (or do not consume it at all), then it will be considered to be a positive to the underwriters and it will help you have a better chance of being supported for coverage.
Life Insurance Premium Rates
Once underwriters have evaluated all of the necessary information, they will make a determination regarding whether or not to offer you coverage. If you are approved, there is a chance that you may be expected to pay a greater amount of premium rate in order to make up for the higher risk that is posed.
Typically, the amount of the increased premium rate will be based on the following:
- The number of DUIs that you have had in your past
- How severe those events were
- How recent your last DUI was
- Whether or not you have had any attempts at rehabilitation since your most recent DUI
The more frequent and the more recent that your DUIs have been, the higher the premium rate is likely to be. The combination of frequent and recent DUIs will generally result in extremely high rates or a declination for coverage altogether.
Aside from the DUI, the insurance company is also going to need basic information about your health and require that you take a health exam before they approve your application (unless you prefer a no exam plan). They will need info like your age, weight, height, any health conditions you have, and other simple health questions. The medical exam is going to look at your blood pressure, heart rate, and they will also take a urine and blood sample to see if there are any other health conditions.
Where to Go To Apply for Life Insurance
If you’ve had a DUI and you are in need of life insurance coverage, we will help you to find the support that you need. We operate alongside many of the top-rated life insurance carriers in the industry and we are aware of which ones have a better chance to work with those who have had a DUI in the past. We can also help with those other high risk cases such as a skydiver needing life insurance or getting life insurance coverage on a pilot that is not outrageous! We are here to help you find the plan that works for you and your needs!
Working with the right life insurance company can be a big part of whether you are approved for the insurance policy that you desire. In fact, finding the right company could be the difference in getting accepted for coverage, or getting declined for your life insurance protection. You could spend weeks looking for the right company and calling different agents. We can serve you and guide you in the right route, saving you time and frustration from the very beginning.
Not having life insurance is the worst mistake that you’ll make for your family. If you were to pass away, they would be given all of your debt obligations, which could leave them with massive bills and no money to pay for them. Life insurance is the best way to ensure that they have the money they need to pay for all of the final expenses without adding any additional financial strain. You do not know what’s going to occur tomorrow, don’t wait any more time to get the insurance security that your family deserves.
If you’re willing to start the process, use our form on this page to look at personalized rates. If you still have questions, we’re here to help. You can get in touch with us instantly by calling 888-229-7522. Let us help you get the life insurance protection that you want at a premium price that suits your life insurance budget.