Can felons get life insurance and what policy do they qualify for

 

If you are a convicted felon, finding a life insurance policy can be difficult. Life insurance companies must weigh the risks involved in providing coverage for someone with a criminal record. Fortunately, some companies do offer coverage for felons, and there are certain policies available to those with criminal records.

Life insurance for felons typically falls into two categories: guaranteed issue and graded benefits. Guaranteed issue life insurance is a type of policy that does not require medical exams or health questionnaires from applicants. This type of policy is often available to individuals who have been convicted of a felony, but with some restrictions.

The other type of policy available to felons is graded benefits life insurance. This policy works much like traditional life insurance, with the exception that the death benefit will be reduced should an applicant’s death occur within the first two years of the policy’s term. Under this policy, your premiums are also typically higher than those of traditional life insurance policies.

No matter what type of policy you choose, there may still be some restrictions on coverage for felons. The policies may limit the amount of death benefits available, may not cover certain types of deaths, or may even require additional disclosures regarding an applicant’s criminal record. It is important to read through all the details of any life insurance policy before signing on the dotted line to make sure it meets your needs and expectations.

Overall, there are options available for convicted felons who need life insurance. Whether you opt for guaranteed issue or graded benefits, make sure you understand all the restrictions and details before signing on the dotted line and getting covered.