Many people believe that you have to be in perfect health and live a low-risk lifestyle to obtain life insurance, but that’s not always the case. Did you know that you can purchase a life insurance policy at a reasonable rate, even if you have a history of alcohol abuse? We have seen success stories first-hand, drawn from our extensive case files of people who have done just that, despite the underwriting risk they pose.
Here are three tips to overcome this obstacle in order to get insured:
Tip #1: Get the Facts Straight
People who drink a lot often lose track of just how much they drink. Is it every day? A few times a week? How many glasses each time? How often do you drink for business? What about in the evenings or on weekends? Excessive alcohol use can cause long-term health problems, which is why life insurance companies pay attention to this issue.
When you go through prequalification for coverage, you will be required to complete an alcohol consumption questionnaire. You will need to be thorough and honest for an underwriter to make a fair assessment of the risk involved. Give some thought to this factor so that everyone involved can be confident they have the complete picture. (For related reading, see: What to Expect When Applying for Life Insurance.)
Tip #2: Know What’s in Your Medical Records
Underwriters pay particular attention to lab reports to see the effects of your drinking on your organs, especially your liver function. They will want to see a history of results over time to see if any trends appear. Underwriters also place a lot of weight on physician notes. They want to see if your doctor has instructed you to cut down or stop drinking altogether. Make sure you and your doctor are on the same page. (For related reading, see: 4 Things That Keep You From Getting Life Insurance.)
Tip #3: Share Your Success Story
Everybody has ups and downs as they walk through life. But those who battle a drinking problem often have higher peaks and lower valleys than many others. However, you should be proud that you have reached a point in your life where you have a need for life insurance and the means to pay for it. This shows that you are on the right track.
Your underwriter will be keenly interested in the support system you have built along the way. Share about your participation in alcohol support groups. Be sure to mention your involvement in community groups, religious or fraternal organizations, and every other resource that has helped you find strength and courage. You are now on the straight and narrow, right? Brag about it! Sharing your story and your success can make a significant difference when your application is under review, so don’t underestimate the value of this step.
We have all made mistakes at some point in our lives. Just because you have a history with alcohol doesn’t mean you should be excluded from the benefits that life insurance offers. While you will need to go through prequalification to determine what pricing the insurance marketplace will offer you, you are not disqualified based on your lifestyle. (For related reading, see: Impaired Risk Insurance Products.)