Agent, Rural Mutual Insurance Co., Union Grove, WI
Depending on any other risk factors that you may have you may be able to purchase a life insurance policy with a felony. You will more than likely be rated if you have a felony, which means that you will typically pay more than someone that has not had a felony. Contact a local agent to find out more about coverage availability and pricing in your area.
Yes, you can get life insurance with a felony. If you are over age 40, there are guaranteed issue policies that you can get, even if the felony was committed a short time ago. If your felony was years ago and the probation period is over, you can even get preferred rates with some companies.
Licensed Life Agent, Life and Finance/ 50 States, New York
There are companies that specialize and underwrite life insurance for what is documented as high risk also termed as impaired risk. If you been denied by one company because you are not able to obtain insurance by another company then a company that issues these policies are available. The rates may be a little more but will write you a policy at what is called guaranteed issue. The amount is at a set benefit that will satisfy the applicant. I am partnered with impaired risk companies.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Yes, you can. And you do not have to settle for simplified issue policies with small face amounts. If you need several hundred thousand or several million dollars worth of coverage for your family or business, it could be done. I have done it.
I have three cases for my files to share with you.
One was a gentleman who was arrested for assaulting a police officer. It had to do with the officer breaking up a fight and accidentally getting hurt. The police department really went after my guy and forced him to serve time even though he did not cause the injury.
I actually got the approval for coverage the day before he started his sentence.
Another was a client who worked as a pharmacist. He unfortunately started taking some of the narcotic drugs he was distributing. He then became addicted to them and stole them. He was caught, served time, and then put on probation.
The day after probation ended, he submitted his application. Approved as quoted.
In another case, my client served time due to wire fraud. He was actually still on probation when he applied for coverage. Of course, I had prequalified him before submitting a formal application, so I had confirmed he was eligible for coverage.
He was also approved as quoted.
The fact of the matter is that criminal record is factored into underwriting, but an answer of “yes” on the application doesn’t have to be a dealbreaker. There are companies that will work with you under certain circumstances. The broker has to know how to work with them.
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I have three cases for my files to share with you.
One was a gentleman who was arrested for assaulting a police officer. It had to do with the officer breaking up a fight and accidentally getting hurt. The police department really went after my guy and forced him to serve time even though he did not cause the injury.
I actually got the approval for coverage the day before he started his sentence.
Another was a client who worked as a pharmacist. He unfortunately started taking some of the narcotic drugs he was distributing. He then became addicted to them and stole them. He was caught, served time, and then put on probation.
The day after probation ended, he submitted his application. Approved as quoted.
In another case, my client served time due to wire fraud. He was actually still on probation when he applied for coverage. Of course, I had prequalified him before submitting a formal application, so I had confirmed he was eligible for coverage.
He was also approved as quoted.
The fact of the matter is that criminal record is factored into underwriting, but an answer of “yes” on the application doesn’t have to be a dealbreaker. There are companies that will work with you under certain circumstances. The broker has to know how to work with them.
There is hope.