While many people may correlate qualifying for life insurance with having health issues and even participating in various dangerous hobbies and occupations, there are other important factors to keep in mind when your are applying for coverage too. For example, there is also a correlation between qualifying for life insurance and alcohol consumption. This is because the amount of alcohol that one consumes – especially on a regular basis – can ultimately have an effect on his or her life expectancy.
Consuming alcohol can also be a big risk factor for a life insurance company to take on. This is true in several areas – primarily due to the insured’s health status, as well as the safety issues that alcohol can present while an individual is driving. Therefore, life insurance company underwriters will very carefully review an applicant who drinks what is deemed to be an excessive amount of alcohol.
There are dozens of different factors that go into calculating how much you’ll pay for your life insurance coverage, and the amount of alcohol that you drink is one of those. Regardless of your alcohol consumption and your overall health, there are plenty of life insurance options for you.
What the Underwriters Will Ask
When applying for coverage, there will be certain questions on the insurance application that pertain to alcohol usage. Although life insurance companies don’t have rules regarding excessive drinkers per se, if an applicant drinks excessively it can lead to various health conditions which can in turn affect your health.
As an example, those who consume more than four or five drinks per day – or those who begin to drink regularly at a young age – are at a higher risk of developing issues such as liver disease, certain types of cancer, cardiovascular issues, dementia, depression, and stroke.
With this in mind, insurance underwriters will typically take into consideration several different factors that pertain to alcohol when considering a person’s application for life insurance coverage.
One criteria is liver function. An individual’s use of alcohol will typically show up in their medical history if it was revealed to his or her physician. In addition, it is usually required that an applicant for life insurance submit a blood and urine sample. Here, an elevated liver function due to excessive alcohol usage can also appear.
Likewise, the insurer will also typically receive an Attending Physician Statement, or APS, from your doctor about your health condition. This statement provides information regarding the status of your health.
Because insurance underwriters are likely to discover any DUIs that you have been convicted of, they will also be able to determine alcohol abuse from this – especially if you have multiple driving offenses.
How Much Will You Pay In Premium?
When you purchase life insurance and alcohol consumption is a pertinent factor, it is likely that it will change the amount you’ll pay per month. If, for example, it is found in your blood and urine sample that you have an elevated liver function, it does not mean that you will be denied for coverage – or even that you will pay an excessive amount of premium for your coverage – but rather that the insurer simply needs additional information in order to better determine your specific condition.
In many cases, depending on the severity of your alcohol use, the insurer will offer you coverage, however the policy will be at a higher premium rate. This will be due to the higher amount of risk that the insurance company is taking on.
If you have received a DUI, you will typically be required to pay a higher amount of premium for your life insurance coverage – even if it is your first offense. In some cases, you may be required to wait for a certain period of time before you are allowed to be covered by a policy. If, however, you have many offenses, it could make your chances of obtaining coverage more difficult.
Your alcohol usage isn’t the only thing the insurance company is going to look at when viewing your application. There are several other basic things like your age, weight, tobacco usage, and much more. If you want to lower your insurance rates to get the most affordable policy available, you’ll need to make a few lifestyle changes.
One of our suggested lifestyle changes is to exercise 3-4 times a week and eat healthier. Both of these can help you lose weight, lower your blood pressure, and much more. All of these are going to help you secure lower insurance premiums for your coverage.
Additionally, you’ll need to cut some of your bad habits like smoking cigarettes or chewing tobacco. Using various kinds of tobacco increases your risk of different health complications. If you want to save money on your life insurance, it’s time that you quit the cigarettes once and for all. In fact, smokers are going to pay twice as much for their coverage as a non-smoker would pay for the same amount of coverage.
Applying for Life Insurance When You’re Considered a Higher Risk
When applying for life insurance and you may be considered a higher risk due to alcohol consumption, it is important that you understand which insurance companies may be more apt to take on the higher risk. We can help you to sort out your options. Since we understand how carries will look at drinking habits, as it relates to premiums, we can help point you in the right direction of which company to use.
If you’re considering the purchase of a life insurance policy, it is important to also compare premiums and coverage options. Today, due to the convenience of the Internet, this can be accomplished easily from your home computer.
In order to start the process, simply use the form we provide on this page. Within seconds, you will be able to compare policy options and life insurance premium quotes. Should you have any additional questions regarding premium quotes, or about life insurance and alcohol consumption, we can help. Please feel free to contact us directly, toll-free, at 888-229-7522 and our agents here are more than willing to help you out.
The future is unpredictable, which means that you shouldn’t wait any longer to get the protection that your family deserves. Our agents can help you make the best decisions about your life insurance policy, and which kind of policy is going to work best for you and your loved ones. Call our advisors today and we will be happy to connect you with the perfect plan.