Life Insurance for Felons
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!
