Life Insurance for Recovering Alcoholics
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Life Insurance & Dependences
If You Or Someone You Love Is Struggling With Alcohol Addiction, You Can Visit The National Council On Alcoholism And Drug Dependence Or Find Out More Information Here About Getting Help.
Pre-existing conditions can be anything to insurance companies. Perhaps you’ve had a heart condition or you were a smoker. Maybe you’re in remission from having has prostate or another type of cancer.
The pre-existing conditions that are rarely spoken about when talking about qualifying for life insurance are addiction, particularly alcohol addiction.
According to the National Council on Alcoholism and Drug Dependence, alcohol is the most widely used addictive substance in the United States, with over 17.6 million adults – or 1 in 12 adults – suffering from alcohol abuse.
Addiction is a painful subject for many, and one that can have devastating impacts on an individual’s personal and professional lives.
If you are a recovering alcoholic and have been told that you cannot obtain affordable life insurance, we are here to help.
Underwriting a History of Alcohol Abuse
When underwriting a client with a history of alcohol abuse, an insurer will ask the following questions:
• Has your doctor recommended treatment for alcohol abuse?
• Have you ever sought treatment for alcohol abuse?
Alcoholism is classified as a disease, and insurance companies look at it as such. A medical exam will be required by your carrier in order for you to qualify for coverage.Liver disease, cirrhosis, heart problems and diabetes are all associated with alcohol abuse. These diseases are frequently earmarked by underwriters and insurers as high risk, which means that an individual with a history of alcohol abuse could find themselves paying expensive premiums for coverage.
The other risks associated with drinking, such as motor vehicle accidents and depression, are also red flags for insurers. This makes qualifying for life insurance very difficult.
Don’t Fall Into the Trap
Medically underwritten exams can be intimidating, particularly for a recovering alcoholic. However, if there is one thing we can advise against, it’s falling for the trap of guaranteed accepted life insurance.
For one thing, you will end up paying higher premiums – higher even than the premiums of traditional, medically underwritten term life policies. These high premiums aren’t worth it, as the death benefits on these policies is often far lower than the benefits of term life insurance policies and could leave your family financially unprotected.
This type of insurances promises that you can get covered no matter what – with no medical exam; however, there are major caveats to these promises.
The good news: is possible to find life insurance as a recovering alcoholic, without paying high premiums. For more information on Guaranteed Accepted Life Insurance and avoiding insurance scams, check out our article on Four Traps to Avoid!
Affordable Life Insurance for Recovering Alcoholics
Finding affordable life insurance as a recovering alcoholic is as simple as speaking to an agent.
Typically, insurers will require a 5-year waiting period for recovering alcoholics. This means that your application could be declined or “pending” for this period of time while you are on the road to recovery. In some cases, you may be approved for a limited amount of coverage and your underwriter will review your case after 5 years.
The problem with this is that a lot can happen in 5 years. Going without coverage is dangerous, because you are leaving your family financially unprotected. If you should happen to pass away during this time without life insurance protection, the burden of any mortgage debt, credit card debt, medical expenses or final expenses will fall to your loved ones.
Another problem with this waiting period is that you may find yourself protected, but paying exorbitant premiums for your coverage for 5 years, which could really add up and pose a financial strain.
Fortunately, by following these steps, you may be able to find affordable life insurance more quickly than you think.
Insurers do this to avoid the risk of relapse; the longer you are in an effective recovery/treatment program, the less likely you will be to relapse.
Speak to an Agent
This should always be the first thing you do. A trusted agent knows that your history of abuse does not have to stand in the way of finding an affordable life insurance policy.
Every carrier uses different guidelines to assess risk: if you’re taking measures and adhering to the following steps, you will certainly be able to find an affordable insurance policy to suit your needs.
Follow a treatment program
A study published by the National Centre for Biotechnology Information found that attending support groups, like Alcoholics Anonymous lowered relaps risk significantly. This risk was lowered even further by those individuals who obtained a sponsor.
Alcoholics Anonymous is not the only treatment option out there; even speaking to a trusted counsellor can help reduce relapse risks. Following a treatment program can have positive impacts on your premiums, as well.
Improve Your Health
It’s no secret that the better health you’re in, the better insurance rating you’ll receive.
Taking measures to exercise, eat well and improve your overall health – under your physician’s guidelines – will lower your risk and your premiums.
You Are Not Your Addiction
Addiction can control so many aspects of your life, and it may be frustrating to have come so far in your recovery, only to see that your past stands in the way of affordable life insurance coverage.
This does not have to be the case.
Our agents work with recovering alcoholics and take the time to get to know you individually. This gives us an advantage that most agents don’t have: we are able to present you in terms of you, the person, rather than your history of alcohol abuse.
You are so much more than a rating on a page, and we pride ourselves on our personal and professional relationships with our clients. If you have a history of alcohol addiction and are looking for affordable life insurance, you’ve come to the right place. We will find you the best policy for your situation and can help you improve your insurance ratings