Have you been denied Life Insurance coverage because of a Felony?
Life happens to all of us whether it’s good, bad and/or indifferent. Let’s keep it REAL shall we? It sometimes comes down to the decisions and actions that we make hence these are the consequences that determine what the outcome will be. I would venture to say that most deserve another chance in life to hopefully make it right moving forward. Which brings me to a discussion that is sometimes hard to talk about. Felons. We know it can be frustrating and a downer to know that you’ve gone through the process of applying for life insurance and only to find out later that you were declined because of something in your past or for most Insurance Applications, there are process of elimination questions like the following: Have you been convicted of… Now this also applies to whether it was due to medical and/or bankruptcy or pleading guilty to a DUI. Don’t worry We here at Protect and insure my life have solutions to get you covered and in most cases with no questions asked.
There are many types of felonies that one could be found guilty of but we won’t cover those here on this blog but let’s briefly explain what insurance carriers are looking at. Many of the carriers will decline and or deny coverage because of lifestyle and behavior choices which is known as a type of risks. For example, tobacco use, a moving violation, extreme activities like sky diving, scuba diving, and the likes along with some major medical issues. I likened it to getting a home loan. This involves pulling and reviewing your credit profile (MIB & MVR). A mortgage underwriter (insurance underwriter) will look at the report in depth and decide a few things; A. to either approve the application as submitted, B. rate you- approve with stipulation (increased premium) or C. decline you for what they see in the report. Carriers look at factors that could potentially affect the outcome of the application. For lack of a better phrase, it’s like looking at a crystal ball and saying that what they are doing now is an indication of what can and/or will happen in the future. Contrary to popular belief, some people do get a second chance and yes they may pay a little more for it in the beginning but over a period of time could qualify for better terms and rates.
As a felon, you are limited to what may be available to you. Some require a duration of time passed since the conviction and probation. Many carriers like to see 10 years removed and some even five to three. The best thing you can do is be honest with the agent about anything in your record. Answer all the questions truthfully. The worst thing you can do is omit anything that could come up. The insurance carrier’s underwriter will find out and that surely is an automatic decline. If you have been turned down with a traditional carrier then we may be able to insure you with one of our Guaranteed Issue programs. If you are below the age of 50 then this product could be ideal for you or a family member. No health questions asked. You can choose between $25,000.00 or $50,000.00 in death benefit. Premiums are age banded for both male and female. Call or Click here to enroll.
At Ron L. Reed and Associates, our mission is simple, “To be Clear, Concise and Conversational with our potential and current clients. Our values are People, Respect, Opportunity, Passion, Excellence and Loyalty.” Give us a call or get an instant life insurance quote by filling out the form on the left.