It's reported that 64% of Americans drink alcohol regularly--but what does it do for term life insurance rates? Drinking is a pleasure that seems relatively innocuous to most people, but heavy alcohol use can have a negative affect on your term life insurance rates.
Term life insurance companies see alcohol consumption as incredibly risky. Like smoking tobacco, alcohol consumption can easily affect how much you pay for term life insurance.
Along with blood pressure, cholesterol levels and weight, alcohol consumption is an important life insurance underwriting factor. And with alcohol, carriers have specific definitions to determine the extent of potential health risk.
Obviously, the degree of consumption is relatively subjective, given that one person's "social drink" is another's six-pack afternoon. Therefore, insurance companies usually look at three things when determining your term life insurance rate: (1) Simple questions regarding your consumption of alcohol; (2) Your driving record; and (3) results from your medical examination.
As you may notice during your term life insurance life insurance application, you'll be asked several questions about any existing medical conditions including liver disease and high blood pressure. Further, you may also be asked about any history of alcoholism and/or drug abuse. Make sure that you answer these questions accurately so that in the event you pass away, the policy isn't cancelled under the realization that you provided false information. And although you are not shopping for auto insurance, term life insurance carriers may check your driving record for any alcohol related offenses.
It's believed that there is a significant correlation between DUIs and alcohol abuse--and regular alcohol consumption could raise your term life insurance rates. Be aware that DUIs remain on driving records for up to 7 years in some states. As part of the medical examination, most companies check how much alcohol you consume by ordering a blood test that looks for elevated levels of certain enzymes in your liver.
Often times, recovering alcoholics and those who drink heavily underestimate the ability to find affordable term life insurance with adequate coverage levels. However, even smokers can attest, nearly everyone can find affordable term life insurance rates when paired up with the right company - even those who consume alcohol on a regular basis. Recognizing that 64% of Americans drink, there is a significant market for term life insurance companies to offer competitive term life insurance products.
If you're in need of a low-cost term life insurance, you're in luck. Our 10 Ways to Save on Term Life Insurance can help you find a low-cost term life insurance rate even if you consume alcohol.