Getting Approved for Life Insurance with a DUI
You might be reading this article because you have been declined for life insurance due to a DUI. It’s very likely that the reason you got declined is that you applied with the wrong life insurance company. It isn’t your fault. The agent you were working with was probably not knowledgeable on how to get you approved for life insurance with a DUI. When it comes to life insurance and a DUI/DWI, choosing the right company to work with is the key difference between getting approved or declined for life insurance.
Prudential Life Insurance with a DUI
While several life insurance companies won’t insure you if you have had a DUI in the last 12 months, even the ones that will insure you will charge you an extra fee called a Flat Extra. Rather than discussing those companies, I’ll go over the one company that will be the best choice for life insurance with a DUI, and that company is Prudential Life Insurance (source).
I’ll now discuss the underwriting guidelines of Prudential when it comes to a history of a DUI and also gives some examples of pricing, so that you have an understanding on how their ratings affect the pricing of a life insurance policy with a history of a DUI.
Before I get into the kind of pricing you can expect, here are some factors that will affect the pricing of your policy and the ability to get approved at the best rates.
Factors that Affect Pricing for Life Insurance with a DUI
- Your Current Age
- DUI History- How Many DUIs have you had? When?
- History of Alcohol Abuse? Treatment?
- Results of a Liver Enzyme Test – The insurance company will test for level of liver enzymes.
- Driving Record – History of moving violations, speeding tickets?
- Criminal Record?
- Any Health Conditions?
Assuming that the above items aren’t a factor, here is what you can expect with Prudential for life insurance with hisotory of a DUI.
If your DUI is over 10 years old, it won’t negatively impact you with Prudential, as well as most other life insurance companies. Also if you have had more than two DUIs over the last 10 years, you won’t get approved for life insurance with Prudential, or any other company. If that is the case, we will need to explore a Graded Death Benefit Life Insurance Policy. Here are the guidelines for Life Insurance with one DUI, and Life Insurance with 2 DUIs over the last 10 years.
Life Insurance with One DUI
- If your DUI has been in the last 12 months you can expect a Table 2 (also called a Table B) rating.
- If Your DUI has been over 12 months ago, you can expect a Standard Plus health rating.
- If your DUI is over 3 years old, it is possible for you to get a Standard Health Rating.
What does this mean in terms of pricing for term life insurance? Here are some examples:
Term Life Insurance with a DUI
Let’s take a look at an example of a 35 year old Male applying for a $500,000 20 year term life policy:
- $500,000 20 Year Term Life for 35 Year old Male at Table 2 Rating = $98.10 Month
- $500,000 20 Year Term Life for 35 Year old Male at Standard Plus Rating = $51.75 Month
- $500,000 20 Year Term Life for 35 Year old Male at Standard Rating = $65.70 Month
Life Insurance with Two DUIs
If you have two DUIs in the last 10 years, Prudential will offer you the following ratings:
- If the most recent DUI is within the last 5 years, you can expect a Table 5 (or table E) rating.
- If your most recent DUI is over 5 years old, you can expect a Table B (or Table 2) rating.
What does this mean in terms of pricing? Let’s go back to the example of our 35 year old male with a $500,000 20 year term life insurance policy.
- $500,000 20 year term life for a 35 year old male at a Table E Rating: $159.30 Month
- $500,000 20 year term life for a 35 year old male at a Table B Rating: $98.10 Month
The difference between getting approved for term life insurance with a history of a DUI is the difference between working with the right insurance agent or wrong insurance agent. At ChooseTerm.com we are experts in helping people with a history of a DUI in getting approved for life insurance.
Fill out our Contact Us form and we can help you get approved for life insurance with a DUI.