Doctors may tell you that alcohol abuse may take off anywhere from 10 to 15 years of your life. What they may not tell you is that it can also increase the cost of your life insurance. On your application form, you will be asked questions related to alcohol use. If you have a drinking problem, almost certainly you will end up paying more for life insurance than a person without a drinking problem. There are no fixed rules for insurance companies on dealing with people with drinking problems. Insurance companies are generally most concerned if your condition will affect your life expectancy and make you a high death risk. So if you have a drinking problem, it can lead to certain medical conditions which will affect your life expectancy which means you will be charged more for life insurance. Never lie to the insurance company about your drinking problem. Your medical exam will reveal it. If you succeed in beating the medical exam but eventually die due to an alcohol related medical problem, the insurance company can opt not to pay the death benefits defeating the very purpose of life insurance.
Life insurance companies looks for certain red flags before labeling you as high risk. During your medical exam, the insurance company may test your blood for liver enzymes. If you have an alcohol problem, your levels will be elevated. Elevated levels may signal there is something seriously wrong with your health. The insurance company will also check your attending physician’s statement for anything that shows alcohol is affecting your health. If you have a conviction for driving under intoxication, you will generally be charged more for your life insurance. If you have a DUI on your records, your life insurance company will search through your record, to see if there is more than just the one cited incident. If there are more such incidents, then you could end up paying much more. But a DUI record does not always mean higher life insurance costs. If the record is more than two year old and your medical exam report comes out okay, you may get affordable life insurance. The insurance companies will charge you a flat extra premium if you have a recent or multiple drunk driving convictions. This extra premium is tacked on to your regular life insurance premium and will typically disappear anywhere from two to five years after your last conviction.
The best way out is to lessen your drinking. There is no need to quit completely. Undergo treatment and document the treatment. Provide the insurance company with proof of the treatment and the positive results of the treatment.
