Whilst insurers can make life financially uncomfortable for regular, above average intake drinkers, users of the really hard stuff - Class A drugs such as cocaine and heroin - may find they cannot get life insurance at all.

"Life insurance firms have been really tightening up their act, and users of hard drugs such as cocaine or heroin will be declined outright for cover unless they have been clear for at least three years," said Richard Brown, Moneynet's Chief Executive.

"After the applicant has been 'clean' for the three years, most insurers will still impose an additional 200 per cent loading - more or less the same criteria applied to someone who has previously had a heart attack," he added.

"Another interesting point here is that habitual users of sleeping tablets can also be declined for cover until they have been clear for at least three years," said Brown.

"Life companies now request applicants fill in their forms very assiduously, and payouts will be refused if the applicant is found not to have declared their drug or alcohol usage."

Recreational cannabis or marijuana users are invariably accepted for life insurance, although typically at smoker rates (see table). Smoker loading rates tend to be around 60 per cent," he said.

"As with any financial product it is important that customers don't take the first quote, as prices can vary significantly from one insurer to

* 1 unit = half a pint of beer or a standard sized glass of wine, according to BMA (British Medical Association) classification

Life insurance quotes

Life insurance consumer guide

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About moneynet:

Moneynet.co.uk is the UK's most established personal finance research and data website. The company offers consumers a wide range of low cost financial products: from mortgages and personal loans; to car, home and medical insurance; credit cards; savings accounts and best-buy fixed rate products. Moneynet.co.uk is an ethical, impartial and comprehensive source of consumer finance information, covering the whole of the personal finance sector.

Moneynet was founded in 1997 by Chief Executive Richard Brown to simplify the personal finance market and provide consumers with impartial and interactive information on financial products and services.

Press and consumer enquiries:

Moneynet

Contact: Richard Brown, Chief Executive

Telephone: 0208 313 9030

E-mail: online@moneynet.co.uk

Web: moneynet
About the Author

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Contact: Rachel Lane

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