We’ve all made mistakes.
Having to pay for them for the rest of our lives can be very hard for anyone.
When it comes to getting approved for life insurance, previous mistakes can stay on our record for quite a long time.
Whether you’ve been issued multiple speeding tickets that are still lingering on your driving record, if you were a heavy smoker or tobacco user that has caused health implications, or if you allowed your body to go and gain the excessive weight, all of these will have an impact on getting approved for life insurance.
Another factor that can have an effect on whether you can be approved or not is if you have a felony. Having a felony on your record can be as simple as a yes or no answer on whether you can get approved or not.
Can you get life insurance if you’ve been convicted of a felony?
With most of the big life insurance companies they’re not going to consider underwriting anyone that’s been convicted of a felony unless they are on probation but even if they are on probation, a lot is going to depend on what the actual infraction was whether they’re going to approve you or not. For example, if you were convicted of either selling or using drugs then most likely they are going to want to see your most current health history to see if you have any drugs in your system.
Life insurance policy with exclusions.
Some insurance companies will offer a policy, with exclusions, to someone who has a past felony charge. These exclusions may include, if you were to die repeating the crime you were convicted of, the life insurance company would not pay out the policy. These limitations protect the insurance company from you putting your life at risk.
Are there any other options?
If none of the big carriers are willing to write you there is another option. Guaranteed Trust Life, which is a guaranteed issued product, will most likely be willing to write you. Guaranteed issued insurance, since they’re not asking any medical questions or if you have any felony charges, will typically cost a bit more but should be able to get you the life insurance you need.
We recently had a case with someone that was needing $200,000 coverage that had a felony on their record. The max GTL could offer was $100,000. Presidential and Transamerica also have a guaranteed product that was able to cover him but only for $50,000 each. He had to pay a little more because it was 3 separate policies, but he was able to get the coverage he needed.