With the recent passing of Whitney Houston, I am reminded of how devastating the effects of drug use can be on the human body. As we’ve seen in Whitney’s case and so many others, prolonged drug use can lead to a severely decreased life expectancy.
So you won’t be surprised to learn that all life insurance applications include some type of question about the applicant’s use or abuse of alcohol, as well as use of any drugs currently or in the past.
For example, Genworth Life & Annuity Insurance Company’s drug question reads as follows:
“Other than prescribed by a physician, have you ever used marijuana, narcotics, stimulants, sedatives, hallucinogens, or any prescription drugs? If “Yes”, also give the name, form, amount, frequency, and length of use, and date last used.”
Best Case Approval Using Illegal Drugs
In a best case scenario, if you use marijuana, even currently, you may be able to get Standard Non Tobacco rates, if use is recreational. Funny thing is if you use it with a prescription, you’ll be classified under Tobacco rates, which cost two to three times the Non Smoker rates.
With more serious drugs (meth, cocaine, heroin) if you use currently, you’ll be declined. You need to quit for at least several months before being approved for life insurance.
What If I Quit?
If you used in the past and quit, a life insurance approval will depend on some factors:
- Time passed since you quit. At least 1 year from time quit is required by most companies, and even longer is required by some.
- Length of time you did drugs.
- Severity of drug use and addiction. Obviously heroin and cocaine are the most harmful to the body and most addicting. But in any case, was rehab needed to quit?
- Any residual medical issues.
- Currently living a stable life – If you have a steady job, a home, are married, etc., these things look good for you.
How to Be Approved as Former Drug User
Be up front and honest about your drug history on your application. If you’ve already been declined for life insurance coverage, say so. If it was several years ago, and you’ve been sober since, you may not have any problems at all. You may be able to qualify for preferred rates.
Even if your drug use was more recent, say within the past few years, you still may be approved paying a higher premium, but then you can apply for a new policy every year as you get farther and farther away from your drug using days, and keep getting better and better rates.
You’ll definitely want to work with an independent agent who can put your case out to bid to several companies to see who will possibly pre-qualify you at the best rating. You’ll also want to find an agent who specializes in high risk life insurance, as we do.
Lying About Drug Use
Don’t lie about history of drug use on a life insurance application. First of all, it’s insurance fraud. Secondly, if you get approved, and die within the first two years, the insurance company will investigate deeper into your past, and if they find out you lied about drug use on the application, they don’t have to pay the death benefit.
Your best bet is to speak with a knowledgeable agent about your history of drug use, like one of the agents here at Huntley Wealth Insurance. We’ll run through your specific drug use history and be able to guide you to the company with the lowest life insurance rates.
Ideas on Saving Money
You may have to resort to a low cost type of life insurance policy, such as 10 or 20 year, rather than a permanent form of insurance like whole life. Once you’ve been removed from your drug use for several years, you may be able to replace the term policy for a permanent policy for a price you can stomach.
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