subject: Affordable Life Insurance Rates: Does Alcohol Affect Your Premiums? [print this page] Affordable Life Insurance Rates: Does Alcohol Affect Your Premiums?
Whether you like it or not, when you apply for term insurance of life insurance, your insurance agent will be asking you questions related to your alcohol consumption intake, specifically:- How much alcohol, and how regularly do you drink? - Have you ever been convicted for a DUI charge?Your answers will determine how much your premiums will cost. That said, you can say that life insurance underwriting is more of an art than a science, and there is no consensus, or consistency, among the different life insurance companies in dealing with the answer to either of the two questions, especially the first.Yes, having too much to drink is associated with a shorter life span, but to date, there is no agreement on what is "excessive drinking". Is it one drink a day, or two, or is it six? There is also the point to consider that moderate drinking has been known to increase life expectancy by a few years and cut down both heart attack and stroke.Of course, having a DUI on your record - unless it was many, many years ago - will most likely disqualify you from the best life insurance rating class. If the DUI charge was recent, and if there have been other DUI charges in the past, you will be required to pay even more.Honesty Is Still the Best PolicyWhen filling out your life insurance application form, be accurate as possible about your alcohol consumption because your policy can easily be rescinded if any inaccuracies are discovered, which often happens after a claim is made.Alcohol does not usually stay in the blood for more than 24 hours (hopefully you weren't drinking when the nurse came by to do the paramed exam). How much alcohol you drink can be identified by elevated liver enzyme levels, which can be tested for. An elevated liver enzyme level indicates more than occasional drinking. If you are found to have elevated liver enzymes, several things may happen as a result:- You will not be issued a policy. - Your application will be postponed until the cause is pinpointed. - You will be issued a policy but you will be required to pay extra premium.If you end up with a higher-than-expected life insurance rate because of something alcohol-related, remember that your rates can go down over time if you are able to furnish evidence that you have addressed the problem.If you drink moderately, like a glass of wine a day, it is unlikely to affect your rates with most insurers unless you have elevated liver enzymes. If a more-than-moderate alcohol consumption your only issue, with a little work, it's possible to get an excellent life insurance rate.
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