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Life Insurance for Felons
Yes, it is possible to get life insurance for felons – but your options may be limited. We’ll go over what the insurers look for when deciding to offer coverage, as well as other options that might work for you.
Life Insurance for Felons
Every insurance provider sets their own rules in terms of what they look for in an applicant. They need certain information about you to determine how much of a risk they’d be taking to insure you.
If you have a felony on your record, they’re going to see that as a sign that you have engaged in risky behavior in the past and may do so again in the future. The decisions they make are based on how likely they are to pay out on your behalf, and if so, when that may happen. People who engage in risky behavior are, statistically speaking, likely to pass away sooner.
Every insurer will ask specific questions about your conviction:
- The crime(s) you were convicted of. If you were convicted of a violent crime or have multiple felonies on your record, your application may be rejected. It all depends on that particular insurer’s rules. Since everything depends on your specific history, it’s best to give us a call and we can help guide you from there.
- Length of time since your conviction. In general, the more time that has passed since your conviction, the better. Insurers want to see that you’ve made a positive change in your life, with no further convictions. If it’s been at least a couple years since your felony (2-5), there’s a good chance we can get you coverage. Since it all depends on your specific history, it’s best to give us a call and we can help guide you from there.
- Length of time since your probation or parole. Again, the insurers want to see that you’ve been able to take your life in a positive direction, with no violations of your probation or parole. If it’s been at least a year since your probation or parole ended, there’s a good chance we can get you coverage. If you’re still on probation or parole, you will need to wait until it’s over to apply for coverage.
Since you don’t know in advance what each specific insurer’s preferences are, the best way to move forward is with a licensed LifeQuote agent. We work with over 40 of the country’s top insurers and we know which insurers will be most likely to offer you coverage.
Contact us today so we can help you get covered! Not everyone has experience working with life insurance for felons, but we do. Call us at (800) 521-7873 or email us at info@lifequote.com. After we get to know a little more about your specific history, we can advise you on the best way to get covered.
How the Application Process Works
1. You Submit an Application
In addition to questions about your criminal history, the insurer will also ask questions about your health, family health history, and current lifestyle (job, tobacco use, etc.). They need to know this information for the same reason they need to know about your criminal record: to evaluate how much risk you represent. Check out our article on what questions to expect on your life insurance application.
2. The Insurer Verifies Your Statements
When you submit your application, the insurer will verify the information you provide. It’s the best policy to tell the truth and nothing but the truth about everything they ask. If they were to find information that you didn’t disclose or information that contradicts what you included in your application, they could reject your application. Even worse, if they were to find out later that you weren’t truthful on your application (about a health condition, for example), they could deny your beneficiary’s claim to the death benefit – especially if the condition you weren’t honest about played a role in your death. Don’t jeopardize your loved ones’ financial future – honesty really is the best policy when it comes to life insurance.
The insurer has access to public records they can use to verify the information you submitted on your application. This includes your driving record, prescription history, and more.
3. The Insurer Decides Whether to Offer Coverage
Once they’ve gone over your application, they’ll use the information they have about you to make a decision on (a) whether to offer you coverage, and (b) at what rate. Keep in mind that any quotes you get are estimates, not necessarily the final rate you may pay for that coverage.
Some insurers will not offer life insurance for felons convicted of violent crimes. If this is the case, they will reject your application. To avoid wasting your time like that, we recommend calling us first. Once we know your history, we can advise you on the best carriers to apply with.
If they do decide to offer you coverage, they’ll assign you a rate class, which is how they assign a rate to each individual applicant. Here’s a table that shows you what they’re looking for by rate class.
4. You Decide Whether to Accept Their Offer
If the insurance company decides to offer you coverage, they’ll send an offer to us and your LifeQuote agent will call you to discuss it. It will be up to you whether to accept the coverage at the rate they offer. If what they offer isn’t what you’re looking for, you can decline coverage – you have no obligation to accept it.
If you do accept the offer, the insurance company will collect your signature and your first payment, and your coverage will be “in force” – that’s insurance-speak for active.
Yes, it’s possible to get life insurance for felons – call us at (800) 521-7873 so we can take a look at your options today!
Another Option: Guaranteed Issue
If an insurer won’t offer you a term life or permanent life insurance policy, there are other options we can try. If you’re between the ages of 45 and 80, you may be able to get a guaranteed issue policy. This policy type does not have any restrictions regarding your criminal record. It does have some restrictions based on current health status, since these policies are usually intended for seniors. But as long as you meet the age requirement and haven’t been diagnosed with a terminal illness and are not living in a nursing home, you can qualify.
These policies don’t offer as much coverage as a traditional term or whole life policy. Whereas those policy types can offer millions of dollars of coverage, you’ll be limited to around $25,000 or $50,000 with guaranteed issue. They aren’t cheap, but they’re good to have as a backup if your personal situation means you can’t qualify for a traditional term life or whole life policy.
Yes, it’s possible to get life insurance for felons – call us at (800) 521-7873 so we can take a look at your options today!
The Bottom Line
If you have a felony on your record, the best way to get covered is to call us. Let a licensed agent sort through the options for you and find you the insurance carrier and policy best suited to your personal situation, budget, and insurance needs. It's the fastest way to get real answers that apply to your personal situation.
Yes, it’s possible to get life insurance for felons – call us at (800) 521-7873 so we can take a look at your options today!
