A criminal record can affect your life insurance application and rates. When life insurance companies are pricing policies, they generally look at many factors such as age, health, occupation, credit, driving record and even criminal records. If you have a criminal record, you could pay higher rates or your application could even be denied.
If you’re currently in jail your application will likely be denied. lf you’re on parole or probation, your life insurance application could be postponed until at least 12 months after you’re off parole or probation.
The length of this postponement period could also be affected by the severity of the crime and the number of convictions on your record.
Do life insurance companies check criminal records?
Life insurance companies often check criminal record for applicants. It's part of their normal information-gathering process. They typically use services that have access to state court systems, departments of correction and other government agencies in order to search for criminal convictions.
Can you get life insurance if you have a felony?
You can likely get life insurance if you have a felony and you’re off probation or parole, but you may not qualify for the best life insurance rates. Life insurance companies typically group applicants into ratings classifications based on age, health and lifestyle. You may not get placed in the preferred class ratings, which has better rates, if you’ve been convicted of a felony in the last 10 years.