Best Life Insurance for Felons (2024)
Exploring life insurance options for felons: eligibility, coverage, and considerations unraveling the complexities: securing life insurance with a criminal record can be daunting. Learn about eligibility requirements, available coverage options, and the unique considerations that felons need to be aware of when seeking life insurance protection.
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Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
UPDATED: May 26, 2023
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: May 26, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Welcome to our comprehensive guide on life insurance for felons, a crucial topic for individuals seeking coverage after a criminal conviction. We delve into the complexities surrounding life insurance eligibility, options, and considerations specifically tailored to those with a criminal record. We address questions such as how a felony conviction affects life insurance applications, potential limitations, and alternatives available.
Additionally, we provide insights on how to navigate the process and secure the best coverage. Don’t miss out on this essential information that can protect your loved ones’ future. Enter your zip code below to compare rates from the top insurance providers, ensuring you make an informed decision for your life insurance needs.
Can you get life insurance if you have a felony?
The short answer is – yes. You can buy life insurance if you have a felony, but qualifying for life insurance coverage takes a few extra steps.
Insurance providers will run a criminal background check with your life insurance application. Each looks at felonies differently will have different criteria for risk and rates.
Some of the most common things insurance companies look for in a felony conviction are:
- What are the felony charges?
- Is the conviction more than five years old?
- Is the conviction more than ten years old?
- Have you been convicted of multiple felonies?
- Are there any charges on your driving record?
Depending on how you answer these questions will impact your life insurance rates. Life insurance for felons often comes with higher rates, and you may be limited to shopping with high-risk insurance companies in order to find the right policy.
Speaking with local life insurance agents about your felony conviction can help you connect with the right provider for the right policy.
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How much does life insurance for felons cost?
A felony conviction increases your level of risk. You can expect to pay substandard life insurance rates, which are 25% higher on average than the standard rate.
Take a look at the table below to see how life insurance for felons compares to the standard life insurance rates:
Age Average Monthly Standard Rates Average Monthly Substandard Rates
25 $157 $196
30 $189 $236
35 $230 $288
40 $278 $347
45 $349 $437
50 $429 $536
55 $550 $687
60 $701 $876
65 $913 $1,141
Bear in mind that these life insurance rates are just an industry average. Your life insurance premiums will be impacted by the type of felony conviction you have, as well as your age and family health history.
What disqualifies you from life insurance coverage as a felon?
A felony conviction doesn’t immediately disqualify you from life insurance, but you may have to wait to apply for coverage for up to a year after you’re sentenced.
If you’re currently facing felony charges, life insurance companies will not accept your application until your charges are dismissed or the trial is over.
Further, you cannot apply for life insurance if you are on probation or currently incarcerated.
There are a handful of insurance companies that will provide guaranteed issue life insurance and Accidental Death & Dismemberment coverage to inmates, but your best bet is to wait until your prison term is over before applying for life insurance.
Why do life insurance companies care about your criminal record?
Those with criminal records tend to live riskier lives and often have lower life expectancy rates. According to some case studies, each year of incarceration can take two years off of one’s life, which isn’t in the best interest of the companies writing these policies.
Since felony convictions are punishable with one year or more in prison, some insurance companies consider convicted felons riskier to insure.
In order to find the most affordable life insurance for felons, we recommend shopping around for quotes from multiple companies to see which offers the best rates.
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How to Buy Life Insurance for Felons
If you’re ready to buy life insurance, check with your employer to see if a group life insurance plan is offered. This is the easiest way to get life insurance for felons.
Shopping for term life, whole life, or universal life insurance quotes online will also connect you with providers in your area who offer life insurance for felons.
Start comparing quotes now from local companies to get life insurance for felons. Enter your ZIP code below to get your free quotes.
Frequently Asked Questions
Can felons get life insurance?
Yes, felons can get life insurance, but it might be more difficult and expensive for them than for people with no criminal record.
Do felons have to disclose their criminal history when applying for life insurance?
Yes, most life insurance applications ask about the applicant’s criminal history, and it is important to answer these questions truthfully. Failure to do so could result in the policy being canceled or a denial of a claim.
Will having a criminal record affect the cost of life insurance?
Yes, having a criminal record can affect the cost of life insurance, as insurance companies consider a felony conviction as a higher risk factor. Depending on the severity of the crime and how long ago it was committed, an insurance company may increase the premium or deny coverage altogether.
Can a felony conviction prevent someone from getting life insurance?
In some cases, a felony conviction can prevent someone from getting life insurance, but it depends on the severity of the crime, the length of time since the conviction, and the insurance company’s policies. Some insurance companies specialize in providing coverage to people with criminal records, so it is worth shopping around to find a policy that suits your needs.
What types of crimes are considered most severe by life insurance companies?
Life insurance companies typically consider violent crimes such as murder, assault, and sexual offenses to be the most severe, and they may have stricter policies for applicants with these types of convictions.
How long does someone with a criminal record have to wait before applying for life insurance?
The length of time someone with a criminal record has to wait before applying for life insurance depends on the insurance company and the severity of the crime. In general, the longer it has been since the conviction, the better the chances of getting coverage.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
Secured with SHA-256 Encryption
Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.