Difficult, might be what first comes to your mind when you think about life insurance for felons. But after reading this, you’ll understand that getting life insurance for felons is not impossible. After all, everyone deserves a second chance. If you are looking for a life insurance policy after a felony offense, this article will guide you in finding the best coverage options.
Why does life insurance for felons remain a hurdle?
Let’s embrace the truth first. It is difficult for people with criminal records to get traditional life insurance. However, there are options out there if you are ready to meet certain added terms and conditions or switch to a guaranteed issue or accidental benefit policy. The reasons why getting life insurance can be difficult for felons
Degree of risk
When insurance companies examine the records, felons will fall into the high-risk category. In other words, the chances of a payout within the active policy period are higher for them.
The probability of underlying medical conditions is also another reason for the difficulty in getting life insurance for felons.
Based on the nature of the offense, there can be legal restrictions on the purchase of life insurance policies.
Why does my life insurance doesn’t payout?
What are the types of felonies that can impact your ability to get coverage for life insurance?
Felonies like larceny, DWI or DUI, property crimes, drug-related crimes, and assault can create difficulty in getting life insurance with some providers. However, certain felonies like child molestation, drug trafficking, rape, murder, and kidnapping can deny you the chance to get life insurance.
Steps to Take Before Applying for Life Insurance as a Felon
These tips might be of help if you are applying for a life insurance policy.
- Find an agent who works with multiple providers.
- Continue paying for the insurance if you have had one before.
- Give accurate information when you are applying for a new policy.
- Make sure to disclose your criminal history.
- Work on your health.
- Opt for policies other than life insurance that do not need specific medical details.
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What are the types of life insurance for felons?
Insurance companies might approach felonies and misdemeanors differently. Those with misdemeanors might find it slightly easier when compared to those convicted of felonies. In other words, life insurance for felons might seem limited since they are considered higher-risk individuals. However, the guidelines for each insurance company might vary.
These are the types of life insurance available for felons.
Group life insurance
Group life insurance policies do not require medical or criminal history records. In other words, the policy is taken by the employer, so it is easier to sign up for one. In addition, the premium rates are lower for group life insurance since it is shared between employees. However, a major drawback of this kind of policy is that you’ll receive coverage only during the time you work at the company.
Accidental death and dismemberment
Accidental death and dismemberment policies are not life insurance policies. However, it can provide financial support to the surviving family members of convicted felons when they pass away or sustain a serious injury. However, if you pass away as a result of an illness, disease, or other underlying medical condition, your beneficiaries will not receive a death benefit.
Guaranteed issue life insurance
This is a final expense insurance that doesn’t require a medical exam and does not place any restrictions on the applicant based on their health or criminal record. However, the premiums are expensive, and the benefits can be up to $25,000.
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The underwriting process and the verification of records can be challenging when it comes to life insurance for felons. However, it is important that you access the protection and benefits that life insurance can offer. This is possible by giving accurate data about your history and working on being the change you wish to see in yourself.