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If you’ve suffered from substance abuse, your options for life insurance are unfortunately limited. However, a history of drug addiction doesn’t necessarily mean you can’t get coverage — it just may make it more challening.
While it’s possible to get coverage if you’ve had substance abuse problems in the past, finding life insurance if you’re currently dealing with drug addiction can be tricky. Most insurers require you to prove you’ve been sober and in recovery for at least two to five years.
Yes. If you’ve struggled with addiction in the past but have completed your rehab program and are now clean, you may be able to find coverage. However, be prepared to answer questions about your substance abuse as part of your application.
Your substance use isn’t the only thing your insurer will look at when considering you for coverage. They’ll also assess your:
Yes. Any history of drug use affects how much you pay for your life insurance policy, and it’s important to be completely honest in your application. The amount you’ll pay for coverage will depend on your insurer’s underwriting standards, as well as the severity of your past addiction and how long you’ve been clean.
If you’re currently using drugs, your life insurance application will more than likely be denied. If you’re in recovery and have been clean for a while, you could take out a traditional life insurance policy. There are a few ways to go about that:
Yes. If you’d prefer to skip the medical exam, you can explore these no-exam policies.
With simplified life insurance, you still need to fill out a health questionnaire — but most people are approved for coverage.
Also known as guaranteed acceptance life insurance, this policy is open to anyone, no questions asked. But since the insurer can’t rely on the health questionnaire and medical exam to determine your risk level, you’ll pay a much higher premium.
There are a string of life insurance startups that can issue term life insurance on the spot. Typically, you’ll need to fill out a form about your health and lifestyle, but past substance use may not disqualify you for coverage.
Getting life insurance with a history of substance abuse may pose a challenge, but getting coverage is possible. Life insurance companies have complex underwriting standards, and some are more lenient than others. It’s important to compare your options to ensure you’re getting a solid policy at a premium you can afford.
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