Life Insurance Wanted if on Probation

[TampaHound]

I am resurrecting this tread from the dead for a reason!!!

A friend of a friend asked me to look into this for them. 39 Year old male in Michigan who is looking for a 250K term policy. Non-smoker

The problem is that they are currently on probation (that ends in Dec or Jan) for drugs. They served their time and I don't have any more info on the charge.

They did apply for, and were rejected by, a few other term companies, since he's currently on probation. I was honest and suggested they just settle for a GI policy for now. (I am am FE guy and am licensed in MI).

However I was asked to look around so I will. Is this their best option or can they get a term policy?

 

[FinalExpenseDojo.com]

Not sure if any term is available. But, here's a list of FE companies that'll approve him for first day coverage.

If you need a underwriting cheat sheet email me at [email protected]

AETNA - LEVEL RNA
TRANS
AMERICO
UHL – (PAST 10 YRS CONVICTED, ON PAROLE, AWAITING TRIAL...ROP)
UH – LEVEL
SETTLERS – GOLD
TRINITY – LEVEL
LBL – PREF IF NOT IN PAST 2 YEARS
AHL – LEVEL UNLESS IN PAST 3 YEARS IS DECLINE

 

[walthamny]

You should find out what the companies declined the term insurance say. Usually, you can call and ask when they would re-consider. 6 months 5 years whatever. If you were not the agent, you may have to call together with the client. You will also need a cover letter showing employment and showing that the person is not likely to go back to old ways when you apply. May I also suggest applying in December for the year end rush where underwriters don't have too much time to pick on something. My opinion someone will approve once the probation is over.

You may also try to submit 50K permanent and 200K term with the same company, It will cost more however, they will take a harder look than term before declining. Whether mutual or stock company, all insurance companies like higher premium.