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Your Sobriety and Life Insurance Coverage

Addiction Or Life Choice Arrows Concept

By Selene Garcia | November 15, 2019

Addiction ruins lives. Period. And the truth of the matter is, those who are strong enough to make it through to see the light at the end of the tunnel have a new lease on life. A renewed love of friends and family. And, a desire to protect everything that supports a sober life. But, what does that protection look like? What is the best way to protect loved ones?

Let’s take a look at how life insurance coverage can save those that saved you when you needed them most.

Your Sobriety Matters

 No life insurance provider will offer coverage to an active addict. Look, the insurance company needs to mitigate their risk. If you’re engaging in risky behavior, such as drugs and overconsumption of alcohol, then you’re high risk and it’s a matter of when – in the near future – they’ll have to payout.

So, when will they cover you?

Life insurance providers prefer at least 5 years of consistent sobriety, in some cases, they’ll approve 2 years. But, whether it’s 5 years or 2, you’ll need to answer some questions about your sobriety.

These are just some of the questions you’ll be asked and you’ll need to be prepared to answer these honestly – ya know, honesty being the best policy.

  • What drugs have you used? What is the last date you used each?
  • When’s the last time you drank?
  • Are there alcohol-related driving violations?
  • Have you been through formal treatment? How long? When?
  • Are you currently attending a support group? How often do you attend?
  • Have you had any relapses?
  • When was the last time you used?

There are more questions you’ll be asked about your health, family history, current financial health and lifestyle. These are just some of the many questions you’ll be asked about your sobriety and overall life health. To be clear, if you’re caught lying, the carrier will likely decline your application. So don’t lie on your life insurance application – ever.

 Drill Down & Other Questions

 In addition to questions about your addiction, insurance carriers will inquire about other illnesses like diabetes and cancer. Then they’ll drill down to ensure accurate quoting by verifying severity, control and compliance of your illness. Some of the illness-related questions can include:

  • When was it diagnosed?
  • What medications are being taken for it?
  • Is the medication effective?
  • How often a doctor is consulted and when was the last time?
  • How has it affected your day-to-day?

Some other questions the carrier might ask can include:

  • Current income & net worth: This helps the carrier determine your financial replacement.
  • History of bankruptcy: Type of BK? Has it been discharged? Most carriers will require at least 2 years out of discharge, however, some carriers require more than several years out.
  • Tru-Life Score: This is a type of credit score carriers receive from the credit bureaus that speaks to your creditworthiness.
  • Family History: Your family’s health history informs the carrier of potential risks that may exist.

Remember, the carrier needs to assess their risk and your mortality.

Coverage Cost Difference

 Life insurance providers weigh many variables when determining eligibility and premium.

Typically, recovered addicts will not be offered top tier premiums, but will rather pay a somewhat higher cost than non-former-addicts. This doesn’t mean your coverage won’t be affordable. Always get a quote and find out!

And, depending on your health, you’ll be quoted in one of these categories from least to most expensive:

  1. Preferred Plus
  2. Preferred
  3. Standard Plus
  4. Standard
  5. “Table-rated” policies… typically 25% extra per “table” (i.e. table 2 would typically be about 50% more than Standard, table 4 would typically be about double the standard rate)

The good news is, you can’t buy too much life insurance.  In other words, they simply won’t sell you more than you need.  Here’s the deal, life insurance doesn’t exist to make your family wealthy. It’s designed to ensure your family won’t be financially bankrupt when you die.  It’s designed to replace the economic value of your life when you die.

So, if you’re recovered and looking for a way to protect the people you love, get a quote!

Now call us at 800-442-9899 and speak to a real person! (yes, we’re old school.) You have enough things to think about, so we’ve taken the stress out of shopping for life insurance.

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