Taking care of the people you care for is important, just in case the unexpected should occur.
Certainly, one of the greatest ways you can make sure that your loved ones and survivors will be able to go on from a financial standpoint is to purchase life insurance.
That’s because proceeds can be put towards debt repayment, paying living expenses, or any other need that they may have.
For some people, qualifying for the life insurance coverage that is needed is relatively easy.
It simply requires submitting an application and waiting for the approval. Others, though, may not have it so easy.
If you’ve been declined for life insurance, or you are worried that you will have trouble qualifying for coverage due to a history of cocaine usage, there is good news.
By working with an insurance expert who is familiar with higher risk cases, you will be better able to find an insurance carrier and coverage that could fit your needs.
Table of Contents:
- How Cocaine Use Effects Life Insurance Application
- What Underwrites Will Want to Know
- How Much Will it Cost?
- What if You Don’t Qualify?
- Where to Get Quotes?
How Cocaine Usage Can Have an Effect on Your Life Insurance Application
The use, and the abuse, of drugs, can significantly alter the course of a person’s life – and in some cases, it can rob people of their lives altogether. This is especially the case with serious substances like cocaine.
The use of cocaine can result in some major medical effects. While a person may initially feel euphoric, alert, and confident, these feelings can quickly turn to paranoia, anxiety, restlessness, and agitation. And, if an individual overdose’s, he or she may end up having tremors and convulsions.
Using cocaine for longer terms can be even more serious to one’s body – leading to life-threatening effects, such as kidney failure, lung collapse, and hypertension.
For these reasons, life insurance underwriters will need to learn more about an individual’s history and usage of cocaine before deciding on their acceptance of life insurance coverage.
What the Life Insurance Underwriters Will Want to Know
Once you begin your application for life insurance coverage, the insurance carrier will want to you complete a basic application, which will ask some simple questions about you, like your:
- Contact Information
- Age/Birth Date
- Height and Weight
- Occupation, (pilot life insurance, for instance, is higher risk)
- Smoking or Tobacco Use
- Alcohol Use / Frequency
- Overall Health History
- Family Health History
- Hobbies / Habits (risky activities like rock climbing and scuba diving, etc.)
- Alternative Life Insurance In Effect (+ amount)
The underwriter will require more information about your history of cocaine usage as well.
This will help them to determine your control of the situation now and how it affects your health, as this can be a risk factor to the insurance carrier.
For that reason, you will be asked a series of questions, which will probably involve the questions below.:
- How many years have you been using cocaine? Your insurer will wish to learn approximately how long you have been using cocaine. They will need this information because the usage of this drug can cause potentially debilitating – and even some life-threatening – complications. This is especially the case with longer term usage. Therefore, if you have been using cocaine for some years, the underwriting process could be far more extensive.
- Do you have a history of other drug and/or substance abuse? The insurance company will need to see your overall history of drug or substance abuse. If so, the underwriters may need to evaluate your case further.
- Has your cocaine usage led to any adverse health conditions? The usage of cocaine – especially long-term use – can lead to serious health conditions. Some of these include hypertension and heart condition, as well as lung collapse and/or kidney failure. If you have any of these health conditions, it is pertinent to tell your underwriters.
- Have you needed referring to any type of psychological evaluation? Your insurance carrier will ask if you have been referred for any psychological evaluation. This is because it could pose a relapse of your cocaine use history. If so, the life insurer may want to do an additional medical and/or psychological evaluation before making a final determination on your life insurance policy.
Alongside your application and cocaine-related questions, a traditional policy will come with a medical exam, though there are companies out there that offer a no medical exam life insurance policy, at a higher rate of course.
This exam will consist of meeting with a paramed professional.
The exam will typically entail you giving a blood sample, as well as a urine sample, which will be screened for risk factors.
Whether you solely see a primary care physician or have been to specialists for treatments, the insurance company may ask for your medical records to guide their underwriting procedure.
After compiling all of this information, the company’s underwriters will decide how much life insurance you can take out as well as what you will pay for premiums.
How Much Will Your Life Insurance Policy Cost
There are several key factors that will determine how much coverage will cost you.
Certainly, these factors influence the type and the amount of the coverage.
However, there are other criteria that the insurance underwriters will also include in their decision.
If you have a history of cocaine usage and your usage is well controlled – and you have no complications – you might be able to obtain a fair substandard policy rating.
This may, however, require that a certain amount of time has passed with no usage of the drug.
If you do have some mild complications from a history of cocaine usage, then it is more likely that a policy rating of moderate substandard would be possible.
To get this rating, however, it would be necessary to prove that there are no long-term health complications – especially to the lungs, kidneys and/or brain.
What If You Don’t Qualify for Coverage
If you are refused for life insurance because of your history of cocaine usage, it doesn’t mean that you can never be able to obtain life insurance again in the future. Provided that you can maintain sobriety and not have any relapses, you may have a better chance of getting approved by an insurer in the future.
This rings true especially if your health is in good shape in all other respects.
If you currently use cocaine, heroin, and / or crystal meth, then it will likely be difficult to qualify for life insurance coverage. And, If you are applying for coverage, it will be important to be truthful about your health and your activities on the application for coverage.
This is because, even if the insurance company ends up approving you for coverage, if you were to die and it is discovered that your application was not truthful, the insurance carrier would not be obligated to pay out the claim. This could leave your loved ones without the funds that they may be counting on to pay off debts, final expenses, and/or their living expenses going forward.
How and Where to Get the Best Life Insurance Premium Quotes
As you shop for life insurance quotes, you should consider partnering with a company who has access to a whole host of insurance carriers.
Because, what many people may not realize, is that life insurance carriers underwrite their coverage different from one another. This means that you could obtain substantially different rates – and even policy ratings – from different insurance companies, even for the very same benefits.
Our providers are some of the top life insurance carriers in the industry, and we know which of them is tailored to your unique life insurance needs.