Life Insurance For Alcoholics

Want to learn more about life insurance for alcoholics? Our guide is here to set the record straight.

Well, the good news is that alcohol-related deaths are covered by most policies. That said, how easy is it to take out a new life insurance policy as an alcoholic or a recovering alcoholic?

We’re on hand to explain the facts surrounding alcoholics and life insurance. From taking out a policy with existing alcoholism to life insurance for recovering alcoholics and beyond, we’ll guide you through the terms and conditions offered by the majority of insurers. Read on to learn more.

Can you get life insurance with alcoholism?

In short, yes. But, if you’re an alcoholic currently suffering with alcoholism, your life insurance options are likely to be limited.

In most cases, you’ll also be likely to have to pay a much higher monthly premium. This is because the vast majority of insurance providers deem alcoholics at much higher risk of making a claim.

Life insurance for alcohol abusers

If you have a history of alcohol abuse or alcohol dependency, it is likely that you will be required to undergo a medical with your GP prior to approval of your life insurance policy. Alcoholism life insurance applications are reviewed on a case-by-case basis in order to calculate an accurate assessment of the risk level.

When applying for life insurance as an alcoholic, most insurance providers will want to see a copy of your medical records too. While it may feel like it, it’s not actually to make sure that you are telling the truth. It’s just to enable them to make the right decision in approving or declining your life insurance policy.

If you are applying for life insurance as an alcoholic and you have had a severe medical problem in the past as a result of your alcoholism, it is likely that your policy will be declined or at very least, additional requirements will apply. A number of key factors dictate the premium you will pay for your life insurance as an alcoholic. They also determine whether you will be offered terms at all, especially if you are still dependent on alcohol.

Life insurance is always more difficult to acquire for an alcoholic. Alcoholism is classed as a disease which means your risk is higher. So, just as your premiums are higher when taking out insurance with cancer or diabetes, they are too with alcoholism. 

Term life insurance is usually the easiest type of life insurance to take out as an alcoholic. Income protection insurance and critical illness cover are much less likely to be available.

One thing to remember is that life insurance as an alcoholic can be extremely expensive. If the premiums are high and you’re not sure you’ll be able to afford them, it could be worthwhile postponing your application for life insurance until you are alcohol-free. This will result in you being a lower-risk applicant and thus the price of your premiums will be lower too. 

Life insurance for recovering alcoholics

The light at the end of the tunnel is that most insurers look far more favourably on recovering alcoholics. That said, many won’t consider you as a recovering alcoholic until you have three years of sobriety under your belt.

If you have been sober for three years and have had no further health-related issues, the price of your life insurance policy is likely to be much lower.

And, if you’ve been in recovery for ten years or more and achieve a clean bill of health at a medical exam, you’ll be comparable to someone who has never touched a drop of alcohol.

As a recovering alcoholic looking to take out life insurance, it pays to be prepared. This helps to speed up the process while improving your likelihood of approval. Have all your medical records to hand and note down any medications along with the prescribed dosages you are currently taking as well as your GP’s name and contact details.

The cost of life insurance for alcoholics

The cost of a life insurance premium for alcoholics is generally dictated by personal circumstances much like any other policy applicant. There are a number of factors that will impact the price of your life insurance policy as an alcoholic or a recovering alcoholic. These include:

• Usually, the older you are the more expensive a life insurance policy for an alcoholic is likely to be. That’s generally the case with all types of life insurance.

• Overall health. Your medical history also significantly impacts your no-medical life insurance policy fees. If you’ve already been diagnosed with an underlying health issue, a policy is likely to be much pricier if available at all.

• Smoking status. If you smoke, are an ex-smoker or use nicotine replacement products, life insurance is always going to be more expensive.

• Height and weight. Insurers use your height and weight to calculate your BMI. If you are considered overweight, your premium prices are always going to be higher than those with a healthy weight at the time the policy is taken out.

Other things that impact the cost of a life insurance policy for alcoholics include the length of the policy and the level of cover. The longer you want a policy to last the more expensive the premium will be. The level of cover required impacts it similarly. So, the more you want the policy to pay out, the more it will cost. Consider how much you want and need the policy to pay out.

It’s worth mentioning that as an alcoholic, you will always have to pay a much higher premium for your life insurance than those not suffering from alcoholism or alcohol dependency. The good news is once you’ve been in recovery for 10 or more years, you’ll be as eligible for life insurance as everyone else. This means more affordable premiums providing you’re given a clean bill of health from your GP.

Over 50s life insurance for alcoholics

Over 50s life insurance generally has no medical questions involved at all. One of the reasons that this type of cover is so popular is that you’re guaranteed to be accepted. And this is without a medical examination or even having to answer any health-related questions. 

So, whatever your current health status may be, you’ll be able to take out a life insurance policy as an alcoholic that delivers a lump sum for your loved ones when you die.

Does alcoholism void life insurance?

Alcoholism only voids your life insurance in the event that you weren’t truthful about your alcohol intake when taking out your policy. If you’re a heavy and frequent drinker, lying about your alcohol consumption may seem like a good option. However, this is considered non-disclosure.

Yes, it could secure lower premiums. But, it could also invalidate your policy meaning it won’t pay out upon your death. Vigorous testing for alcohol use is available. And so, if when you die it’s uncovered that you have lied about your alcohol intake, your life insurance policy could in fact be voided.

Why secure life insurance for alcoholics with Life Expert

At Life Expert, we provide free quotes from our panel of UK insurers. We’ll also help you to conduct a full comparison between the best life insurance options available for alcoholics to suit your needs. All of our quotes are completely personalised. Get your free quote today by clicking below and have a quick chat with our friendly team to discuss your options.