Looking for life insurance with a criminal history? We might be able to help you. There are many ins and outs of how life insurance with a criminal history is underwritten, and below you’ll find a few examples of possible outcomes.
The utmost important thing you’ll be fighting is time. An insurance company will see you as a higher risk if you’re too close to the date of infraction.
If you have any type of criminal activity in your past, contact us. We can guide you to proper coverage.
Below you’ll find more information on obtaining the best life insurance policy you can, along with what factors might have the greatest impact on your ability to secure coverage.
When you’re beginning your search for life insurance with a criminal history on your personal record, you need to understand what limitations you’ll have to help narrow your search. There are a few major components which will ultimately decide what you can apply for, and what you can reasonably expect to pay. Those are:
By far the most important part here is the time factor. This also ties hand-in-hand with being in or out of process, meaning the current status of your crime. Even if you’re years away from your violation, someone who is awaiting trial or currently going through probation is likely going to need to wait until it has passed before a formal application will be considered. The time period you need to wait also depends on what type of infraction you’re dealing with, whether it’s a petty crime, misdemeanor, or felony.
Next, the number of convictions you have can be a make or break for some companies. For example, if you have two or less misdemeanors, you could be considered at the one year mark. More than two could be much longer with only case-by-case decisions being made thereafter. In the realm of a felony, more than one would likely be a decline without regard to time frame.
Your type of infraction, as alluded to in the previous section, can greatly impact on how soon you can expect to be able to submit your application. Life insurance with a criminal history is touchy here. Multiple felonies and you probably can’t get a traditionally underwritten life policy; instead, you’ll need to look at a graded insurance policy to fit your needs which are limited in face amount and somewhat more expensive. *Any major felony (murder, rape, terrorism, etc.) is a case where one conviction would result in decline.
With only one felony where you are at least 12 months away from in process (probation), you can get a standard issue policy with an extra flat fee (cost per thousand). If you’re outside of 60 months in the same situation, you could get standard as long as your health permits it. Beyond 7 or 8 years, you could do even better.
With two or less misdemeanors, you could qualify for standard or better rates as long as you’re a year removed from a probational period. This is subject to individual health requirements and even possible type of misdemeanor. If you have more than two misdemeanors in the previous 5 years, you will be postponed or declined. After 60 months has passed you could get standard or mild sub-standard rates.
With proper documentation, a person who was convicted but received a favorable dismiss or over turn decision could be eligible for the best rates as long as their health permits it. The key note here is to have the final determination. A pending result, even if you feel strongly in the judgement, is not sufficient.
If you or someone you know is looking for life insurance with a criminal history and have questions about what is available, contact us. We’ll be happy to walk you through our quick process to make sure you get the most affordable life insurance policy available to you. If nothing else, we can get you guaranteed coverage until you an apply for a fully underwritten policy at a future date.