The National Highway Traffic Safety Administration (NHTSA) reports that every single day 29 Americans die in drunk driving crashes. In one year alone, a cost of $44 Billion is directly assigned to the cost of fatal drunk driving crashes.
Obviously driving while under the influence is a significant risk and one that insurance carriers take seriously.
Let’s be real. It makes sense!
After all, NHTSA states that drivers with a DWI/DUI are 40% more likely to get into a fatal crash involving alcohol.
On the bright side, a drunk driving infraction will not necessarily preclude you from buying life insurance. It may simply mean you’ll pay a higher rate for life insurance coverage than your peers without a DUI.
Once you disclose a DUI or DWI charge, be prepared for plenty of follow up questions during the application process.
I recommend always being honest and forthcoming during this process as it will make your experience so much easier.
Keep in mind, the life insurer is simply interested in confirming information.
The carrier wants to fairly evaluate your medical records and accurately determine your overall risk.
Insurance companies really do want your business!
To make the best decision, life insurance companies will look at all aspects of your lifestyle and health before making a final decision.
I have put together some tips and possible results when applying for life insurance over 50 years old with a DUI.
Hopefully this information will assist you in securing the right life insurance coverage for you and your loved ones.
Ratings for Applicants with a DUI or DWI
Each life insurer has different guidelines for their applicants. This is true when it comes to your medical history, lifestyle habits, as well as your driving record.
Below is a basic look at the life insurance rates you would probably be able to qualify for just based upon your history of having a DUI.
Preferred or Preferred Plus: The very best ratings are usually only attainable if you have not had a drunk driving conviction within the last 5 years.
Standard Plus: With a least one insurance company that I know of you can get a standard plus rating after 3 years have passed since your DUI.
You also must be free of any suspensions, revocations, or reckless driving charges in the past 3 years.
The life insurance company will also want to be sure you have no history of alcohol abuse, are in excellent health, and lead a low risk life in general.
Standard: To secure an average rating then you’ll need to wait until at least 2 years have passed since your DUI.
Again, in the last 2 years your driver’s license cannot have been suspended or revoked nor can you have any other reckless driving.
Now let’s take a closer look at the rate class you would likely be approved at from a few of the top over 50 life insurance carriers I proudly work with each day.
This table explains how many years must pass since you’ve been convicted of Driving Under the Influence of alcohol to receive each rating.
The grid clearly illustrates how each some of the top life insurance companies will view your DUI conviction differently depending on how much time has passed.
|Carrier||Preferred Plus||Preferred||Standard Plus||Standard|
|AIG||7 years||6 years||5 years||3 years|
|Banner||5 years||5 years||3 years||2 years|
|Mutual of Omaha||5 years||5 years||5 years||Varies|
|Prudential||5 years||5 years||Varies||Varies|
|Protective||5 years||5 years||N/A||Varies|
If you have a DUI conviction in the past 12 months, at least one company has been known to offer a table 2 rating.
Two DUI Charges
Multiple Driving Under the Influence charges does signal to the insurance carrier that you are possibly a high-risk applicant.
Of course, each life insurer will have their own guidelines for multiple DWI infractions.
Just keep in mind, if the insurance company does offer you a policy, the premium may be higher than your peers without a DUI.
Below are approximate results for those with two DUI charges:
- Preferred Plus Rating: If your last DUI occurred more than 10 years ago, then the best available rating is always a possibility.
- Table Rating Level 2: If your last DUI occurred 5-10 years ago, then you could receive this Sub-Standard Rating.
- Table Rating Level 5: If it’s been less than 5 years since the last DUI, you could receive this Sub-Standard Rating.
As you can see, the timing of your Driving While Intoxicated charge makes a huge impact on your life insurance rating.
Is it possible to get life insurance if you have had more than 2 DUI’s?
Short answer is yes it’s possible. Here’s an example of a situation where a life insurance may insure even if you have had 3 DUI’s.
For example, a 55 year old applicant that had 3 DUI’s between ages 21 and 33, but has since been sober for more than 20 years, may very well be eligible for the best ratings possible. Timing is everything.
So, if you are someone with multiple DWI’s, don’t worry if you think you’ll be completely out-of-luck securing over 50 life insurance.
I may still be able to help you secure a good insurance solution for you and your family.
The Application – Over 50 Life Insurance with DWI
The first part of your life insurance application will include run-of-the-mill questions about your age, marital status, tobacco use, health history, occupation, and hobbies.
Every life insurance application will also ask for your driver’s license number. So same as reviewing your medical records, the life insurer will read through your Motor Vehicle Report (MVR).
Again, maybe moving violations and DWI’s are not health issues but they are indicative of someone that takes risks.
Let’s face it, speeding or driving recklessly or Driving While Intoxicated can all result in death.
That’s why I recommend my clients always prepare to answer follow-up questions such as the ones listed below.
DUI Application Questions
- When was your last DUI or DWI conviction?
- How many DUI or DWI convictions have you had over the years?
- Besides a DUI offense, has your driver’s license ever been revoked or suspended?
- When did you have a license revocation or suspension? And for what reason?
- What other moving violations are on your MVR?
- Do you have other criminal convictions?
- Do you currently drink alcohol? If so, how many alcoholic drinks do you have each week?
- Do you have a history of alcohol abuse?
- Have you ever been treated for alcoholism? What type of treatment did you complete?
Medical Testing for DUI Applicants
Once a history of Driving Under the Influence is established, be aware the insurance carrier may begin looking for a history of alcohol abuse.
Why? Well, because if you are an alcoholic then your risk of dying prematurely increases significantly.
If you are required to do a medical exam as a part of the application proces, the insurer will look closely at your liver enzymes.
In addition, the carrier will watch for alcohol markers such as Gamma Glutamyl Transferase (GGT). It’s universally understood that normal GGT levels are 2-65 U/L.
If your results show GGT levels above 65 U/L and you have a DWI, then the insurance company will believe you use alcohol far more than what is considered acceptable.
To double check their assumptions, the life insurer will then investigate your Carbohydrate Deficient Transferring (CDT) biomarker. If the CDT blood work is positive, you will most likely be declined for traditional life insurance.
Insider Tips to Get the Cheapest Over 50 Life Insurance Rates
I have helped many seniors, like yourself, obtain affordable life insurance policies.
As a result, I’ve established some easy insider tips for saving money on your life insurance coverage.
Insider Tip 1 – Stop smoking! Ex-smokers that have been tobacco free for 12 consecutive months will cut their insurance rates in half.
If you use chewing tobacco, puff on a pipe, or smoke cigars, we can get you non-smoker rates as long as you haven’t smoked cigarettes at all in the last 12 months. Give me a call to talk about your options.
Insider Tip 2 – Control Chronic Illness! As I mentioned earlier, chronic health conditions cause concern for the life insurance company and will ultimately increase your premiums. So do everything you can to keep diabetes, cholesterol, and blood pressure in check.
Adhere to your doctor’s orders, take medications as prescribed, and always follow through on medical tests in a timely manner.
It seems simple but being compliant will improve your health and your bank account!
Insider Tip 3 – Let Me Help You Shop Around! Dozens of excellent life insurance carriers would be pleased to have you as a client.
I am very familiar with the market place and can find the insurer that will be most likely to work with your particular needs.
Insider Tip 4 – Get a Reconsideration Later! Keep in mind, most life insurance policies will allow the insured one re-consideration during the term of the policy.
This means if you lose weight, stop smoking, or lower your risk in another manner then request a re-consideration. This could result in the life insurance company giving you a better rate.
Give Me a Call
MADD statistics are extensive and quite troublesome. The most alarming data indicates the average driver arrested for a DUI or DWI has already driven drunk 80 previous times before being arrested.
You can see why life insurance companies take drunk driving convictions very seriously. For numerous reasons, your DWI could be an indicator of a bigger issue that will result in a premature death claim.
Don’t take the insurance carrier’s questions and review process personally. The insurer is not accusing you of anything negative.
They are simply trying to be diligent and fair before issuing a life insurance policy.
I can help you determine what rates you will most likely qualify for, as well as share industry insight when it comes to the most affordable life insurance over 50 years of age.
I look forward to helping you get your family protected from any possibility of financial disaster. Life insurance is the most valuable gift you can give the ones you love.