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When you apply for life insurance coverage, the company is going to look at dozens of different factors to determine how much risk that you are to insure. One of the biggest factors during the application process that’s going to impact your life insurance rates is the medical exam, which will include a drug test.
One thing that seems to constantly surprise people when applying for life insurance, is that there is a life insurance drug test. The life insurance drug testing is done through a blood and urine sample.
Hard drugs like cocaine, methamphetamine, heroin and other opiates are usually grounds for an automatic rejection of your life insurance application. While marijuana, alcohol or tobacco use is insurable - you'll just pay a higher rate based on your usage.
If you do come back with a positive result for illegal drugs, the results will be forwarded to the M.I.B. (Medical Information Bureau), who will keep this result in their database which will effect your future life insurance applications.
The best thing to do is to be open and honest with your life insurance agent. Don't hide your drug use and definitely don't try to game the life insurance drug test. We're on your side and will find the company that will give you the best rates. We'll provide you all your options with the utmost discretion.
Life insurance companies aren't just testing for illegal drugs, but also for alcohol and tobacco use as well, you should know more about the life insurance drug tests before applying for life insurance
Many tests look for Cotinine, a chemical that is produced when nicotine is present in your system. Cotinine can stay in your system for up to six months. There are also alcohol markers in the life insurance drug testing that may prompt further questioning about your drinking habits. Like we said earlier, don't try and slip one by the life insurance company. They WILL find out.
There are no medical exam life insurance options. These options will ask about prior drug use on the application, but you will be able to avoid the life insurance drug testing.
Some people may be able to slip by some of the questions. For example, some companies ask in the last "2 years" have you used any illegal drugs. If you smoke pot and live in one of the states (currently Colorado and Washington) where pot is legal, you can answer "no" to that question.
Of course it depends on your situation and how crafty your life insurance agent is. We're pretty crafty over here and do what it takes to get you the lowest price possible.
There are several pros and cons of no exam life insurance plans that you should be aware of when you’re shopping for insurance coverage. No exam policies are a great way for some applicants to get life insurance, but they are a specialized type of coverage that are not the best option for everyone. Don’t let a drug test keeping you from getting the life insurance that your family deserves.
The first advantage of these plans is that you get to skip the medical exam, which means drug usage or current health is not going to impact your rates. Without the medical exam, the insurance company doesn’t get a picture of your current health, which could be a great way to ensure that you can life insurance.
Another advantage to these no exam plans is that you can secure like insurance much faster than you can with a traditional policy. With a normal plan, you have to wait for the company to get the results and then review them with the medical underwriting. The whole process can take up to a month. With a no exam policy, you can be approved for coverage in a matter of days. If you want to get life insurance as quickly as possible, then a no exam policy is the best way to go.
Just like every other kind of plan, there is always going to be some drawbacks as well. One of the most notable is that you’re going to be limited on how much coverage that you can buy. Most insurance companies are only going to sell you around $250,000 worth of protection. For most families, that is not going to be enough coverage. There are a few companies that sell more coverage, but those policies are rare.
The other notable pitfall of these plans is how expensive they are going to be. The purpose of the medical exam is to give the insurance company a well-rounded idea of how much risk you are to insure, but without that exam, they are taking more risk. They are going to offset that by charging you higher premiums. No exam plans are going to be around three times more expensive versus what you would pay for a traditional policy. If you’re looking to get the most affordable coverage, then you will need to apply for a normal plan that has a medical exam, which includes the drug test.
If you have any questions about the life insurance drug test and your unique situation, give us a call. Our team of experienced life insurance experts have dealt with every situation imaginable. All information is strictly confidential and we don't judge. Our job is to find you the best life insurance rates available and that's what we do day in and day out.
Life insurance is one of the most important purchases that you can ever make for your loved ones. It’s one of the only ways that you can ensure that your family will have that money that they need.
So don't let the life insurance drug test deter you from purchasing coverage.