Life Insurance For Ex-Convict

Apr 24, 2016

  1. gordonfinancial
    Offline

    gordonfinancial New Member

    Posts:
    6
    Likes Received:
    0
    State:
    South Carolina
    I have a prospect who is supposed to be released from prison in June. I'm told he wishes to get a large life insurance policy to replace the one his ex-wife allowed to lapse ($3 million) and there may be some health issues to deal with.

    Has anyone had any success in getting anything other than the usual modified whole life policies for someone in this situation? The best I've been able to find is one or two carriers who might consider him after 1-5 years after his full release.

    Thanks.
     
  2. goillini52
    Offline

    goillini52 KeepAmericaGreat...Eat Bacon & BUILD THAT WALL!!!

    Posts:
    20,457
    Likes Received:
    6,717
    State:
    Illinois

    I could very well be wrong, but this makes me think of of the old saying:


    "Wish in one hand, sh*t in the other. See which one gets filled first." :twitchy:
     
  3. pfg1
    Offline

    pfg1 Guru

    Posts:
    1,544
    Likes Received:
    324
    State:
    Virginia
    I honestly don't know of one, but never ever looked into it.

    Another longshot option, depending on how long the policy has been lapsed...possibly they would re-instate it. I doubt it but its worth asking. Unfortunately, he's probably stuck for a good while.
     
    pfg1, Apr 25, 2016
    #3
  4. Gulfman
    Offline

    Gulfman Guru

    Posts:
    424
    Likes Received:
    1
    State:
    Florida
    So are you saying that the market for ex-cons is not being filled or NO ONE is writing for someone who just got out of jail?

    Sounds like a Hugh Market!
     
    Gulfman, Apr 25, 2016
    #4
  5. tlmarketing
    Offline

    tlmarketing Guru

    Posts:
    717
    Likes Received:
    7
    State:
    Pennsylvania
    What was he convicted of?
    Does he have the assets/income to justify the amount?
     
  6. aclaro
    Offline

    aclaro Super Genius

    Posts:
    196
    Likes Received:
    7
    I've never written anyone just out of jail but recently had a guy on probation and no one would write it. Did an AD&D policy to buy him time until he's of probation.
     
    aclaro, Apr 25, 2016
    #6
  7. Gulfman
    Offline

    Gulfman Guru

    Posts:
    424
    Likes Received:
    1
    State:
    Florida
    Why is the life of n xcon difficult to insure?

    Suppose he a millionare CEO....whats the problem?
     
    Gulfman, Apr 25, 2016
    #7
  8. goillini52
    Offline

    goillini52 KeepAmericaGreat...Eat Bacon & BUILD THAT WALL!!!

    Posts:
    20,457
    Likes Received:
    6,717
    State:
    Illinois

    Because of their lifestyle. Hanging with bad people can get you killed. Insurance companies don't want to pay and he'd be a higher risk. If he was in prison, then he has a felony.
     
  9. JNugent2
    Offline

    JNugent2 New Member

    Posts:
    9
    Likes Received:
    0
    State:
    New York
    The available options are predicated on a few factors including convicted crime, time served and as mentioned, time out of prison.

    Have placed a significant amount of UL & SUL coverage on a client with white collar crime convictions without significant issue. On the other hand, he had significant assets to back the coverage and the premium was large.

    Take note, from an underwriting prospective, there are actually quite a few debits related to prison residency; Allegedly, its bad for your health......apparently, worse than actually being required to earn the income to buy three meals a day, a place to sleep and a gym membership!
     
    JNugent2, Apr 26, 2016
    #9
  10. Gulfman
    Offline

    Gulfman Guru

    Posts:
    424
    Likes Received:
    1
    State:
    Florida
    You can get killed walking your doggie...

    Half the politicians are x-cons (or should be).

    Are you saying that X-cons live a more dangerous lifestyle than a Truck Driver?
     
    Gulfman, Apr 26, 2016
    #10
Loading...