Life insurance for felons

Securing life insurance after a felony conviction isn’t straightforward, but it’s not impossible. With over 1.9 million people currently held in U.S. correctional facilities, the reality is that many families face unique challenges in planning for the future. While traditional policies are rarely available for those currently incarcerated, options do exist for individuals who have completed their sentences. In this guide, Bankrate will help you explore how felony records impact life insurance eligibility and share practical steps to help former felons find the coverage they need to protect their loved ones.

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Whole life insurance combines life insurance with an investment component.

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Can a felon get life insurance?

Yes, obtaining life insurance as a felon is possible, though it can be more challenging than for those without a criminal record. Life insurance companies evaluate risk carefully, and a criminal history may increase perceived risk, particularly if the felony involved high-risk activities. However, each insurer has its own criteria for underwriting, so policies and requirements vary widely. Factors like the nature of the conviction, time since release and the individual’s age, health and lifestyle all play a role in whether coverage will be approved and at what cost.

Life insurance options for felons may include traditional term or whole life policies if the individual has demonstrated a stable post-incarceration life, but some may need to explore alternatives like guaranteed issue policies, which don’t require medical exams or detailed background checks.

Do life insurance companies check criminal records?

Yes, life insurance companies often review an applicant’s criminal history as part of their underwriting process. Underwriting is an assessment phase where insurers evaluate various risk factors, including health history, lifestyle and even criminal background, to determine eligibility and pricing for coverage. This process generally includes a background check and, in many cases, a question on the application asking about prior convictions.

Insurers are particularly concerned about undisclosed information. If a criminal record that wasn’t mentioned on the application during the background check surfaces, it can result in an immediate denial or impact your future applications with other insurers, as this may create a record with the Medical Information Bureau (MIB). This industry-wide alert serves as a signal for insurers to investigate further.

It’s important to note that having a criminal record doesn’t always mean you’ll be disqualified. Some insurers consider the details of the conviction, such as the nature of the offense and the time that’s passed since it occurred. Being upfront about your history gives you the best chance of finding an insurer who’s willing to work with you.

How to buy life insurance as a felon

To start the process of purchasing life insurance, it’s essential to understand how insurance companies view the risk that you pose. Additionally, you should know the factors that life insurance providers consider when offering coverage to individuals with felony records so you can improve your chances of finding a suitable provider.

Reducing your risk

People who were incarcerated are normally considered high-risk liabilities. For that reason, many insurance carriers are hesitant to take on such policyholders as clients. However, each insurance company assesses risk differently. There are several ways you can reduce the risk that insurers perceive by being upfront and having the details of your incarceration readily available. Typically, when evaluating an applicant with a felony, insurers will consider the following factors:

• The severity of the crime
• The frequency of criminal activity
• The amount of time that has passed since the conviction occurred

Depending on the nature of the crime for which you were convicted, you might be eligible for insurance coverage soon after serving your sentence and any parole or probation requirements. Demonstrating positive changes in your life, like having a steady job and no additional charges, could increase your chances of being looked at more positively by life insurance companies.

Finding a carrier

When it comes to finding life insurance as a felon, working with an experienced insurance broker or independent agent can be especially helpful. Unlike approaching individual insurers on your own, independent agents and brokers have access to multiple life insurance companies and can guide you to those with underwriting guidelines that may be more favorable to you. They understand the market and know which insurers are more likely to offer coverage to applicants with criminal records.

While researching insurance companies independently, you’ll often find limited information on their willingness to insure applicants with felonies. Websites and marketing materials rarely disclose how they evaluate applicants. Brokers and agents can help you gain insight into the options that best suit your situation and can streamline the process of gathering quotes from companies that are more open to higher-risk applicants.

Selecting a policy

Choosing the right life insurance policy as a felon often involves weighing the pros and cons of traditionally underwritten policies against guaranteed issue options. Here’s a breakdown of these options to help clarify the differences:

• Traditionally underwritten policies (term, whole, universal life)
  These policies generally offer higher coverage amounts and are priced more affordably compared to guaranteed issue options. However, they require a detailed underwriting process that includes a review of your health history, lifestyle and, often times, your criminal record. If you’ve been out of the system for a while and have maintained a stable lifestyle, these policies may be accessible and more budget-friendly.
• Guaranteed issue life insurance
  This policy type does not require any medical or criminal background checks, making it more accessible to those who might not qualify for traditional coverage. While it’s convenient, guaranteed issue policies typically offer limited coverage amounts, often capping at $25,000 or less. These policies are also more expensive, as insurers assume a higher level of risk without the usual underwriting.

By comparing these options, you can assess which policy structure best suits your current needs and financial situation. If your record allows, traditional policies might be worth exploring for higher coverage needs; otherwise, guaranteed issue policies could offer an option for coverage.

How a felony impacts your life insurance

Having a felony on your record can affect your ability to get life insurance. If your case is serious or involves repeated offenses, an insurance company might reject your application. It’s crucial to know that life insurance companies typically only consider applicants who are not currently in prison. If you’re in jail or awaiting trial, getting coverage may require waiting until the case is resolved and you’re no longer incarcerated. For this reason, it is unlikely that you can get life insurance on someone in prison.

However, individuals with felony convictions seeking life insurance still have options. Insurance companies assess risk on a case-by-case basis, meaning each applicant is evaluated based on their unique situation. Consider working with an independent insurance agent or broker familiar with the market; they can assist you in choosing the best provider and policy.

When applying for life insurance, disclose your felony conviction and be upfront about your situation. Insurers often verify the information against public records, and providing false information will likely result in automatic denial of your application.

If your application is denied, you might explore group life insurance through an employer to maintain coverage. Alternatively, you could apply for guaranteed issue life insurance until you qualify for a more suitable policy.

What convictions make you ineligible for life insurance?

Every insurance company has its own guidelines regarding who it’s willing to insure. In some cases, one company may choose not to offer coverage to a person with a specific conviction, while another insurance provider may be willing to offer coverage. With that in mind, there are some convictions that most insurance companies tend to treat as disqualifying.

These convictions include:

• Kidnapping
• Sexual assault
• Murder
• Conspiracy to commit any of the above charges

Some insurance companies may also be averse to insuring people with drug trafficking charges. However, most drug-related charges are no longer viewed as entirely disqualifying. It may depend on the severity of the charge and the type of substance involved.

Other options for coverage

In addition to the previously mentioned guaranteed issue life insurance option, individuals with felony convictions have other alternatives for obtaining life insurance:

• Group life insurance: If you find an employer offering life insurance as part of its employee benefits, you can sign up for a policy. These policies usually don’t require the detailed medical or criminal history disclosures that individual policies do, making it easier for felons to get coverage. Group insurance rates are often lower since they are shared among a group, but keep in mind that this coverage is typically limited to your employment duration with the company. Note: Employer plans that offer higher amounts of coverage will typically require underwriting, which may include a question regarding criminal history. 
• Accidental death & dismemberment: While not exactly life insurance, these policies can provide financial relief to family members in the event of your death if it resulted from an accident or serious injury. It’s important to note that there won’t be a death benefit if you pass away from illness, disease or underlying medical conditions.
• Guaranteed issue life insurance: Also known as guaranteed life insurance or guaranteed acceptance life insurance, this policy doesn’t require health screenings or medical exams for approval. It’s a type of whole life policy with a typically lower death benefit, and it stays in place as long as you keep paying premiums.

Finding life insurance as a felon is challenging but not impossible. Thorough research, risk reduction and selecting the right policy can help felons provide financial protection for their families after their passing. Even if a traditional insurance policy is unattainable, a guaranteed issue policy could be a viable option for securing coverage.

Frequently asked questions

• Can I apply for life insurance coverage if I am in jail?

  Under most circumstances, you will be unable to apply for life insurance if you are currently incarcerated or awaiting trial for a felony charge. You will usually need to wait to apply for coverage until the charges are dismissed or the trial has ended and you are no longer incarcerated.

• What questions do life insurance agents ask felons?

  When looking for a life insurance policy, it is best to be prepared for the types of questions that an insurance provider will require you to answer when submitting your application. Insurance companies often ask the following:

  • What type of felony charge did you receive?
  • How severe was the alleged crime?
  • How much time has passed since the crime was committed?
  • Were you incarcerated? If so, for how long were you in jail?
  • Did you have a probationary period?
  • Have you taken steps to rehabilitate your life since the conviction?
  • Have you been convicted for any additional crimes either before or after the felony?

• Can I apply for life insurance if I’m in the process of facing felony charges?

  Typically, you cannot apply for a life insurance policy if you are in the process of facing felony charges. Most insurance companies will require you to wait until the trial ends or the case is dismissed before making a determination on whether or not you are found guilty of the charges. It is not recommended you apply for life insurance while you’re involved in criminal proceedings.