I’ve been running into a couple problems getting life insurance and I’m looking for some advice on how to proceed. I’m a 28 year old male in good health. I’m a former smoker (pack a day for 4-5 years, quit 4.5 years ago). My parents are both living, my brothers are both living, all are in good health today. My mom had kidney cancer about 20 years ago, but is fine since.
Here’s the part that’s been tripping me up. I have a history of treatment for drug addiction. I went to inpatient rehab in January 2012 and have been completely clean and sober from all drugs and alcohol since then. I was using opioids specifically Oxycontin, but I also dabbled some with cocaine, ecstasy, and pot. I’ve disclosed this on life insurance applications, as I don’t think it’s smart to lie and I’ve heard they can cancel the policy and I think they’ll have access to my medical records anyway.
I’ve been looking to get a $500,000 policy for a 10 year level term. One quote I got was for $70 per month. I thought that was expensive until the next quote was $340 per month. I understand why they’d be wary of insuring a drug addict, but I’ve been clean for 5.5 years. I’m involved in a 12 step program and attend meetings regularly. I’ll take any drug tests I need to take.
The quotes I was looking at before the underwriters saw my drug addiction treatment history were for $15-$20 per month. I expected to pay a little more, but figured I wouldn’t pay have to pay a $50 per month premium with 5.5 years of sobriety.
Any suggestions? Are there any companies that you’d recommend? Is there anything I can do? Or is this just what I need to pay?
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