Life Insurance and Alcohol Use
Life insurance and alcohol use are not compatible. What you consider to be a moderate amount of drinking or social drinking can be considered significant enough for life insurance companies to consider you a heavy drinker, thus quoting you higher on their premiums, or deny coverage outright.
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Alcohol use, especially heavy drinking, does cause damage to several parts of your body and can take 15 years off your life. For this reason, life insurance companies can consider you a high-risk policyholder. The liver would be an organ that takes the bulk of damage that drinking does to you. A statement from your doctor may be required to show your medical conditions and what conditions may be related to alcohol.
Some insurance companies may require applicants to give a blood sample to check your liver enzymes. Elevated enzymes may mean that something other than drinking has affected your body and your application
may be postponed until further medical screening is completed.
Your body is not the only factor when it comes to life insurance companies considering you as a policyholder. A drunken driving conviction or an accident as a result of drunk driving can drive up your insurance premiums faster than you think. A single occurrence may not increase your rates, but when paired with liver damage you may be looking at a tough time finding affordable life insurance.
A DUI may cost you more than a suspended license. It may make insurers look further into your past and how alcohol has affected you. A DUI signals a red flag that you may not just be a casual weekend drinker. A more serious issue could be at hand.
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The upside to this is that there are ways to lower your insurance rates. If you have had several convictions related to drinking without the body damage, then companies can charge you a “flat extra” premium added to the regular premium. You will stop being charged a period of 2 to 5 years after your conviction.
If alcohol abuse is a part of your lifestyle, and you are considered an alcoholic, then drastic measures are needed to lower your insurance rates. This would mean stopping or cutting down the amount of alcohol that you drink. The progress would need to be documented by your doctor to show positive results over an extended period of time. This can range from as little as 6 months to as long as 2 years.
Heavy drinking and alcohol abuse causes anguish in your life in more than one way. If you can take that into account and change your lifestyle, then your rates will drop. This takes a will to change and a desire to keep it that way.
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Keep in mind that your life insurance provider may not be willing to change your premium for fear of you falling off the wagon, or so to speak. Especially if it has been determined that you suffer from alcoholism.
People often ask: "Can alcoholics get life insurance?", "Can a recovering alcoholic get life insurance?", well, it is not easy to get coverage. See below.
If you are a recovering alcoholic, even if you have successfully completed an alcohol-treatment program, insurance companies will often postpone an insurability decision or decline your application until you can demonstrate at least two years of sobriety. After ten years of sobriety you may again be placed into a preferred rate category.