Taking care of those you care about is important, just in case the unexpected should occur. Certainly, one of the best ways to 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 used for paying off debt, 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. This may be due to a health condition such as obesity, diabetes, or other issues such as a history of drug usage.
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 a life insurance specialist that is familiar with higher risk cases, you will be better able to find an insurance carrier and coverage that could fit your needs.
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 want to know 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
When you apply for life insurance, the insurance carrier will want to you complete an application for coverage. This will ask you for information such as your:
- Contact Details
- Age / Birth Date
- Height and Weight
- Occupation, (as some may be considered a higher risk, such as pilot life insurance coverage)
- Smoking Status / Tobacco Usage
- Alcohol Usage / Frequency
- Overall Health History
- Family Health History
- Hobbies / Habits (risky activities such as rock climbing, scuba diving, etc.)
- Other Life Insurance Coverage (and the amount)
The insurance company will also want to know more about your history of cocaine usage. This will help them to determine how and how well you are managing and / or controlling your overall health, as this can be a risk factor to the insurance carrier.
For that reason, it is likely that you will also be asked some additional questions such as some or all of the following:
- How many years have you been using cocaine? The insurance company will want to know approximately how long you have been using cocaine. One reason for this is 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, it may require the life insurance underwriters to do a more thorough evaluation of your case before making a determination about your coverage.
- Do you have a history of other drug and / or substance abuse? The insurance underwriters will also want to know if you have a history of other drug and / 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, the life insurance underwriters will need to know.
- Have you need referring to any type of psychological evaluation? The insurance company will also want to know 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.
In addition to the application for coverage and the additional questions, you will also likely be required to undergo a medical examination as a part of the underwriting procedure, 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 that you submit a blood and a urine sample, which will be tested for various health conditions by the insurance company.
The life insurer may also want to review your medical records. These may be obtained from your primary care physician, as well as from any medical specialist that you may see. These records can help the insurance company to get a better idea of your overall health history.
Once all of your information has been received, the underwriters will be better able to review everything and from there, they can make a determination about your life insurance coverage, and about an appropriate premium price for the coverage (if applicable).
How Much Will Your Life Insurance Policy Cost
There are several key factors that will determine the cost of a life insurance policy. Certainly, these will include 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 – then it is possible that you could obtain a mild 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 due to a 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 is especially the case if you are otherwise in good health.
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
When seeking the best quotes on life insurance, it is always good to work with a company or an agency that has access to more than just one single life insurance carrier. This is 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.
With that in mind, it pays to compare – and that’s where we can help. We work with many of the top life insurance carriers in the industry, and we can help you to find the ones that may be more apt to work with higher risk situations. This can help to save you a great deal of time, and frustration, throughout the underwriting process. When you’re ready to move forward, just simply fill out the form on this page to get started.
If you have any additional questions, please feel free to contact us directly. We can be reached toll-free at 888-229-7522. We know that you may be apprehensive about applying for life insurance coverage. But the good news is that you do have options. So, contact us today – we’re here to help.