Qualifying for life insurance with a criminal record can seem almost impossible. But with the right steps, the process does not have to be complicated. Outlined in this article are things you should know about getting life insurance with a criminal record.
Why does a criminal record matter when applying for life insurance?
Life insurance companies classify a criminal record in the same category as a risky occupation or major health issue. To a life insurance business, a person with a criminal record is risky to insure because their lifestyle could lead to an untimely death. And this would mean the early payment of death benefits.
What type of criminal activities do life insurance companies consider?
The type of criminal activity plays a major role in determining whether a person would get life insurance or not. Below are the kinds of criminal activities that matter to life insurance firms:
- Misdemeanors: Life insurers are typically lenient when it comes to white collar crimes or misdemeanors. While it can be a problem, it won’t be difficult for an individual with a misdemeanor charge to get life insurance. However, if you have multiple misdemeanors on your record, you could significantly reduce your chances of getting life insurance.
- Felonies: If you have been convicted of a major felony, it is almost impossible to get life insurance. And no matter how long you have been off probation, your application will still be rejected. Major felonies include rape, murder, drug trafficking, organized crime, terrorist acts, etc.
How to get life insurance with a criminal record
- Be patient: This might sound out of place but it is your best strategy. If you have a criminal record, simply wait for a long time after your period of probation before buying life insurance. In addition to eliminating the extra charge, this move saves you money.
- Buy a short-term policy: If you don’t want to wait, then buy a short-term life insurance plan. You could contact us or your insurer to help you shop for a life insurance business that is not strict about your criminal record.