Life Insurance for the Recovering Alcoholic VS. Current Alcoholic
Will you be denied life insurance or will you be approved? The key to qualifying for affordable life insurance will be which category you fall under.
Recovering alcoholic or Currently alcohol drinker?
If you’re still drinking alcohol, the majority of life insurance companies will see you as too much of a risk. They will simply deny your application. The timing of your application might be the most important factor with your life insurance application.
The life insurance company is going to want to see that you haven’t used alcohol for quite some time before they approve you at a Standard or better rate. Typically, if you’ve used alcohol over the past 5 years you’re going to get substandard rates.
Substandard means a more expensive policy than standard rates.
You may be thinking…
…5 years is a long time!
However, the life insurance company wants that amount of time to pass due to the high incidence of relapse from alcoholics. This risk is much less when you’re free from alcohol for more than 5 years.
Here’s the good news.
As soon as you get past the 5 year timeline, your life insurance policy will typically be underwritten based on your general health.
It won’t be focused on your alcohol history. You should not hesitate applying for life insurance when you’ve been alcohol free for five years.