So you’re wondering if you can get life insurance if you are a felon? The short answer is yes, no, and maybe so. However, you’re at the right place to find out. We’re an independent life insurance agency that specializes with high risk life insurance cases. What that means for you is that we will be able to shop around with all of the life insurance companies on the market to make sure you can get coverage. So whether it’s your first time or you have already been declined for life insurance with one company, give us a call and we will be able to find you the coverage you’re looking for. The type of life insurance you can get will depend on a few factors. Remember for the audio version of this article you can just give us a call, we promise you won’t hear some drawn out sales pitch. We’re here to help answer all your questions and recommend the best course of action, best of all, it won’t cost you a thing. But if you insist on reading, let’s discuss those factors briefly.
The Highlights are as follows:
It will depend on
- The Life Insurance Company
- Type of Crime
- Severity of Crime
- Frequency
- Time Since
***Most life insurance companies will require a 1 year to 2 year waiting period after probation is over to get coverage for a standard life insurance policy. If you are in this window, you can get an Accidental Death and Dismemberment policy or a Guaranteed Issue Life insurance policy for the time being.
The most major thing to keep in mind is that it will depend on the life insurance company that you work with. If you have a felony on your record you’re immediately considered a high risk to life insurance companies. The good news is that all companies weigh risk differently. While company A may decline you coverage, company B will have no problem accepting you. This of course will depend on the type of felony, frequency and the time frame amongst other things. This is why you must work with someone that has experience providing life insurance coverage to those with a prior felony.
Kind of Felony
The type and severity of the felony will be a big determining factor when shopping for life insurance. As mentioned, having felonies makes you a high risk to the company. The life insurance companies are going to want to know a few details while considering you for coverage. They will look into the circumstances under which it happened as well as the positive steps you took after the fact. For example, if it was a drug and alcohol abuse related felony they will want to see that you completed some sort of rehabilitation program. For other types of felonies they will look into time served and length of probation. Most of the time they will require a year to two waiting period to get coverage after getting off of probation.
If there has been a few years since your last felony and all dues were served then there is a high likelihood that you can get coverage. Remember that the frequency of felonies will play a role too.
Worst Case Scenario
If you got declined by only one or two companies then there is still a shot that there is a company out there that can approve you. However, if you are in that one year window where mostly all companies will decline you then your safest bet is to get an Accidental Death policy or a Guaranteed Issue Life insurance policy.
If you’re younger an AD&D policy will offer you a payout if the death is a result of an accident. However, if the death is a result of criminal activity or natural causes, then there will not be a payout to your beneficiaries. But it’s better than not having coverage at all, especially if you’re young and have financial responsibilities.
If you’re over 40 to 45 years of age your other option is to get a guaranteed life insurance policy. This will be a policy that accepts you under any circumstance. The “catch” is that this policy will not pay out the entire death benefit in the first three to four years. Since they are graded the death benefit will increase the closer you get to the third or fourth year. Others will simply pay out your premiums to your beneficiaries if you die within the first few years.
So all in all you have options in getting life insurance with a felony. Don’t wait to contact us for any questions or concerns. Let us do the shopping for you and figure out which company will provide the most favorable outcome. We also like to work with the underwriters to make sure we provide all the details necessary in order to get the best rate possible. For example, if you have had a drug or alcohol related cases, showing the underwriters that you’ve been sober and actively treating yourself will increase your chances of getting a policy, or getting a policy at a better rate. You can contact us at 888-492-1967 for any questions or hit the chat button below if it’s not too late. If you feel like we’ve missed something leave comments in the section below. Welcome to InsureChance, the first online life insurance marketplace.
