Drug use, even for occasional and recreational purposes, can have a big effect on the premiums you pay for life insurance. It is a common misconception that a history of drug use will automatically disqualify you from obtaining a life insurance policy. Depending on the type of drugs used, how recently they were used, and treatment received, a “table rating” or “flat extra” rating may be assigned.
If you are currently using illegal drugs other than marijuana, you will only be able to qualify for a guaranteed-issue life insurance policy with a “graded” death benefit. Marijuana users can still get fully underwritten coverage and will usually be assigned the rating for a tobacco user, or a mild “table rating.”
You should always be up front about drug use because if a company discovers use in your history or medical exam that was not admitted, you will almost certainly be declined. Admitting the information up front will receive more favorable treatment by the underwriters.
Life insurance companies will want to know the following information to make an accurate risk assessment:
- What type of drugs have you used?
- How often did or do you use them?
- Have you ever been arrested?
- Were you ever charged with a misdemeanor or felony relating to drug use?
- Has your driver’s licensed ever been suspended or revoked?
- If you have used in the past but no longer use, how long ago was the last use?
- Have you ever been sent to rehab, voluntarily went to rehab, or sought treatment from a support group such as Narcotics Anonymous?
- Any other co-morbid conditions such as tobacco use, diabetes, obesity, heart disease, etc?
If you have a history of drug use or abuse, you should not apply with multiple companies at the same time. The more companies that give you a table rating or decline coverage on a formal application, the less likely you are to get a better offer!
You need the help of an independent life insurance agent that can shop your medical profile informally (no personal information is revealed to the insurance companies, just a general medical profile). We specialize in high risk life insurance and make sure you are getting the best possible offer. This is how it works:
- Call us at 1-888-972-0024 to review by phone. You can also e-mail us by CLICKING HERE.
- We submit your general medical profile to 10-15 of the most competitive, highly rated life insurance companies with the lowest rates in the industry (again, no personal information is disclosed)
- We review each of the offers and send you a spreadsheet with the lowest rates from the company or companies that made the best offer(s)
- You apply for the policy of your choice. We walk you through the application, follow up on the underwriting, and get the finalized offer. Note, there is no cost to apply and no obligation to accept the final offer from the insurer.
- The policy can be delivered, signed, and paid for electronically with many insurers today – a paper policy delivery can still be mailed upon request. Once the signatures and initial payment are completed – you’re done!