Drinking and driving definitely qualifies as a “risky lifestyle” to all insurance companies.
First things first, if you have a DUI on your record be ready to report it.
All traditional underwriting term policies will check your MVR (Motor Vehicle Record) and you have a DUI it will show up.
We’ve had a few applicants not share with us that they had a DUI on their record and their premium shot up – way up!
It always pays to be transparent throughout the insurance underwriting process.
Do I Still Qualify for Life Insurance With A DUI?
Many insurance carriers will deny you or give you a lower health rating if you have had a DUI or DWI in the past 5 years. Companies that will approve you will start you off at a standard rating,and will have a negative impact on your insurance premium.
Can I Get Approved For Life Insurance If My DUI Was Over 5 Years Ago?
Some life insurance companies ask, “Have you ever had a DUI or DWI?”, while others will ask, “Have you had a DUI or DWI in the past 5 years?”. Having a DUI over 5 years ago opens you up to many companies that will approve you. It is even possible to still get preferred + ratings if you are in good health.
Getting Approved With A DUI 2 to 5 Years Ago
If your DUI was 2 to 5 years ago, there are a few carriers that will give you the best chance at getting approved. Banner Life Company and Genworth Financial will offer their standard + or standard ratings to individuals that have had a DUI over 2 years ago. Prudential Life Insurance Company will offer a policy to someone that has had a DUI under 2 years ago.
What Else Will a Life Insurance Company Look At?
Your MVR (Motor Vehicle Report) will play a big part in the table rating you receive. If you had 2 or more speeding tickets in the last year, you can expect to see an increase in premium. Speeding tickets indicate to the life insurance company that you are a risk behind the wheel.
Alcohol consumption will also play a big role in getting approved for life insurance. Life insurance companies will pay close attention to your GGT level. This is part of a liver enzyme test and is extremely sensitive to alcohol use.
Having a high GGT level indicates possible alcohol abuse and will result in the life insurance company ordering a CDT test. If this test comes back positive, you can expect a decline from the carrier.