Does Anyone Know Of An Insurance Company That Offers Life Insurance To Ex-felons On Parol?
Posted November 8, 2009 – 4:21 am in: structured settlements FAQHusband needs life insurance, having problems finding a company that will insure someone who is still on parol
Tags: Anyone, Company, Does, Exfelons, Insurance, Know, Life, Offers, That
4 Comments
Most life insurance applications do ask whether the applicant has been convicted of a felony within the past 7-10 years. So it’ll probably be difficult for your husband to obtain life insurance. However, there is one option: a number of insurers issue a type of policy know as a “modified benefit life” policy. There are typically two or perhaps three questions on the application related to health (usually about HIV infection; hospitalization for any reason in the last 3 months; etc.). Typically, the felony question isn’t on this application.
There is a down side to this type of policy: if your husband dies within the first two years, the only benefit payable is a return of premium (unless he dies from an accident). The other negative factor is that these policies carry a built-in high rating, in anticipation that sick individuals will purchase this type of policy; so it’s not going to be cheap. Also, the face amount of these policies is not high; usually $10k or less.
I recommend you speak with an insurance broker (just look in your phone book for a name) and have him or her sit down with you so you can discuss your needs and limitations. Hopefully, he or she will be able to recommend a plan of action.
I hope this helps.
This may be a tough one. Each life insurance company has their own set of underwriting guidelines required for approval in order to offer life insurance coverage.
A person who has been convicted of a felony may be considered a higher risk for life insurance. However, there may be some insurance companies who consider the specific type of conviction and how long ago it occurred.
You can try here http://www.insureme.com/landing.aspx?Ref… You fill out a form online to request free, no obligation life insurance quotes. That way you can try through several companies and see where they stand – if they will offer your husband coverage.
I hope this helps you and your husband find some life insurance. Best of luck to both of you.
Moral turpitude issues, hundreds of companies, never ask. Problem may be Equifax or similar reporting companies have picked him up and have him in files. Try other companies, maybe even off shore.
I do know that life insurance applications ask if you have ever been convicted of a felony. As an agent, I have gotten a fairly large policy accepted for an applicant who did commit a felony, but it was over a decade in the past. I’m sure that the amount of time that passed – just like time that passes since a health condition – matters to underwriters. It probably also matters what the crime was – i.e. violent, blue color, etc.
You can find small whole life policies which don’t ask the question about felonies – these are more life final expense policies, usually sold to seniors. Basically they will filter out people who are terminally ill, in a nursing home, etc., and issue a policy to everybody else.