Term Life Insurance Articles
Can The Use Of Alcohol Or Drugs Affect Your Term Life Insurance Policy
2009-10-21
You may have considered buying a term life insurance policy as a means of support for your family in case of the unexpected. In general, term life insurance policies can be a great way to insure your future and obtain peace of mind. They've gained a lot of popularity in recent years, and term life insurance rates are still fairly low, in spite of the recession. However, your ability to get a good life insurance policy may be affected by any medical or legal history you've had with drugs or alcohol.
In many term life insurance policies, use of illegal drugs and/or conviction for use of those drugs can invalidate life insurance benefits. Life insurance companies point out that drug and alcohol abuse can be a factor that wasn't taken into consideration when a policy was first issued. You'll often have to read the fine print of your insurance policy to see whether drugs and alcohol affect your plan. Overdosing on alcohol or drugs is often not covered, and, as a result, your beneficiaries may not receive a payout if this is how you die. If you can't find any information regarding drugs and alcohol in your paper policy, contact your life insurance agent to check up on your coverage.
Drug use can also prevent you from getting a term life insurance policy in the first place, as it's a common reason for rejection. Multiple convictions or a medical history that show alcohol abuse can also be a reason for rejection. You may find a term life insurance policy that covers you in either case, but your premiums will be sky-high. If you've had a history with drugs and alcohol, but have gotten sober, you may be able to get a term life insurance policy for a reasonable rate by submitting to a drug test. These detect drugs in your body in the last 30 days or so, and some term life insurance companies will require them every few months to make sure that you're staying clean. As long as you haven't relapsed, your rates should stay around a reasonable level. Unfortunately, it's unlikely that anyone with a history of drug abuse will get the same low rates as someone who has stayed clean.
The best way to avoid issues stemming from drugs and alcohol is to abstain. After all, you bought a term life insurance policy to cover the financial future of your loved ones, and drug use especially opposes that idea. Occasional drinks aren't bad, but drinking and driving, drugs and alcoholism can be seriously detrimental to your coverage. By taking care of your body, you'll also be taking care of your term life insurance policy.
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You may have considered buying a term life insurance policy as a means of support for your family in case of the unexpected. In general, term life insurance policies can be a great way to insure your future and obtain peace of mind. They've gained a lot of popularity in recent years, and term life insurance rates are still fairly low, in spite of the recession. However, your ability to get a good life insurance policy may be affected by any medical or legal history you've had with drugs or alcohol.
In many term life insurance policies, use of illegal drugs and/or conviction for use of those drugs can invalidate life insurance benefits. Life insurance companies point out that drug and alcohol abuse can be a factor that wasn't taken into consideration when a policy was first issued. You'll often have to read the fine print of your insurance policy to see whether drugs and alcohol affect your plan. Overdosing on alcohol or drugs is often not covered, and, as a result, your beneficiaries may not receive a payout if this is how you die. If you can't find any information regarding drugs and alcohol in your paper policy, contact your life insurance agent to check up on your coverage.
Drug use can also prevent you from getting a term life insurance policy in the first place, as it's a common reason for rejection. Multiple convictions or a medical history that show alcohol abuse can also be a reason for rejection. You may find a term life insurance policy that covers you in either case, but your premiums will be sky-high. If you've had a history with drugs and alcohol, but have gotten sober, you may be able to get a term life insurance policy for a reasonable rate by submitting to a drug test. These detect drugs in your body in the last 30 days or so, and some term life insurance companies will require them every few months to make sure that you're staying clean. As long as you haven't relapsed, your rates should stay around a reasonable level. Unfortunately, it's unlikely that anyone with a history of drug abuse will get the same low rates as someone who has stayed clean.
The best way to avoid issues stemming from drugs and alcohol is to abstain. After all, you bought a term life insurance policy to cover the financial future of your loved ones, and drug use especially opposes that idea. Occasional drinks aren't bad, but drinking and driving, drugs and alcoholism can be seriously detrimental to your coverage. By taking care of your body, you'll also be taking care of your term life insurance policy.
