Help needed please - life insurance for ex drug addict

TicketyBoo

Hi, first of all may I say please don't judge me, I have made alot of mistakes in my life that aren't justifiable, that I deeply regret, but now I'm trying to put the past behind me

Okay, I recently applied for life insurance with LV and I was declined, I was given no reason but I can guess why....

Okay so I'm nearly 28 and I was diagnosed with Bipolar, Psychosis and bordeline Schizophrenia about 18 months ago, I sufferered from severe depression in my teens but I got to a point where I could handle it, I was never 'well' but I got on with my life, it was just normal to me. A few years ago though I just spiralled out of control, I literally felt myself going insane and it was awful, it took me 3 years to get a proper diagnosis and to be on the right medication and I ended up turning to drugs to self medicate. That's no excuse I know but that's the truth. Eventually I became addicted to cocaine and ended up in a very bad way, financially, physically and mentally and if I hadn't sorted myself out I wouldn't be here typing this tonight, I was a complete mess. It was the 21st June last year that I last used it so I've been clean for just over 10 months .

Anyways, so I applied and was honest as I figured that if I lie then 1, it's fraud, and 2, they wouldn't pay out if they looked into it anyway.

What are my options here? I've read online that mental health problems alone can go against you so with my drug using/addiction past to boot then do I stand a chance? I'm on a fair amount of strong medication which could also go against me.

Are their any insurance companies that aren't as strict? I haven't touched alcahol in about 15months and as I say, no drugs in 10 months. I smoke cigarettes but only between 4-6 a day. I was wondering if maybe once I get past the 12month mark of being clean....?

My life is getting back on track, I just want everything in place to lead a normal life, with normal responsibilities.

Please, any advice/info would be really appreciated.

TIA

TicketyBoo

Oh, I should also mention that I've just started working again a few weeks ago - nothing major, just a little admin job 4 days a week. I love working, I always did so that's a very positive thing for me. Also I'm moving into a new place in a couple of weeks. I just need a completely new start, hopefully these things might make them see that I am fairly well rounded these days and not destroying my body which I'm guessing is their concern.

clj_2

I cant offer any advice regarding your life insurance, but credit to you for getting your life back on track and sorting yourself out!

ACG

Hi,

Good work on getting off the drugs.
There are a lot of things going against you getting cover here. I have put cover in place for a few ex drug users/addicts so it is possible (This includes people who have injected heroin).

I think because its been 10 months, this is potentially going to be an issue. If you were addicted then most would want to see between 3-5 years without use, if you were not addicted then they may be more lenient.

You could really do with speaking to a mortgage or financial advisor for this as you will struggle. LV are not the best of companies for things like this so i wouldnt worry too much at this stage.

On a side note, why do you need life cover? Will anyone be financially worse off in the event of your death?

_Andy_

Kudos to you for getting clean. Nice one

TicketyBoo

Thank you all for the kind words It's been a struggle and I will probably always crave it but I can't go back there, I was in a complete hole and was in a very dark place...

In answer to whether I really need it, it's not like I have kids or anything like that, it's just that I have a really irrational fear of dying, I'm convinced I won't be here by the time I'm 30. It's probably connected to my illness but it really worries me. My Mum helped me with some of my debts (which I'm paying back), she really struggled to pay what she did so if anything was to happen to me and she therefore had to keep up all of the repayments on the loan herself she'd be in a real mess. I don't know what would happen, she wouldn't be able to find it though as she simply wouldn't have it to pay.

Thanks for the advice, I'll go and see a financial adviser and see what they say.

Thanks again x

thegirlintheattic

If you die your mum will not be responsible for your debts. Your estate (i.e. any goods,money, property) will pay them, if possible. If not they are wiped out.

Good job getting clean. I wouldn't worry about life insurance at the moment, just focus on getting on with your life. Once you have been clean for a bit longer, call brokers, explain the situation and be willing to provide proof. You should be able to get insurered.

ACG

If mum has taken on loans to pay the OP's debts then she would be liable for them as she has taken them out personally.

kloana

TicketyBoo wrote: »

Thank you all for the kind words It's been a struggle and I will probably always crave it but I can't go back there, I was in a complete hole and was in a very dark place...

In answer to whether I really need it, it's not like I have kids or anything like that, it's just that I have a really irrational fear of dying, I'm convinced I won't be here by the time I'm 30. It's probably connected to my illness but it really worries me. My Mum helped me with some of my debts (which I'm paying back), she really struggled to pay what she did so if anything was to happen to me and she therefore had to keep up all of the repayments on the loan herself she'd be in a real mess. I don't know what would happen, she wouldn't be able to find it though as she simply wouldn't have it to pay.

Thanks for the advice, I'll go and see a financial adviser and see what they say.

Thanks again x

If I understand correctly, mum has taken out loans in her name, but obviously you're making the repayments?

Just one thing to bear in mind, if your mum is on any means-tested benefits, a large windfall would affect her ability to continue claiming them, regardless of any loan commitments outstanding.

thegirlintheattic

Sorry I though the debts were in the OPs name.

TicketyBoo

kloana wrote: »

If I understand correctly, mum has taken out loans in her name, but obviously you're making the repayments?

Just one thing to bear in mind, if your mum is on any means-tested benefits, a large windfall would affect her ability to continue claiming them, regardless of any loan commitments outstanding.

Hiya, cheers but no my Mum's not on benefits, she isn't particuarly short of money but isn't on an excellent salary and she couldn't afford full repayments on top of all her other outgoings. And yes you're right, my Mum took out a loan in her name as she has a really good credit rating where as I've gotten myself into a mess the last few years. I pay part of the repayments but Mum puts some to at the moment as I'm still paying some of my debts straight to my debtors, I'll pay the shortfall back once I can afford it. This in itself has made a difference to my Mum's life, as she can't afford some of the luxuries that she's used to.

Wanting the insurance is more just a peace of mind thing to be truthful, it would just make me feel better.