Obtaining life insurance can be a difficult thing if you do not fall within the insurance companies categories. You may already know that getting life insurance for someone in poor health can be difficult, but it can also be difficult for some people and their past history. Getting a life insurance policy for a convicted felon can be a difficult task, but it is mainly depending on what they were convicted of. If someone was involved with drugs or alcohol and was convicted, insurance may be harder to get when your history shows you taking dangerous risks with your life.
Just because you were a convicted felon, doesn’t automatically mean you are going to be denied by everyone, it all depends on what you were convicted of. Usually something that will affect you getting life insurance easily, is being convicted of a crime in which you put yourself in a high risk situation with your life. If you had an alcohol problem and committed a crime in which you were convicted, life insurers look at that and consider the risk you are putting on your life. If that risk is too great to the insurance company, you will be denied coverage with that insurer.
It is possible to receive life insurance as a former convicted felon, however there could be some exclusions on your policy in which benefits would not be received. In the case of you repeating the crime you were convicted of and you ended up dying from it, then the life insurance would not pay out the policy. It is basically like a limitation on the policy that says if death is caused by this scenario, then the insurance company is not required to pay out the policy.
It is important to be honest when applying for life insurance, because if they find out that the customer lied on the application, then the claim will not be paid out, and you will lose all paid premiums. If that were to happen where you were denied the claim on your life insurance, it would be classified as “material misrepresentation” and the insurer will not have to honor the policy. If the lie on the insurance policy was very serious, then the insurance company could take legal action against you, and that is something you definitely do not want.