Have you ever wondered what impaired risk means with…
Alcohol consumption may have an effect on how much cover you can obtain and how much you’ll pay for your premiums.
There are two types of alcohol misuse to consider when arranging your life insurance:
Alcohol abuse refers to infrequent consumption of alcohol but in dangerous quantities.
Alcohol dependency, on the other hand, is when your body has become reliant on the consumption of alcohol and you experience withdrawal symptoms if not consumed.
Both forms of alcohol misuse can bring with them significant medical implications, as well as impacting your life insurance.
However, rest assured you could still secure life insurance protection.
Read on to establish how your life insurance options can be affected by alcoholism…
In the event of the worst happening to you, could your loved ones afford to:
This highlights the need for adequate life insurance to financially protect your loved one’s future.
However, alcohol misuse can affect your ability to obtain such protection.
Let’s face it, most of us enjoy a drink and alcohol is very much ingrained in UK culture.
But how much is too much in the eyes of the insurer?
Alcohol abuse refers to someone who drinks an excessive amount.
This can be on an infrequent basis and their body isn't dependant on it.
Generally speaking, whilst you're considered to be consuming an excessive amount of alcohol if you have over 15 drinks a week, insurers don’t tend to require you undergo a medical exam if your weekly consumption is 40 units or less a week.
However, different insurers have different alcohol thresholds, therefore it pays to compare multiple quotes.
When cover is offered, it may also be that death caused as an act of alcohol abuse is excluded, in which instance a pay out wouldn't be made.
At Reassured, our team of experts will be able to assess your alcohol consumption and present you with insurers who are able to provide you cover.
It's far easier to arrange life insurance if you're no longer misusing alcohol.
Policies arranged for previous alcohol misusers are likely to exclude alcohol abuse as a cause of death.
This means that if you pass away due to alcohol poisoning or an alcohol-related incident, your loved ones are likely to be denied a pay out.
A period of sobriety is generally required before life cover will be offered. This period can vary significantly between insurers, ranging from 1-5 years.
At Reassured, we compare quotes from a wide range of providers and are able to help you obtain cover following 12 months of sobriety.
Get in touch with our award-winning team and we'll help you find the best available policy.
Unfortunately, when life becomes hard alcohol can provide a means of escape. But this can potentially lead to alcohol misuse.
If you already have life insurance in place, any change to your alcohol consumption following the start of your policy won't affect the cover you have in place.
Life insurance and premiums are based on your circumstances at the point of arrangement. Therefore, any changes which occur thereafter won't be taken into account.
Due to the medical impact caused by alcohol misuse, both abusers and dependants are likely to be required to provide more in-depth medical information. Such as:
If currently consuming significant levels of alcohol, it's likely that you'll be turned down for life insurance until you can demonstrate a period of sobriety.
The information collected will then be used to determine the likelihood of a claim and your premiums will be loaded (increased) accordingly.
The amount your premiums are loaded will depend on how severe and recent your alcohol misuse was.
Term life insurance provides cover for a specified length of time and if you pass away during this period a lump sum is paid out.
As discussed, if still alcohol dependant, it's highly likely you'll be declined any form of life insurance, (including term cover).
However, if sober for a specified amount of time, you may be eligible to obtain term-based life cover.
The length of this sobriety period will vary depending on the insurer, sometimes as long as 5 years.
At Reassured, we compare quotes from a wide range of providers and are able to help you obtain cover for as little as 12 months sober.
Simply get in touch today to identify your best policy option.
Whole of life insurance provides a lump sum pay out to your loved ones when (not if) you pass away.
As long as premium payments are kept up to date the protection remains in place for life.
Again, it's unlikely you'll be able to secure such cover if you're still consuming very high levels of alcohol.
However, at Reassured once you have been sober for 2 years, it's highly likely our team will be able to arrange your whole of life cover.
It's likely to come with a loaded premium due to your behavioural history, although, reducing premiums can be discussed the longer your sobriety lasts.
Over 50s life insurance provides guaranteed acceptance for all UK residents aged 50-85, without the need to supply any medical information.
As a result, it's ideal for anyone within this age range who has suffered medical conditions or is struggling to get cover due to alcohol misuse.
It does, however, come with a waiting period of up to 2 years at the start of the policy.
This means, if you die within this initial period, all premiums paid in will be refunded but no pay out issued.
Therefore, you should consider this if your medical ailments are particularly serious or you're drinking extremely high levels.
At Reassured we can give you all the information you need to understand the available options, enabling you to make an informed decision.
Joint life insurance covers two lives simultaneously, saving you on average 25% compared with two separate policies.
However, if one or both of you have previously suffered alcohol misuse, it'll increase the cost of the policy, meaning that the other partner pays more than is necessary.
Equally, if any exclusions are written into this policy, they'll apply to both parties.
It’s also important to remember that a joint policy only pays out upon first death, leaving the surviving partner unprotected and requiring new cover when older.
Contact our award-winning team today to determine if joint life insurance is the right option for you.
At Reassured, all life policies (except over 50s) come with the option to add critical illness cover for an additional cost.
If diagnosed with a non-life-threatening illness, this early pay out can be used to fund necessary adaptations to your home, replace a lost income or simply to enjoy with family.
Your ability to obtain critical illness will be based on your individual alcohol consumption and some exclusions may be added to the cover, meaning that certain ailments caused as a result of alcohol may not be covered, e.g. blindness.
It's also likely that your premiums for critical illness cover will be highly inflated.
Get in touch with Reassured and we'll review your options and work tirelessly to find you the best deal available.
At Reassured, all term life insurance policies come with terminal illness as standard.
Therefore, whether you suffer from alcohol misuse or not, once you've managed to secure life insurance, you'll receive this benefit.
If you're diagnosed with a terminal illness and given less than 12 months to live, you can make an early claim on your policy.
Please note, it's possible for the insurer to write certain exclusions into the policy.
The early pay out can then be used as you wish, providing peace of mind that your loved ones are financially protected.
Alcoholism will only void your life insurance if it’s found that you weren’t truthful about your consumption at the point of application.
If you drink heavily, it may be tempting to lie about your alcohol consumption when applying for life insurance.
This is known in the insurance industry as non-disclosure.
Whilst this could make it more likely to secure lower premiums, it may result in your selfless investment being wasted and a pay out being denied.
Today’s science enables vigorous testing for alcohol use, and therefore if upon your death you're discovered to have lied about your consumption, it's possible for your policy to be deemed invalid.
As a result, it's important to be forthcoming and truthful about all aspects of your life when arranging your cover.
In England, it's estimated that there are 602,391 individuals dependant on alcohol. Whilst 24% of adults living in England and Scotland regularly drink over the recommended amount.
Why is this important? Because alcohol is a causal factor in over 60 medical conditions.
You're considered to be consuming an excess level of alcohol if you have over 15 drinks a week.
As you can see from these statistics alcoholism is very prevalent in our society. We're not here to judge.
Our primary aim is to secure you affordable life insurance protection.
Whether alcohol dependent or an alcohol abuser there are a number of resources and support services out there to help:
If you're struggling with alcohol addiction or feel your drinking is getting out of control, it's imperative you seek help.
So, as you can see, arranging life insurance will vary depending on your personal circumstances, as will the cost of your premiums.
At Reassured we can compare quotes which are tailored to your relationship with alcohol, fully informing you of your options and helping secure the best deal.
Our FCA-regulated and award-winning broker service is fee-free.
Why not seize the day and secure the financial future of your loved ones?
We're here to help save you time and money.
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