Life insurance is a major part of a family’s financial security, and with the right policy, you can make sure that your family will be protected in case the worst happens. So looking for a policy is the right choice! But you’ll need to apply for a policy, and you should know that life insurance companies consider multiple factors when deciding if they should offer you coverage. They will review your health, finances, driving record, and even your criminal record. And if your record includes a felony or misdemeanor, it’s important that you are honest on your application. So how exactly does a criminal record affect your ability to get a life insurance policy?
Do Life Insurance Companies Ask About Criminal Records?
Insurers will typically do background checks on all applicants, including asking about your criminal record, primarily to prevent insurance fraud. They will also ask about your criminal record to help determine rates and eligibility. This is because, to them, your criminal record is one indicator of the risk they are taking in insuring you. And remember, the higher the risk they consider you, the higher your premiums will be.
Eligibility With A Criminal Record
If you don’t have a completely clean record, it’s natural to wonder if you’ll still be approved for a life insurance policy, or if certain types of crimes will disqualify you from getting a policy. Life insurance is based on risk factors including criminal records, but in many situations you will still be eligible.
Can You Be Denied?
The specifics in your record will matter, and different companies will have different rules for eligibility. For example, repeat offenses might mean being denied a policy. Certain crimes might also make you more likely to be denied, including things like insurance fraud.
If You Are Denied…
It can be very frustrating to deal with a life insurance denial because of past mistakes. But just because you’ve been denied by one company doesn’t mean that all insurers will deny you. Different life insurance companies have different requirements and criteria for providing policies to individuals, so it’s very important to compare different policies from different companies.
There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
