Life Insurance and Alcohol: What You Need to Know

If you have had issues with alcohol that are on record with either your health, driving or legal records, your insurance rates and options may be affected. Questions on your life insurance question specifically cover alcohol use because alcohol abuse can cause health issues.

What should you know about the relationship that exists between life insurance and alcohol? Today, take some time to get a better understanding of this issue.

How Could Alcohol Affect Your Life Insurance?

Whether or not you have been diagnosed with alcoholism or specific alcohol-related medical issues, your insurance company may be able to see that you drink. In their eyes, they will know that you are drinking an amount of alcohol that is causing adverse health effects through your questionnaire responses and health records.

If an individual isn’t honest about their alcohol consumption when getting an insurance policy or renewing it, the policy may not cover an alcohol-related death. Even if you have some level of alcohol dependency, it’s important to be honest about this when getting coverage.

Life Insurance and Alcohol: What You Need to Know

What Info Is Needed When Buying Life Insurance?

You may be wondering how your life insurance company will know about your alcohol use and factor that into their decisions about your policy options.

Things like how many drinks you have weekly, whether or not you’ve ever been hospitalized for drinking, and if alcohol issues have shown up on your legal record will show up while you are getting your life insurance policy.

Generally, your application will ask questions that cover three main categories:

  1. Overall health and wellbeing
  2. Your hobbies and way of life
  3. Your work life and any possible work dangers

In terms of alcohol, there is going to be some specific information that you need to provide on the application:

  • How much alcohol do you generally drink weekly and monthly?
  • What, if any, medical advice have you been given about your alcohol consumption?
  • Have you followed medical guidance to reduce your alcohol consumption?
  • If you have struggled with alcohol dependency, how long have you been sober?
  • Has alcohol affected your health or wellbeing?

Though this factor is not directly related to alcoholism, it’s important to consider different insurance rates by age. Life insurance is typically more expensive for older people as they are more likely to use the benefits, whereas younger individuals might be at a lesser risk. Older individuals who have used alcohol for a prolonged period may present a higher risk to insurance companies, which could come into play.

You can give insurance companies a true and honest picture of your health by answering these questions honestly. This honesty will ensure that any potential claims in the future can be paid out.

How Can You Find Good Rates As a Recovering Alcoholic?

If you’re someone who has struggled with alcohol dependency, you might be wondering what you can do to still be able to set up a good life insurance policy and rate. There are a few ways to start taking on this problem as you move forward with health and recovery in mind.

Work With Your Doctor

One thing that you can do is be honest with your doctor and make sure that you are following their advice. Insurance companies base their rates on your actual health. If you work on improving your health, your insurance rates and options will also improve.

By showing that you have worked with a doctor to reduce alcohol dependency and continue to follow their guidance, your insurance company is more likely to improve what they offer you. This will be good for you long term, not only in saving money but also in living a healthier life.

Get Multiple Quotes 

Finding great life insurance for alcoholics, whether recovered or not, can be difficult depending on the individual’s exact circumstances. The only way to be sure about what life insurance rates will be is to request quotes from a variety of insurance companies, but you can get an idea of what to expect by considering what factors might be at play.

By shopping around and finding what companies are willing to offer you the best coverage regardless of your situation, you’ll be able to get reliable life insurance that fits your long-term needs.

Be Patient

While you likely want to resolve this issue as soon as possible, one thing that you can do is simply wait and reapply at another time. Waiting for any infractions on your driving record to face into the past will improve your offerings, just as being sober for a longer time will positively show the insurance company that you want to move forward without alcohol.

Patience is a virtue. If you have time to wait before you feel a life insurance policy is a must, this can also be an option.

Talk to an Insurance Specialist

Finally, consider speaking with an insurance specialist about your specific situation if you struggle to find coverage that will work for you. They might be able to show you interesting options that you didn’t know about before. With their help, you can discover how to make life insurance work for you regardless of what else is going on with your health at this time.

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