There is an opiate crisis in the United States. The Centers for Disease Control and Prevention (CDC) reported that in the last year, opioid overdoses increased by 30 percent overall. The CDC also reported that 115 Americans die per day from opioid overdose.
Opioids are often prescribed by doctors for pain management. Unfortunately, with regular use, the body becomes quickly tolerant of these drugs, which means you will need more and more of the drug to feel the same affects. They are also highly addictive.
Common opioids include:
It’s possible to be approved for life insurance if you are currently using prescribed opioids for treatment, but just be aware that your premiums will reflect the risk.
Can I buy life insurance with opioid use?
The mortality risk for prescribed opioid use is less than that for illegal opiate users, but there is still a significant risk.
Life insurance underwriters are going to take a close look at the following:
- The quantity of opioid ingested
- The stability of the dose
- Is there drug or alcohol abuse history
- Are there are other medications being taken (e.g. antidepressant)
Can I buy life insurance with a history of opioid abuse?
Yes. Drug abuse in your past does not mean you cannot buy life insurance in the present. Some applicants may even be offered a preferred risk class. A preferred risk class means it’s better than the standard, or average, risk.
To be considered for preferred, life insurance companies will want to see the following:
- No current drug use
- No drug abuse in the last 10 years
- No evidence of complications related to drug use
- No residual medical or psychiatric disorders
- No history of drug trafficking
These factors would be evaluated in addition to other typical risk factors such as family health history and your occupation.
If you don’t meet the above criteria, you may still be approved for coverage, just not at preferred ratings. To be considered for coverage, in general, below are some favorable factors life insurance companies would like to see:
- The drug abuse began later on (versus early age onset prior to age 20)
- It was for a short duration (less than two years)
- No family history of drug abuse
- No prior history of drug or alcohol treatment
- No social interaction with individuals associated with drug use
- No criminal history
- No indication of thrill-seeking hobbies
- History of only a single drug abuse
- Financial stability and employment
- Occupation does not provide easy access to drugs
- Actively involved in a recovery support network such as NA
- Supportive family environment and marital support
- No current alcohol or potentially addictive prescription drug use
- No associated psychiatric diagnoses or chronic pain and/or treatment
You do not need to check every one of these factors off a list in order to be considered, but the more favorable factors you have going for you the better your life insurance rate.
» Compare: Term life insurance quotes
Life insurance companies underwrite drug abuse history differently. Check out the case study below for a good example.
Drug abuse in your past does not mean you cannot buy life insurance in the present.
Opiate Addiction Life Insurance Case Study
John Smith is 35 years old and had a painkiller addiction five years ago. No relapses since. He currently smokes, but drinks less than one beer per week on average. He applies via Quotacy and we shop his application around to different life insurance companies we work with. Below are responses from some of the companies when asked if he could be approved and at what risk class.
|Life Insurance Company A||Responds to say they would not offer any coverage until at least 7 years have passed.|
|Life Insurance Company B||Responds to say they would offer Standard Tobacco but add a flat extra of $3 for three years.|
|Life Insurance Company C||Responds to say they would offer Standard Tobacco Table B.|
|Life Insurance Company D||Responds to say they would offer Standard Tobacco Table 5.|
|Life Insurance Company E||Responds to say they decline to offer any coverage.|
These responses may be confusing if you aren’t familiar with the industry so I’ll explain.
Life insurance companies have Non-Tobacco and Tobacco risk categories. If you smoke, you’re in the Tobacco risk category and you’re paying more. If you don’t smoke, you are in the Non-Tobacco risk category and you pay less.
If the risk to insure you is higher than the average applicant, you’re Table Rated. This is an increase in price based on the severity of your risk. Depending on the insurance company, tables run from A-P or 1-16. Each step down the table adds 25% to the standard rate.
Sometimes insurance companies opt to add a flat extra. This means that the standard premium for the policy in question is increased by a specified number of dollars per $1,000 of insurance. Flat extras can be permanent or temporary.
Let’s say John Smith applied for a $250,000 20-year term life insurance policy. Based on the tentative offers from the life insurance companies, below are estimates of what John can expect to pay for each of the different options.
|Life Insurance Company A||Not applicable since they would not offer for two more years.|
|Life Insurance Company B||$88.50 per month for three years, then drops to $26 per month after the flat rate is removed. The average Standard Tobacco rate for a 35-year-old male for a $250K 20-year term policy is $26. The flat extra (250 x 3) / 12 = $62.50 is required by the insurance company for the first three years.|
|Life Insurance Company C||$39 per month. This is calculated by taking the average Standard Tobacco rate of $26 and adding 50% for the Table B rating.|
|Life Insurance Company D||$58.50 per month. This is calculated by taking the average Standard Tobacco rate of $26 and adding 125% for the Table 5 rating.|
|Life Insurance Company E||Not applicable since they would not offer.|
» Calculate: Life insurance needs calculator
As you can see from the varied responses (and this is just a handful of the life insurance companies available through Quotacy) it pays to work with a broker. Brokers are not tied to one company and have the ability to shop multiple insurance companies to help you get affordable coverage.
If you’re looking to protect your loved ones with life insurance let us help. Start the process today by getting a term life insurance quote—no contact information required until you’re ready to apply.
» Learn more: Substance Abuse and Life Insurance
About the writer
Writer, Editor, and Co-host of Quotacy's Q&A Fridays
Natasha is the content manager and editor for Quotacy. She has been in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. When not at work, she's probably studying and working toward her Chartered Life Underwriter (CLU) designation while throwing a tennis ball for her pitbull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.