Many people are unaware of the negative impact that driving under the influence (DUI) or driving while intoxicated (DWI) may have on their life insurance rates. If your driving record has been blemished, your ability to obtain life insurance could be affected for the next five years. Understanding how much life insurance you need and how much life insurance might cost after this type of driving infraction is crucial.
Life insurance companies deal in liability and typically view a violation of this type as a higher risk. Generally, when life insurance providers calculate your premiums, they'll check your driving record (among other things) for recent infractions. Even if an indiscretion such as a DUI or DWI took place a few years ago, providers may not be able to offer you their best rates on life insurance premiums until a certain number of years have elapsed since your last incident.
Keep in mind that life insurance providers may also consider the number of DUIs on your driving record and rate you accordingly. Why? Because multiple infractions of this type can be considered behavioral risk factors - meaning that you're continually putting yourself in harm's way. That doesn't necessarily mean that you're uninsurable, but it does mean that you may see your premiums more expensive than they would have been without numerous offenses.
Every life insurance provider is different, and for the most part, there's no industry wide standard approach when it comes to setting policy rates for individuals with DUIs. If you're shopping for life insurance and you have one or more DUIs or DWIs on your record, make a point of requesting quotes from multiple life insurance providers. Some may be more flexible and forgiving than others, and can match you with the life insurance policy that will best meet your needs.