How Alcohol Affects Term Life Insurance Rates
From college students to senior citizens, alcohol plays a role in social gatherings and private parties. Alcohol holds a significant place in society. Many people drink on a somewhat regular basis. While not every form of alcohol consumption may be considered alcohol abuse, it is something that can be considered by the term life insurance company that is handling your application process. To put it plainly, your alcohol use could affect your term life insurance rates. Being knowledgeable about the affects that alcohol consumption can have on your insurance rates can give you insight on perhaps considering reducing your consumption and reducing your premium.
Consumption and Term Life Insurance Rates
There are many important factors that come into consideration when it comes to life insurance. Most insurance companies require a medical exam. A medical exam may provide you insight on how you treat your body as well as your current condition. Depending on the results of the medical exam, the initial quote (whether that is in your favor or against your favor) may depend on how the exam readings go). Just like things such as weight and blood pressure. Alcohol is something that can be looked at when judging your term life insurance rates. The levels for cost increases are already pre-set, as they are attempting to determine the state of your health.
How your Driving Record can Affect Term Life Insurance Rates
Because actual alcohol consumption is hard to judge, the insurance companies attempt to ask a few things to determine how much alcohol has affected your health. They will check the results of your medical exam to understand the effects that alcohol may have had on your body. They can also look at your driving record in order to see if you may have had any DUI’s. On the application, the company may ask you some questions regarding how much alcohol you drink. These questions can be helpful, but the other two ways to check for alcohol are used more specifically, as it is easy to lie or tweak the truth about alcohol consumption on a simple survey.
Term life insurance companies will typically ask questions regarding liver disease and high blood pressure, as well as questions about any possible history of alcoholism, drug abuse, or substance abuse. While it is important to put on your “best face” for life insurance companies, be sure to answer as accurately as possible. Term life insurance rates policies can be revoked and cancelled at any time due to false information. Any false answers that can be crosschecked by things such as driving record and medical records can be easily caught.
Know Your Record
Because of the inherent connection between alcoholism/alcohol abuse and DUIs, insurance companies can and will raise their term life insurance rates based on this information. Depending on the state, infractions on your driving record can last for multiple years. Be sure to understand your state laws regarding your driving record to understand what’s on it, and how it can affect your term life insurance rates.
If you do consume alcohol considered more than the norm it does not mean that you won’t qualify for a good term life insurance rate. Those who drink relatively heavily, or those who are recovering, are still usually able to find affordable term life insurance rates. While it may require a little bit more time researching to find quotes that are affordable, you’ll be surprised at what is available to you.