President | Founder, CLM Insurance Group, Delray Beach, FL
The rule of thumb is anyone with a felony conviction in the past 7 years will not qualify for a traditional life insurance policy. Now, there are newer instant or rapid-issue products on the market that shorten the guideline to 3 years. The only life insurance policy I've ever come across that doesn't have a felony question is a graded death benefit life insurance policy. They are essentially guarantee issue plans with low death benefits payable after a defined waiting period of usually 2 years. If the insured dies within the waiting period the carrier usually pay back premiums plus interest.
If you want more information on felonies and qualifying for insurance visit www.clminsure.com or call 561-320-2978
Can felons get life insurance? Yes. Even while incarcerated, felons can get guaranteed issue life insurance.
Can felons keep life insurance? That is another question. If it is a cash value policy and the felon is paying restitution, the money in the policy may be subject to that. That would be dependent on many factors, and impossible to answer here.
Good question! The answer is yes, they can. However, the policy that they would be able to purchase would certainly come with more restrictions than one that a non-felon would be able to purchase. It would be more expensive , and have a period of time that would have to be covered before it would pay out anything more than what you paid into it to that point, plus some interest. If you would like a little more detail, please hit the contact me button,I'd be happy to help. Thanks for asking!
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If you want more information on felonies and qualifying for insurance visit www.clminsure.com or call 561-320-2978
Can felons keep life insurance? That is another question. If it is a cash value policy and the felon is paying restitution, the money in the policy may be subject to that. That would be dependent on many factors, and impossible to answer here.