When you apply for life insurance, the insurance company is going to review dozens of different factors to decide how much they are going to charge you for coverage. One factor that most people don’t realize is your DMV records. The insurance company is going to look at your driving records and look for any risk factors.
Getting charged with a DUI can affect your ability to get approved 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.
Life insurance is one of the best and most important investments that you’ll ever make for your loved ones. Life insurance is one of the best ways to ensure that your family has the money that they need, even if something tragic were to happen to you. This article is going to look at how a DUI is going to impact your life insurance search and ways that you can save money on your insurance protection.
Biggest Factors for Approval
There are a lot of people with a DUI who have 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. 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
If you’ve been declined for life insurance because of a DUI or for any other reason, don’t assume that you can’t get approved for life insurance. There are still several options for insurance that you can choose from.
One option is a guaranteed acceptance life insurance policy. These plans will give you life insurance regardless of your health, DUI history, or any pre-existing health problems that you have. These guaranteed acceptance plans are a good way to get life insurance, but they should only be used as a last resort. These policies are more expensive and you’re going to be limited on how much insurance that you can buy.
Getting Affordable Life Insurance
As you can see from the quotes above, any applicant with a DUI is going to pay much more for life insurance. That doesn’t mean that you have to pay a fortune for your insurance. There are several ways that you can lower your premiums and keep more money in your pockets. Making a few simple changes can save you hundreds of dollars every year on your insurance premiums.
The first thing that you should do is cut out any tobacco that you use. If you’re a smoker, then you have a higher chance of being diagnosed with lung cancer or suffering from a heart attack. That means that you’ll pose a higher risk to the insurance company, and they are going to offset that by charging you higher premiums. In fact, smokers are going to pay twice as much for their life insurance versus what a non-smoker would pay for the same sized plan.
Another way to save money is to improve your overall health. Before the life insurance company gives you life insurance, they are going to require that you take a medical exam, unless you have chosen to purchase a life insurance policy with no medical exam required, which will come with a higher premium rate. The results of that exam are going to play a huge role in how much you pay every month. Getting better results is going to save you hundreds of dollars every year. The best ways to do that are to start a healthy diet and get regular exercise. Both of these are going to help you lose weight, lower your blood pressure, and much more. If you’re overweight, then you’re going to pay 50% more for your life insurance coverage every month.
Every insurance company is different, and all of them are going to view your DUI charge differently based on their medical underwriting and rating system. That means that the quotes that you get are going to vary drastically depending on the companies that you contact. It’s important that you compare dozens of insurance companies before you decide which one is best for you.
There are hundreds of companies out there. All of them are going to give you different rates. Instead of wasting your precious time, let one of our independent insurance agents do all of the dirty work for you. Our independent insurance agents work with dozens and dozens of highly rated companies across the nation, which means that we can bring a personalized set of quotes directly to you.
You never know what’s going to happen tomorrow. Life can throw a crazy curveball at you. It’s important that you don’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance, your family would be stuck with a massive amount of debt and other final expenses.
We know that shopping for life insurance is not a fun task. Nobody wants to spend their free time thinking about his or her own death, but that’s why we are here to help. It’s our mission to ensure that you’re getting the best life insurance policy possible.
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.