Life Insurance for Felons

Discussion in 'Life Insurance Forum' started by mamilli, Aug 14, 2012.

  1. mamilli
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    mamilli Guest

    I am co owner of a small business and looking for a key employee life insurance policy. My partner would be the owner on the policy which insures me and would also be the beneficiary. This would allow him to buy my shares if/when I die. Here is the problem. I am a 3 time felon. I have a 2006 drug possession conviction and a 2007 conviction for possession and ID theft (the same case.) Since then I did a long term inpatient rehab program and have been clean for 5 years. I am in EXCELLENT health (probably super preferred.) I can't find anyone to cover me so far and it's pretty essential that I get some sort of coverage. Any suggestions? I appreciate any information you have to offer. Thanks!
     
  2. dgoldenz
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    dgoldenz Moderator Moderator

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    Did you submit formal application(s) and get declined?
    What type of drugs?
    Has it been more or less than 5 years since the last usage?
    Ever diagnosed with an addiction, or was the inpatient program court-ordered?
    Are you still on probation?
     
  3. mamilli
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    mamilli Guest

    Yes, I submitted an app with Sentry and was declined. After that, I have been working with an insurance broker and she is only doing verbal inquiries with no luck. Protective said no, I know that for sure.

    It was meth and it has been over 5 years since I used it. It was court ordered treatment and I have been off probation for over two years.
     
  4. zergkiller
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    zergkiller Well-Known Member

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  5. WinoBlues
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    WinoBlues Well-Known Member

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    How much coverage?

    On the face it seems like an agent could do an Xrae or a couple informal inquiries and get a couple of straight forward options.

    Did the other agent have all the felony details and did he relay those details to the underwriter before submitting the app?
     
  6. GreenSky
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    GreenSky Well-Known Member

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    I knew you had first hand knowledge of felons.:1wink:

    Rick
     
  7. mamilli
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    mamilli Guest

    To be honest, I don't think the first agent does a lot of life insurance. No, they weren't aware, I asked her what they were going to ask me and she said only medical history, so when they did the phone interview and asked about felonies, I was caught off guard. She and I know each other fairly well as she handles all of our business insurance (workmen's comp, liability, etc) I am a successful business person, so the idea that I was a felon never crossed her mind probably. There was not a written application at all. They did it all by phone.

    I am looking for two policies: the key employee would be a 30 year term @ 250k and the company will also buy a personal policy, same term, @150k.
     

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