Last updated: March 7th, 2018
One factor that most people don’t realize is your DMV records.
Getting charged with a DUI can affect your chances for life insurance. The key to getting approved for life insurance with a DUI will take a bit of work, knowledge gathering, and using an independent life insurance agent who knows which companies will approve you – and at the best rates.
If you’ve been charged with a DUI in the past, don’t assume you can’t get approved for a plan. It might be easier and cheaper than you assume.
Biggest Factors for Approval
Some people with a DUI tried to apply for life insurance and have been declined. The truth is that it really isn’t your fault, but rather a combination of using the wrong life insurance company, or a life insurance agent who doesn’t specialize in high risk life insurance. if you have been declined the agent you used may not be have been informed on which companies would approve you. Even when it comes to companies that will approve you, many times they will want to charge you a “Flat Extra” or additional fee per $1000 of coverage. Not every company charges this, and understanding various company guidelines is the key to getting approved at the best rates.
DUI Life Insurance through Prudential
All insurance companies that offer this life insurance have guidelines for life insurance rates with a history of a DUI or DWI. Some have more knowledge dealing with people who have gotten a DUI. We’ve done the research and out of all the possible choices, Prudential may be the best one to help give you the life insurance you need at the best rates.
Influences on Pricing
The price that you will pay for the life insurance, called a premium, is influenced by quite a few factors. Similar to traditional life insurance and other types of insurance, your age and driving record are considered. When a DUI is involved, there are more details to look at. Things like your current health, history of DUI violations, and criminal history are also considered. Alcohol abuse, treatment, and a liver enzyme test will be used as well. If any of these factors are not an issue, you may qualify with Prudential, but there will be guidelines.
A DUI charge that is older than 10 years will not have any weight, but if you have been charged more than two times in a 10 year period you will not get approved for a normal policy. In that instance, a Graded Death Benefit policy may be recommended.
One DUI Charge
Any DUI charge that has occurred within the previous year will be rated according to Table 2 guides. For charges that are over a year old, Prudential will rate you according to their Standard health guidelines. Standard Plus ratings are possible for people with charges that are over three years old.
As an example, we will use a 35 year old man who wants $500,000 coverage for 20 years. The Table 2 guides put the price at $98.10 each month. The Standard Plus rate would be $51.75 monthly. Under the Standard rating, his premium would be $65.70 each month.
Two DUI Charges
Prudential uses different rating guides for people who have had two DUI charges within the last 10 years. Table 5 ratings are used if the latest charge occurred within the last five years. If it is older than that, Table 2 guides are used.
Using the same man and amount of coverage for an example his pricing changes with the additional DUI. Under the Table 5 ratings, he would have to pay $159.30 every month. Table 2 ratings would put him at $98.10 per month. As you can see, his premium is higher because of the second DUI charge.
Why Premiums Are Higher
A DUI charge raises a lot of concern for insurance companies. You are considered a higher level of risk. If we can show that you have changed your lifestyle (for example you no longer drink) and that you are overall healthy we can help you get approved for life insurance, even with one or two DUIs on your record.
Guaranteed Acceptance Life Insurance
The last resort of life insurance is a guaranteed acceptance policy. What is a guaranteed acceptance life insurance plan? It’s just like a traditional policy except stripped down. There are no health questions or medical exams. Sounds like the golden choice, right?
The problem is these policies are expensive and don’t allow you to get as much coverage as you would need. Most cap protection limits at $25,000 and the premiums are expensive compared to the competition.
Getting Affordable Life Insurance
If you have a DUI on your records, there are a lot of roadblocks, but life insurance shouldn’t be one of them. We are dedicated to getting you the cheapest premiums available. We are going to detail some of the most common tips we give to our customers.
First and foremost, quit smoking! Sure, those cigarettes may calm your nerves every day, but you might as well take a hundred dollar bill and chuck it out the window every time you light up. Smoker’s rates are twice as high on average. For some companies, there are going to be three times more. Do you still enjoy those cigarettes as much?
The next tip we give our clients is to get in shape. Unless you’re buying a no exam plan, you need to focus on your medical exam results. Those results are the end-all-be-all for your premiums. When you take the exam, the nurse is bringing a scale. Lose weight before the exam and you’ll enjoy cheaper premiums.
Some companies are terrified to give life insurance to an applicant with DUI, and you need to avoid those companies. How do you know which companies those are? That’s where we can help.
We have years of experience navigating the high-risk life insurance world. You don’t have to be an insurance genius to get a quality plan, we have all the resources and info you need. We are partnered with some of the best insurance companies for anyone with a DUI.
Life is crazy. There is no doubt about that. If you don’t have time to sit down and pick through all of the options and companies, let us do it for you. Because we work with so many companies, we can save you the time.
Call us to get a customized quote at 888-552-6159 and we look forward to going over possible rate options for life insurance with a history of a DUI on your record.