Life insurance is one of the most important investments that you’ll ever mark 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 applying for life insurance, the underwriters will analyze a number of different factors in order to determine whether or not to accept you for coverage. This is because they want to 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 amount of premium that you will pay for your policy.
Oftentimes, however, if the DUI occurred more than five years ago – and if you are otherwise in good health 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 applying for life insurance coverage, there are several factors that the underwriters will take into consideration 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?
- Do you currently take any medications? If so, what do you take?
Typically, the life insurance underwriters will also require a blood and urine 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 in your chances of being approved for coverage.
Life Insurance Premium Rates
Once the underwriters have reviewed all of the necessary information, they will make a determination regarding whether or not to offer you coverage. If you are approved, it is possible that you may be required to pay a higher 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 choose 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 blood and urine 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 can help you to find the coverage that you need. We work with many of the top rated life insurance carriers in the industry and we are familiar with which ones are more likely to work with applicants who have had a DUI in the past.
Working with the right life insurance company can make a big difference in whether or not you are approved for the life insurance coverage that you need. 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 help to point you in the right direction, 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 left with all of your debts, 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 never know what’s going to happen tomorrow, don’t wait any longer to get the insurance protection that your loved ones deserve.
If you’re ready to begin the process, use the form on this page to look at personalized rates. If you still have questions, we’re here to help. You can contact us directly by calling 888-229-7522. Let us help you get the life insurance protection that you need at a premium price that fits into your life insurance budget.