Purchasing life insurance for inmates can be confusing and complicated. Are you able to purchase life insurance for felons? How does a felony impact your life insurance benefit? What questions can I expect to answer? We’ll answer all these questions and more — including estimated costs from some of the top providers we work with.
If you’re looking for the most accurate and up-to-date information, call us at (866) 786-0725 from 9 a.m. to 5 p.m. every weekday. Our talented agents are ready to walk you through all the complex issues you might be facing including pre-existing conditions, getting life insurance while being an active smoker, and more.
We also have a free quoting tool that can provide you with an accurate estimate of plans that are available to you based on your age, gender, and location.
Yes, you can. It may seem like an impossible task to acquire life insurance for inmates, but it’s actually easier than one may think.
Will my rate be astronomical? Well, It certainly doesn’t have to be!
Many insurance providers specialize in working with individuals that may pose a “risk” to other providers, and your agent especially should work to get the best rate for you. Call us at (866) 786-0725 if you aren’t sure where to start or don’t already have a life insurance agent.
Below we’ve outlined a few topics and options for those that are looking for life insurance for inmates. Although difficult at times, it’s way more possible to get life insurance for inmates then one would think.
Life insurance for inmates may not be easy to find, but it’s definitely a plausible option for those in this situation.
The answer is ultimately yes, although your eligibility as well as your applicable rate may change based on the circumstances surrounding your potential sentence.
It’s important to use the options available to you, as you don’t just have to pick a provider and stick with them. We encourage you to leverage your options and use this to your advantage.
There are also certain insurance companies that may produce a more lucrative rate for those in a situation relative to yours.
It’s not illegal for inmates to entertain, or receive coverage. There are also no laws dictating who may or may not buy coverage for you as long as you meet all the applicable requirements for this process, as well as acquiring the power of attorney (so long as you consent).
Unfortunately, you are almost never able to receive coverage in jail or while awaiting trial – it’s a rare circumstance if you are accepted during this time period.
There’s also the Power of Attorney to consider, wherein someone who is given the power of attorney may argue on your behalf, either to demonstrate that coverage is necessary or go through the motions for you while you’re incarcerated/awaiting incarceration.
Confused on how to grab life insurance for felons? Here’s a simple set of instructions that you should follow to grab life insurance. You can also call us at (866) 786-0725 for guidance on your life insurance coverage.
Here are the steps you should follow to gain an insurance policy:
Although the general consensus is that insurance companies will not consider candidates who are currently imprisoned, each application exists on a case-by-case basis and you should speak with your licensed agent with any concerns or questions you may have.
We recommend being open about any potential hiccups and utilizing the resources around you.
With any criminal background, insurance companies will automatically consider you a higher risk applicant then someone who may not have said record. This makes getting life insurance for felons more difficult than without a criminal record.
Specifically, how much of a risk is at the discretion of that insurance company, as well as based on the information you give them in your medical exam/questionnaire.
A situation where all the above will be ignored involve a guaranteed whole life insurance policy, wherein you’re given no medical exam but as a result, a more expensive rate. This policy coincides with life insurance for inmates as a guaranteed whole life insurance policy already labels these applicants as high risk as a result of the lack of medical confirmation.
Insurance companies will adjust your rate and/or qualification depending on the perceived risk you impose on the insurance company.
How do providers assess your risk level? There are a lot of different factors that go into it, but the three main factors when applying for life insurance for inmates are.
There are a plethora of questions you will be required to answer if you are purchasing life insurance for felons. Here are the types of questions you can expect before you are accepted into a life insurance policy:
There are a few policies that may be more lucrative than others when buying life insurance for inmates.
Below are our top choices when considering what policy to get with life insurance for felons.
Whole Life Insurance, or also known as traditional life insurance, is a permanent form of life insurance that contains multiple forms. The most common form of Whole Life Insurance involves a fixed premium as well as lifetime coverage in which payout will be received so long as premiums are paid. Whole Life Insurance’s payout contains a cash value that may be grown over time. In most cases, whole life insurance does not require you to fill out a questionnaire or undergo a medical exam. Most of the time, open care final expense plans applies as a guaranteed whole life policy.
Burial Insurance for seniors, or Final Expense plans, involves final expenses such as a funeral, ceremony, cremation, burial, what have you. These policies are similar to a guaranteed whole life policy, although at a lower premium for a lower overall payout value. Although marketed for final expenses, the payout does not actually withhold any restrictions, meaning the beneficiary may use the funds for whatever they wish.
Here is a sample chart demonstrating some rates you can expect to see when applying for these carriers. Please keep in mind, your rate may not match these numbers exactly, even if you have similar stats to those in the column.
Most policies unfortunately are voided upon entering prison. You’ll have to re-enroll for a new policy.
Yes, as they believe it’s relevant to the risk you pose to the company.
Most likely no, as a guaranteed acceptance policy will accept you, they will have a two year waiting period.
Most of the time, it’s 5 years for unspent criminal convictions. All spent convictions may be omitted.
At the very least, the providers can ask for your money back and/or void your claim. At worst, this could be considered fraud.