Need term insurance for an ex felon

Mar 15, 2019

  1. keith365
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    keith365 Expert

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    I have a prospect who had 4 felony charges, and was convicted in June of 2010. He spent 3.5 years in prison. His probation ended in December of 2018. He is working, married, healthy, clean driving record, etc. He wants $250k or $500k of 20 year term. Where can i take this case, if anywhere? Thanks!
     
    keith365, Mar 15, 2019
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  2. fed up
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    fed up Guru

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    Had one similar to this a few years back. You need to speak with your underwriters before submitting any information. He will be table rated for a few years, paying an extra 100 per $ of insurance. Mine was 500 extra premium for 3 years and then it would drop off. It might vary depending on the crime but if he served sentence and probation you should be able to place it with lots of companies. If I wrote in Ohio I'd snap it up
     
    fed up, Mar 15, 2019
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  3. keith365
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    keith365 Expert

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    Thanks. Which company did you place the business with?
     
    keith365, Mar 15, 2019
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  4. WinoBlues
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    WinoBlues Guru

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    You need a very good, detailed cover letter. With dates and current life style. Depending I may also add a drug and alcohol questionnaire.

    Quick Quote this is with the carriers. Send the same email to all. You will get response with in the week.

    Do not just shot gun this out. He has only been off parole for a few months. It is more a matter if and who will take him. Then deal with face and premium.

    Lee
     
  5. titeye
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    titeye Expert

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    Read your applications carefully. I just had this come up also last week. One question on the application asks if the proposed insured is currently hospitalized, in a nursing home, incarcerated.....
    Another question on the same application asks, within the past 10 years, has the proposed insured been advised by a medical practioner to reduce alcohol consumption, had a DUI, used illegal drugs, or been arrested for any reason. The question did not ask when the last time the proposed insured was incarcerated.

    Apparently, underwriting feels the two terms are distinctive. Otherwise, why use 2 different terms on the same application if their meanings are synonymous? There must be a difference between being arrested and being incarcerated.

    My client qualified for preferred coverage, even though he was arrested 8 years ago, but was released less than 12 months. Yours may also, if both of those terms appear on your application, as they did mine.

    What do you think?
     
    titeye, Mar 16, 2019
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  6. WinoBlues
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    Was
    It a felony? Was he convicted?
     
  7. titeye
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    Typo. It’s a female. She was convicted of killing her allegedly cheating husband.
     
    titeye, Mar 16, 2019
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