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. If you need to get a life insurance policy today, there are plenty of options for you to choose from.
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.
Choosing to buy your life insurance policy at age 20, instead of age 50, could save you a good bit on your premiums.
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
Regardless of your previous convictions of a DUI or DWI, it shouldn’t be a reason to skip out on buying life insurance.
Buying life insurance is a protection for your family, in the event you were gone. It’s a selfless act to ensure your family, and your dependents, are able to continue their day-to-day lives without feeling the pressure of not having your income.
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.
It’s important to spend some time to find the company who will be best for you and your family. Buying life insurance varies greatly from one insurer to the next, as does the price.
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.
There are ways you can be certain you’re not overpaying. You’ll need to receive quotes from every insurance company in your area.
Instead of spending hours upon hours on the phone with agents from several companies, you can let us do the leg work for you.
This is because 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.
One of the best ways you can control your rates is to attempt to control you health first. There are more factors consider than just your DWI.
The insurance company is also going to take a look at your overall health. The medical exam is one of the main factors which are going to help the insurance provider figure out what your true risk is. This will also determine your rate.
Unless you skip the medical exam, be prepared to give a blood and urine sample, at a minimum.
Another quick win is to consider getting rid of any tobacco habits. Smoking is the leading way to increase your costs. But, if you stop for at least a year, you can drop your rates to a non-smoker rate.
If you think you are prepared to go ahead and apply, give us a call and we’ll walk you through the process. We can find an appropriate policy, and company, to make sure you and your family are secure financially. Call us today, or get a quote directly on this page.