Can I buy life insurance for my brother who is a prison inmate?
Posted on March 16th, 2008 in Burial Insurance
Paul D asked:
I am only looking for a policy enough to take care of burial expenses
I am only looking for a policy enough to take care of burial expenses
This post has 4 comments
March 17th, 2008
Probably not. First of all, from a purely logistical standpoint, it would be tough to get the appropriate signatures. Secondly, all insurance companies want to know if you have committed a felony because people that commit crimes are at higher risk to die prematurely.
You MAY be able to find a company that doesn’t ask that detailed a questionnaire, but I doubt it.
March 20th, 2008
the answer is No
March 23rd, 2008
Depends, how much do you want to pay for it? If you’re looking for $5,000 of coverage, you could probably find someone to sell it to you for close to $4,000, if he’s healthy. He’d also have to agree to it.
Generally, people don’t WANT to pay that much for a paid in full policy. You’re NOT going to be able to get “good odds” on him - standard companies flat out won’t take him. But if you’re willing to effectively pay the cost of the funeral NOW, a high risk insurance company will take your money, invest it, and pay the appreciation when the time comes - IF your brother consents.
March 26th, 2008
It would have to be guarantee issue only. Depending on his state, this might not even be available.
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