Alcohol Term Life Insurance!
Just how does drinking alcohol affect the rates and premiums when you are applying for term life insurance? First if you drink moderately or occasionally you should have no problem with the underwriters when you apply for term life insurance.
Its when you drink in excess and when liver function scores come back abnormal (which is a sign of possible liver damage due to alcohol) is when you will either get rated or possibly declined for your life insurance application. Lets look at if you are a heavey user or abuse with dependence of alcohol and how that could affect your ratings.
Factors that affect what rate class you may be offered from the Life Insurance Company:
1.) Current Age
2.) Amount of alcohol declared that you drink
3.) Any diagnosis of abuse or dependence
4.) How long abstinent or consuming in moderation
5.) Any relapse
6.) Member of self help group or program
7.) Treatment with medication
8.) Any co-morbid conditions
9.) Any medical complications (in general) and also if related to alcohol consumption
Items that will be needed in underwriting a policy for you:
1.) Doctors records with medical exam and blood test
How to help speed up the underwriting process:
1.)Provide as much detail of any medical treatment and psychiatric or psychologicial reports
2.) Provide dates of any care in some rehab facility including dates and length of treatment
3.) Provide details of any favorable aspects such as employment and attending self help groups for a period of time
What to expect from the Insurance companies underwriting department:
- Rates and premiums will depend mostly on age, time since last use and any co-morbid factors
Best Case Scenario:
- Over age 30 and at least 5 years since last drink: Standard to Possible Preferred depending on the carrier
Typical Case of Alcohol Life Insurance applicants:
- Table rated from table 2 to table 4
- As always a decline or postpone
The good news is that we here at the Pros are experts in substandard life insurance so please request your free quote and see if we can obtain you the very best term life insurance quotes possible.