Getting life insurance with a DUI is no easy task. If it is not your first time than you might be aware of getting declined or getting charged astronomical rates because of a past DUI. What I want to cover is what the companies look at, rate classes they can assign and possible outcomes based on your situation. First, check out the different classes a company can assign to you so you’re not confused with the insurance lingo later on in this article. The following are some key points from this article;
- A lot of people get lost on why a DUI has so much effect on their life insurance but it simply comes to the fact that life insurance carriers job is to assess risk. Based on any driving violations you are considered a higher risk but with a DUI even more so.
- Getting life insurance with a DUI is very possible and we helped a ton of clients get plans at reasonable rates. It does matter however when you got your DUI and how many times.
- Keep in mind that if you have a history of several DUI convictions you should not apply to multiple life insurance companies at the same time and you should definitely work with an independent life insurance agent who understands which insurance company will be the best suited for your needs.
What do Life Insurance Carriers Look for in a DUI Application?
A lot of people get lost on why a DUI has so much effect on their life insurance but it simply comes to the fact that life insurance carriers job is to assess risk. Based on any driving violations you are considered a higher risk but with a DUI even more so. Companies will look into your Motor Vehicle Report to get a complete detail of any violations and traffic tickets so whether you go with a medical exam option or not they will still pull that report. In addition to that keep in mind that your overall health will also be a factor on top of your DUI and if you take a medical exam the companies will be looking out for elevated liver enzymes and alcohol levels. You might also be asked to complete an additional alcohol questionnaire used to figure out amount and frequency of alcohol use if any. If you have multiple citations and more than average use of alcohol you can expect to pay a higher premium or even get declined.
How long ago did you get your DUI?
Now hopefully I didn’t scare you away because some good news is about to come. Getting life insurance with a DUI is very possible and we helped a ton of clients get plans at reasonable rates. It does matter however when you got your DUI and how many times.
Over 5 years
If you had one DUI over 5 years ago then you should be able to get preferred rates with the majority of life insurance carriers.
2 years-5 years
One DUI within this time frame you can expect to standard rates with only a few select carriers. The majority of companies will decline or rate you up. Based on your exact situation we can recommend one.
Within the last 24 months
Overall this situation is a complete decline all across the board but we have one carrier that will offer standard to sub-standard rates as long as it was one DUI.
If you have Multiple DUI’s
You can still get covered with only one carrier but it will come down to the time frame between the two DUI’s and all the other factors such as driving record, lab results, and additional medical conditions. If you get approved with multiple DUI’s it will be a substandard rate class so expect to pay more than double for life insurance than the preferred rate folks.
What carriers will ask you
There are more factors that come into a hand when trying to get life insurance coverage with a DUI. All of these factors make a huge impact on your chances of being accepted and the rates that you will receive. You will be asked about your health, height, weight, and other basic information such as your age and what state you live in. The carrier will also wanna know when you had your DUI, if it was your first offense, what is your current driving license status and any other questions that may help them understand what is going on with your DUI.
Reasons for Getting Declined
There are a couple of reasons you may get denied for coverage and we are going to go over those reasons so you know what is in store for you. The first mistake you can make that can lead you to get denied for coverage is not shopping around. You should shop around when choosing a life insurance company because you want to make sure you are working with a company who specializes in high-risk individuals. Another reason you may get denied for coverage is if you have a medical condition. If you have a medical condition you should definitely get in contact with a company who specializes in your medical condition and DUI’s. If you choose to not worry about your medical condition then you need to expect that you will get higher premiums and a worse health rating working with a company who doesn’t specialize in your medical condition. The last reason is by hiding your DUI. In case you didn’t already know a life insurance company has the complete right to go through whatever documents necessary before granting you coverage. One of the documents or information that they will ask, depending on the life insurance company, are your DMV records so don’t lie. They will find out whether or not you had a DUI. Not only will they deny you coverage they will also blacklist because you have been misrepresenting yourself.
Why you should work with us!
Working with an independent life insurance brokerage is very important because you want to make sure that you are getting the best deal possible and there are a couple of things that you as a consumer won’t know that an experienced agent will know. One of those being the most important is the special niches that each life insurance company has. If you didn’t already know life insurance is a very competitive industry and in order to strive you need to differentiate yourself and that’s why almost every life insurance company have their own niche or specialty that they use to benefit a few different types of clients over their competitors. For example, for someone who is diabetic going with a company who specializes in diabetes is the key and if they decide to go elsewhere they will find themselves paying high premiums and they won’t have the health classification they were anticipating for. This is because they didn’t know that the company specializes in high blood pressure rather than diabetes. Had they gone to a company who specializes in diabetes they would have gotten exactly what they wanted with the company, an affordable and reasonable rate and premium. Working with a company who specializes in high-risk clients is the way to go especially for you having a DUI or two. Not only will working with us be a piece of cake but we will do all the work for you! We will find you the best life insurance company who fits your specific needs, health, and lifestyle and do the whole application for you for free!
So give us a call!
We usually refer people to our quote engine to get pricing information but this is not one of those times. I highly recommend you call us at 888-492-1967 so we can provide you custom quotes with companies that will provide the absolute best option. We work with over 60 top rated companies and have zero loyalty to any of them because our loyalty is reserved for our clients and our clients only. Do you still have questions? Drop a comment below, we watch the comment section like a Hawk. Welcome to InsureChance family!
