Need Term for Ex Con, New York

Jan 21, 2016

  1. DBNYC
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    DBNYC New Member

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    This is for myself, location is New York.

    Ex con, did a few years on a drug charge, finished prison in 2003 and supervised release(probation) in 2005.

    Kids are coming soon so it's time for term life insurance.

    Perfect credit, very high income, same job for 9 years, liquid assets, own a home(mortgage but house worth well more then debt), etc.

    Otherwise perfect fit except for that felony.

    Very good health, migraine headaches and some GERD, non smoker.

    Who can insure me? Looking for $250 - $500k 20 to 30 year term policy. OK to stack a few policies over the next few years.

    We will purchase a policy for my wife as well, but she is not an ex con and is in perfect health so we can shop the normal channels there. I mention it in case there is a better deal to combine them.

    I'm 35 years old, 36 in September.

    Location is New York.
     
    DBNYC, Jan 21, 2016
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  2. DHK
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    DHK Guru

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    I'm not licensed in New York, but there are agents on here who are.

    I wanted to bring up this thread here for you:

    http://www.insurance-forums.net/forum/life-insurance-forum/42-male-life-insurance-t79899.html

    What I wanted to emphasize is that they ask questions that have a determined time frame and NOT to "volunteer" any information that isn't asked for.

    You are not on probation and everything ended (if I'm reading your post correctly) in 2005. If they ask you a question like "Has the insured ever been convicted of a felony in the past 10 years?" your answer is NO. Not "No, but 11 years ago I got off probation for x."

    That's not just for working with the agent, but for any telephone interviews that the insurance company has to conduct that will be required.

    Don't volunteer any additional information that isn't asked for and you should (generally) be fine.
     
    DHK, Jan 21, 2016
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  3. WinoBlues
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    WinoBlues Guru

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    Look up Tahoe Ray here on the forum. He could have options for you.
     
  4. rousemark
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    rousemark Still Here!

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    First step: Move out of New York... :yes: Then you should have no problem. :)
     
  5. dgoldenz
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    dgoldenz Moderator Moderator

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    Depends on what the charge was, any history of use/relapse since release, any other criminal charges, driving record, etc. You really need an independent agent to shop this case up front with the insurance companies by pre-screening with the underwriters before you ever submit a formal application. The agent also should be writing a cover letter explaining that you haven't used in X amount of years, were young and stupid back then, are married and have a child on the way so your life has changed, etc.

    If your income is very high, why only $250-500k? That's almost nothing...finding the best offer is the first step, but that's a really low amount of coverage for someone with a "very high income" and planning on having kids.
     
    dgoldenz, Jan 22, 2016
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  6. tlmarketing
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    tlmarketing Guru

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    Prudential is good with this type of history, and positive outcomes after the fact. Need to do a cover letter and setup the scenario upfront and it would be fine.

    They ask:
    "Within the past 10 years, have you been convicted for any crime and/or are you currently charged with any crime?"
     
  7. dgoldenz
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    dgoldenz Moderator Moderator

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    They'll still find out about the felony history one way or another, and the exam will ask if drugs have ever been used if the app doesn't.
     
    dgoldenz, Jan 22, 2016
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