How
to get a low rate on your life insurance with a history
of alcohol abuse?
The ten factors below will positively
affect your life insurance cost if you have had a history
of alcohol usage. The list is comprised are health and lifestyle
issues that will provide the insurance company the information
needed to accurately evaluate whether your risk level has
been affected by your alcohol usage.
Before applying for any policy, it is imperative to fully
disclose any past alcohol related issues to your insurance
agent. Having your specific information will allow your agent
the opportunity to review all options before submitting any
application.
Every life insurance company will request that an alcohol
questionnaire be completed by anyone attempting to purchase
insurance that has a history of excessive alcohol use, alcohol
abuse or treatment. The answers to these questions are critical
to determining an individual’s risk and their ability
to get a policy. For more details, see the sample list
of questions generally found on an alcohol
questionnaire.
- A history of successful completion of a rehabilitation
program with continued abstinence and faithful attendance
of Alcoholic Anonymous (AA) meetings.
- A clean driving record
with no history of DUI or DWI or careless driving convictions.
If there are driving related issues, the longer the time
elapsed since the offence the more favorable the possibilities
- Limited medical complications including high blood pressure,
heart or liver problems including normal liver function
tests.
- No prior drug or other substance abuse problems.
- A good track record of consistent employment with no
significant interference due to alcohol usage.
- No legal issues related to past alcohol problems.
- Provide a detailed cover letter from your physician as
well as a personal letter detailing your alcohol usage
history and rehabilitation.
- Be a nonsmoker. Smoking increases policy rates by up
to 70% without any alcohol history.
- No history of bankruptcy or other financial problems.
- Have a consistent marriage without divorce including
active involvement with children if present.
If you are a reformed alcohol user, there is a good chance
of getting a competitively priced life insurance policy.
The key is to be physically healthy and to provide positive
information regarding your character. Providing clear-cut
and encouraging information regarding your health and lifestyle
issues in many cases will allow the insurance company to
justify a better rate.
For more
information, contact MEG Financial at (877) 583-3955.
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