Life Insurance for Felons
You can buy life insurance if you have a felony, but qualifying for life insurance takes a few extra steps. Life insurance companies want to know how long ago you were charged and what type of felony conviction you have. On average, life insurance for felons costs 25% more than the standard rate. You can expect to pay around $230/mo for life insurance with a felony.
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Written by
Chris Tepedino |
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Reviewed by
Laura Walker
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UPDATED: Jul 16, 2021
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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: Jul 16, 2021
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
- You cannot apply for life insurance as a felon until the prison term is served or the charges are dismissed
- Life insurance for felons can cost 25% or more than the average rate
- The older a felony conviction it is, the easier it is to find affordable life insurance
A criminal record affects your life insurance application, but finding life insurance for felons is possible if you’re willing to do a little research.
What’s a felon? Those who commit the most severe class of crime are charged as felons, and having a felony conviction on your record can raise your life insurance rates.
What can you not do if you are a convicted felon? With a felony, you can’t register to vote or travel abroad. Fortunately, buying life insurance is one thing you can do as a felon.
You may have to wait a year after your conviction to apply, but buying life insurance for felons is easier than you think. Read our guide below to learn how to buy life insurance for felons and find affordable life insurance rates.
Start comparing life insurance quotes for felons right now. Enter your ZIP code above to get free life insurance quotes from local companies. So, what’s the best life insurance company for felons? Read on to find out.
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.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
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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.
|
Written by
Chris Tepedino |
|
Reviewed by
Laura Walker
|