The Best Life Insurance Company That Accepts Felons for 2024

Life insurance quotes are available if you have a felony on your record. However, your rates will be higher with a felony, and you might not be eligible for traditional coverage. Knowing more about life insurance companies that accept felons will help you obtain coverage. (For more information, read our “Felons Life Insurance Rates“).

Before learning more about life insurance companies that accept felons, enter your ZIP code to get free life insurance quotes in your area.

What are the rates from life insurance companies that accept felons?

Comparing affordable life insurance companies that accept felons will help you find the most cost-effective coverage. People with a felony conviction can expect to pay substandard rates, about 25% more on average than standard rates.

The following chart shows the average monthly standard and substandard rates for a whole life policy at $250,000 based on age.

Average Monthly Rates From Life Insurance Companies That Accept Felons: Whole Life Policy at $250,000

As you can see, you’ll pay significantly more per month if you have a felony, and life insurance companies’ rates that accept felons increase as customers age.

How does a misdemeanor affect your rates?

A misdemeanor or is unlikely to affect your life insurance eligibility or rates. However, it depends on the company as some might slightly increase your monthly payments.

Criminal records are treated differently in different states. For example, some states consider a DUI a misdemeanor, but multiple DUIs a felony. Understanding how your state treats specific situations will help you determine if you can obtain coverage.

Why do life insurance companies that accept felons care about your criminal record?

Life insurance companies consider various factors when determining eligibility. One of these factors is an applicant’s lifestyle. If a company determines that your lifestyle is risky, you’ll experience higher rates.

Inmates don’t have the same access to medical treatment as the general population, making it more likely that those that have spent time in jail or prison will have long-lasting health problems. Life insurance companies are aware of this and are more cautious with these applicants.

There are some life insurance companies that don’t accept felons because of the increased risk. That leads some to ask, can you get life insurance with a felony? You can get coverage if you have a felony, but those applying within two years are riskier to insure.

Certain crimes can result in ineligibility. These crimes include:

• Child molestation
• Drug trafficking
• Human trafficking
• Rape
• Murder
• Kidnapping

Most life insurance companies refuse to provide coverage for customers convicted of these crimes because they advocate against them. You might also have difficulty finding coverage for other crimes, including:

• Theft
• Driving under the influence
• Drug use
• Assault

Finding life insurance companies’ quotes that accept felons can be difficult, but acceptance depends on the company. Every provider is different, so whether or not you can find life insurance for felons depends on the company you’re considering.

How can you get coverage from life insurance companies that accept felons?

When looking for life insurance, you should first attempt to obtain traditional insurance, such as term life, whole life, and universal life insurance. These policies offer the best coverage and allow your beneficiaries to get the highest death benefit.  

In most cases, you won’t be eligible for traditional coverage if you have a felony on your record. When this situation arises, you can look at alternative options, including group insurance, guaranteed issue life insurance, and burial insurance.

The Insurance Information Institute says that there are multiple ways that life insurance is sold, one of which is in groups. These policies are provided by employers and all employees are accepted. However, if you leave your job or are terminated for any reason, you’ll lose your coverage.

Guaranteed issue life coverage has higher rates but automatic acceptance. Burial coverage is final expense insurance, providing funding for your funeral and burial. This type of insurance has a much lower death benefit but is an affordable option.

It can be hard to find a company that will provide coverage for a convicted felon, and an independent agent can help. They work with multiple insurance companies to discover which ones will provide coverage for an applicant with your criminal record.

Given the difficulty of finding coverage, some might consider lying about their criminal history when applying. Companies will reject your application if you’re untruthful.

Even after approval, they can refuse to provide a payout to your beneficiaries if you failed to disclose your full criminal history.

Life Insurance Companies That Accept Felons: The Bottom Line

Obtaining life insurance as a felon can be difficult depending on the crime. While most convicted felons can obtain coverage, some crimes will result in the applicant being ineligible. Learning about life insurance companies that accept felons will help you obtain coverage.

Now that you know about life insurance companies that accept felons, enter your ZIP code to find free life insurance rates in your area.