Can You Get Approved For Life Insurance With A DWI On Your Record?
Getting approved for life insurance when you’re a healthy individual and a solid driving record is extremely easy.
If you’re considered a high-risk individual and have a DWI on your record, then that changes the ballgame a bit. If you have a DWI, you may think that you can’t get affordable life insurance, but that isn’t true. There are plenty of options that you can choose from to get a life insurance policy.
I recently had an individual who was declined by two previous insurance companies as he was applying for a ten-year $250,000 term policy. The individual had a DWI from April, 2008, and was having trouble getting approved for term life coverage. The individual had also admitted to drinking ten to fourteen drinks per week on his life insurance exam further compounding the problem.
Reasons For Getting Declined
Part of the reasons for getting declined by the two other insurance carriers was that instead of shopping around and choosing an insurance company that specializes in high-risk individuals, he went with the cheapest life insurance rate. If he were a healthy individual that had no skeletons in his closet, then the two that he went with were solid options.
Unfortunately, the agent he was working with at the time wasn’t aware of this and now that he’d been declined twice, both those declines showed up on his MIB, Medical Information Bureau record. To make matters worse, both these declines had occurred within the previous 90 days.
When the individual called me to see if I could approve him, I wasn’t hopeful but I thought I would at least check. It turns out that even after being declined twice by two other top life insurance carriers and also having a DWI on his record, we were still able to get him approved through Prudential.
Since the individual also had some other health issues such as elevated liver function and some other variables, we were able to get a quote on through Prudential with a table 2 rating of a premium of $585 per year. We still had to wait for the life insurance exam results to come back so there was still a chance that he would be rated either a table 3 or a table 4.
Getting Approved For Life Insurance With A DWI
With each table increase, improved the fees. For example, table 2 to table 3, we would expect approximately a 25% increase on the annual premium. Nonetheless, it does show that you can still get approved for life insurance even if you’ve been charged with a DWI. If you do have a DWI or a DUI for that matter, be prepared to answer the following questions:
- How many times have you been convicted of a DUI or a DWI?
- How recent was the most conviction?
- Are you currently on probation?
- Has your license ever been revoked or suspended? If so, how many times?
- Have you been cited for any other traffic violations?
- Have you sought treatment for alcohol abuse at any type of rehab facility or attend any support groups?
- Are you still drinking?
- If you are still drinking, how many drinks do you average per week?
All of these factors could have a huge impact on your chances of being accepted and the rates you’re going to receive. All of these are in addition to the traditional questions that they will ask about your health, weight, height, and other basic information such as your age. Age is a big factor, purchasing life insurance coverage at 20 will save you a good bit on premiums rather than waiting to purchase life insurance over 50 years old.
Please note: If you have a history of several DUI or DWI convictions, you should not apply to multiple life insurance companies all at the exact same time. While it worked out in this guy’s case, it can definitely do you more harm than good. It’s better to partner up with an independent life insurance agent that understands which insurance companies are going to be best suited for your needs.
The Importance Of Life Insurance
There are a lot of people with DWIs or DUIs that simply skip purchasing a life insurance policy. This is one of the worst mistakes that you can make for you and your family. If you were to pass away tomorrow, you would leave your family with all of your debt. It can be hard for a family to pay for all of the expenses that you would leave behind. This is why life insurance is so important. It can give your family the money they need to pay off all of your debts.
Getting The Lowest Rates With A DWI
Yes, with a DWI you’re going to be paying more every month, but that doesn’t mean your life insurance rates have to be outrageous. There are several ways that you can get quality life insurance coverage at an affordable rate.
The first and most important tip is to shop around with SEVERAL different insurance companies before you choose one. Each company is different and all of them are going to look at your application differently. There are some companies that look more favorably towards applicants with DWIs and other companies that don’t. If you want the best rates, it’s important that you find a company that has experience insuring people with DWIs. Our agents can find the perfect company to fit your needs and your specific situation.
If you want to ensure that you’re getting the best rates available, you’ll need to receive quotes from every insurance company in your area. You could spend hours on the phone talking to different companies or agents. Instead, we can do all of the work for you. We are independent agents that don’t work for a specific company, but instead we represent some of the most highly rated companies on the market. When you work with an independent agent, you don’t have to worry about being sold expensive plans or lower quality plans.
If you want to get the lowest rates, it’s time to focus on your health. There are more factors consider than just your DWI. The insurance company is also going to take a look at your overall health. After you send in the paperwork for the policy, the insurance company is going to send out a paramedic to complete a health exam (unless you choose a no medical exam policy). During the medical exam, they are going to look at your blood pressure, weight, cholesterol, and much more. If you want to save money, losing weight and improving your health can go a long way.
Additionally, if you’re a smoker, it’s time to kick the bad habit. Being listed as a smoker on your life insurance application is going to cause your premiums to double or triple. If you want to save money, the best way to do that is by dropping the cigarettes.
Instead of you wasting your time talking to different companies and answer the same questions, we can do all of the work for you. Simply fill out the quote form to the right of this page. Then all of the best rates available will be sent to you. No calling. No paperwork. No hassle. It’s important that you get the best life insurance coverage at an affordable rate.