Nov 19
Drinking alcohol can affect your life insurance rate
The lines between heavy drinking and alcoholism are blurry at best, but when it comes to term life insurance, even a moderate drinker can have problems finding an affordable policy.
There is no doubt that heavy drinking can lead to health problems and take years off your life. Even though alcohol abuse can affect your life expectancy, insurers don’t have strict definitions for a “problem drinker” vs. an alcoholic. Underwriting is more of an art than a science when it comes to determining the risks associated with alcohol.
The first thing insurers will look at to determine if they need to worry about your alcohol use is your life insurance application. Insurers question your alcohol use on the life insurance application and, while they will rarely base their decisions solely on your answer, it can be an indicator that they should investigate further.
Life insurance applications also include questions about your medical history that insurers can use to gain insight into your alcohol use. While alcohol has the potential to damage every organ in the body, certain conditions, such as chronic inflammation of the pancreas or nonspecific liver problems, are often strongly associated with alcohol use.
If you have questions about whether or not your alcohol use will affect your life insurance rate, talk to a licensed life insurance professional at a multi-carrier brokerage firm, like AccuQuote. They will compare underwriting guidelines among the best life insurance companies and give you a free term life insurance quote based on your individual information. Inexpensive life insurance may not be hard to find!
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November 20th, 2009 at 12:28 pm
Not only can alcohol have a detrimental effect on your health, it may lead to other problems.
People who drink often, or heavily, may have a greater chance of being involved in a serious accident while driving. Your driving record is considered when a life insurance company reviews your application for coverage.
The bottom line is that alcohol use can have an effect on your approval and the rate you pay for life insurance coverage.