In addition to age, gender, smoking habits and health increasing your life insurance premium, alcohol consumption can also have a drastic effect at your insurance policy.
Greater alcohol consumption can lead you to paying more than the typical life insurance premium.
Underwriting an Alcoholic for Life Insurance
The underwriters will review your application, including your medical records, especially records of psychiatric illness and substance abuse, vehicle reports, lab results and social profile to determine the risk linked to qualifying you for a life insurance. A blood test may also be done for people with a history of excessive alcohol consumption.
Underwriters for life insurance will also take into account your risky drinking and binge drinking habits. Risky drinking is when you consume greater than 14 drinks in a week or a total of 4 per instance for men and a total of 7 for women.
While binge drinking is termed as drinking to the extent of getting intoxicated. Our statistics show that people who are excessive alcohol consumers are 2.4% less likely to be approving for a health insurance. Effects of alcohol consumption on your cardiac, nervous systems, your gastrointestinal and bone marrow, effects on psychiatric and social behavior along with several other health effects will taken into account during underwriting your life insurance.
Underwriters usually table rate people with the history or an unhealthy habit of alcohol consumption. The further down you are on the table, the higher the markup of your premium. This means that you’ll pay whatever your insurance cost is + 25% more.
What else do I need to know?
Apart from the risks attached to insuring an alcoholic (current or with a history), underwriters also take into account your willingness to work on your alcoholism. They’ll look into your voluntary participation in initiating the treatment, ability to maintain a stable family, stable employment and a good social standing. This helps them determine how good of a conduct do you exhibit despite your periodic intoxication phases.