Best Life Insurance for Inmates in 2024 (Find the Top 10 Companies Here!)

The top picks for the best life insurance for inmates are Erie, Allstate, and AIG, offering comprehensive coverage tailored to this demographic’s unique needs.

These companies excel in providing policies that address the specific challenges inmates face, ensuring both affordability and reliability. Learn more on how to buy life insurance.

Our Top 10 Company Picks: Best Life Insurance for Inmates

Through a careful selection of guaranteed issues and AD&D policies, they help secure the financial future of inmates’ families. By comparing these providers, inmates can find a plan that best suits their circumstances and offers peace of mind.

If you’re looking to protect your family’s future at a low cost, enter your ZIP code above to buy affordable whole life insurance prices with our free quote comparison tool.

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#1 – Erie: Top Overall Pick

Pros

• Multi-Vehicle Discount: Erie offers a 10% discount for multiple-vehicle policies. Delve into our evaluation of Erie life insurance review.
• Strong Financial Rating: Secures an A+ rating from A.M. Best, indicating financial reliability.
• Adaptable Policies: Known for flexible policy options that can be customized to individual needs.

Cons

• Limited Availability: Erie’s insurance products are not available in all states.
• Higher Base Rates: While discounts are available, base rates can be higher compared to some competitors.

#2 – Allstate: Best for Extensive Coverage

Pros

• High Multi-Vehicle Discount: Allstate provides a 25% discount for multiple-vehicle policies. Access comprehensive insights into our Allstate life insurance review.
• Extensive Coverage Options: Offers a wide range of coverage options that meet diverse needs.
• A+ Financial Rating: Allstate’s strong financial health ensures reliability and claim-paying ability.

Cons

• Premium Cost: Despite discounts, premiums can be relatively higher.
• Claim Process: Some users report a less than satisfactory claim filing experience.

#3 – AIG: Best for Extensive Options

Pros

• Significant Multi-Vehicle Discount: AIG offers a 25% discount for customers with multiple-vehicle policies.
• Wide Range of Products: Provides a variety of insurance options that cater to different preferences and needs.
• Strong Financial Standing: Holds an A rating from A.M. Best, ensuring robust financial health. Learn more in our AIG life insurance review.

Cons

• Customer Service Issues: Some reports of less responsive customer service.
• Complex Policy Offerings: The wide range of options can be confusing for some customers.

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#4 – Liberty Mutual: Best for Financial Stability

Pros

• Substantial Multi-Vehicle Discount: Offers a 25% discount for multi-vehicle policies. Read up on the Liberty Mutual life insurance review for more information.
• Solid Financial Rating: Achieves an A rating from A.M. Best, indicating strong financial stability.
• Global Presence: Well-established with a wide-reaching global presence, enhancing its service capabilities.

Cons

• Higher Premiums: Known for higher premiums in some areas compared to competitors.
• Varied Customer Satisfaction: Customer satisfaction can vary significantly by region.

#5 – Nationwide: Best for Comprehensive Plans

Pros

• Strong Multi-Vehicle Discount: Nationwide offers a 20% discount for multi-vehicle policies. Access comprehensive insights into our guide titled “Nationwide Life Insurance Review.”
• Comprehensive Coverage: Known for offering extensive coverage options that provide thorough protection.
• Excellent Financial Health: Maintains an A+ rating from A.M. Best, reflecting strong financial stability.

Cons

• Costly Policies: Premiums can be expensive, especially without discounts.
• Inconsistent Customer Service: Customer service quality can vary, affecting overall satisfaction.

#6 – New York Life: Best for Reliable Service

Pros

• Good Multi-Vehicle Discount: Offers a 15% discount for multi-vehicle policies. Delve into our evaluation of the New York life insurance company review.
• Top-Notch Financial Rating: Boasts the highest possible A++ rating from A.M. Best.
• Reputation for Reliability: Highly regarded for its dependable service and strong customer trust.

Cons

• Premium Pricing: Generally higher premiums due to its high level of service and reliability.
• Less Flexibility: Fewer customizable options compared to other insurers.

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#7 – Principal National Life: Best for Customer Service

Pros

• Decent Multi-Vehicle Discount: Provides a 12% discount on multi-vehicle policies.
• Focused on Service: Praised for exceptional customer service and client care. Unlock details in our guide titled “Principal National Life Insurance Review.”
• Strong Financial Rating: Maintains an A+ rating from A.M. Best, ensuring financial reliability.

Cons

• Narrower Coverage Options: Less diversity in policy options than larger insurers.
• Premium Costs: Competitive but can be higher relative to some other insurers with similar offerings.

#8 – Lincoln Life: Best for Competitive Rates

Pros

• Competitive Multi-Vehicle Discount: Offers an 8% discount for multiple vehicle policies.
• Competitive Pricing: Known for offering some of the most competitive rates in the industry.
• Solid Financial Rating: Holds a strong A rating from A.M. Best. Discover more about offerings in our complete comparison of “AIG vs. Lincoln Life Insurance.”

Cons

• Limited Global Reach: More limited presence compared to larger global insurers.
• Basic Coverage Options: More basic and straightforward coverage options, which may not suit all needs.

#9 – Prudential: Best for Comprehensive Coverage

Pros

• Substantial Multi-Vehicle Discount: Prudential offers a 12% discount for customers with multiple vehicles.
• Wide Coverage: Known for its comprehensive coverage options. Find out more in our guide titled “Prudential Life Insurance Company Review.”
• Excellent Financial Health: Holds an A+ rating from A.M. Best, reflecting strong financial stability.

Cons

• Higher Premiums: Generally higher premiums for its comprehensive coverage.
• Complex Policy Structures: Some customers find the policy options and structures complex to navigate.

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#10 – State Farm: Best for Reliable Claims

Pros

• Significant Multi-Vehicle Discount: Offers a 20% discount for multi-vehicle insurance policies.
• Renowned for Reliable Claims Process: Known for a straightforward and reliable claims process.
• Diverse Coverage Options: Offers a variety of coverage options tailored to different needs. Unlock details in our State Farm life insurance review.

Cons

• Higher Premium Costs: Despite discounts, premiums might still be relatively higher.
• Limited Multi-Policy Discount: The multi-policy discount is not as competitive as some peers.

Inmate Life Insurance Coverage Rates Overview

When selecting the best life insurance for inmates, understanding the monthly rates for both minimum and full coverage across different providers is crucial. This comparison allows potential policyholders to gauge the financial commitment required for each level of coverage.

Inmate Life Insurance Monthly Rates by Coverage Level & Provider

The table details monthly rates for both minimum and full coverage offered by several insurance companies, tailored specifically for inmates. State Farm emerges as the most budget-friendly option, with minimum coverage starting at $54 and full coverage at $108.

On the higher end, Prudential’s full coverage rate reaches $122, reflecting its comprehensive benefits. Other notable companies like Erie and Lincoln Life offer competitive rates, with Erie providing minimum coverage at $55 full coverage at $110, and Lincoln Life slightly higher at $56 and $111, respectively.

These rates provide a spectrum of choices, enabling inmates and their families to find a plan that balances cost with the desired level of financial security. See more details on our “What is the minimum coverage amount for life insurance?”

Can You Get Life Insurance for Someone in Prison

An inmate’s life insurance eligibility depends on several factors, including age, medical history, and lifestyle. Insurance companies likely won’t write policies for high-risk individuals in prison or awaiting trial.

BQ: The best chance for an inmate to obtain life insurance is a guaranteed universal life insurance policy, which may not ask questions about health or criminal background. 

However, guaranteed life insurance coverage is limited, usually only offering up to $25,000 in death benefits. In addition, most companies require you to be over 50 to qualify for these policies, but some will offer coverage to those as young as 45.

The table below shows where you can buy guaranteed issue life insurance:

The Best Guaranteed Issue Life Insurance Companies

Mutual of Omaha and AAA offer the largest death benefit during the waiting period, but maximum life insurance coverage doesn’t exceed $25,000. Life insurance rates for inmates may also be more expensive, so compare quotes from these and other local companies before you buy.

If you don’t qualify for guaranteed issue life insurance, you may be able to buy accidental death life insurance (AD&D) from certain companies. AD&D insurance does not require a medical exam but only covers accidental death or loss/loss of use of a limb.

For example, if the insured is injured or killed while committing a crime or dies of natural causes, the insurance company would deny death benefits on an AD&D policy (For more information, read our “Life Insurance vs. Accidental Death & Dismemberment (AD&D) Insurance: Which Is Better for You“).

Like guaranteed issue insurance, AD&D benefits are minimal and only cover funeral and burial costs. However, AD&D life insurance rates are often cheaper, and it’s also easier to qualify for this coverage than other types of life insurance.

Additionally, if you have group life insurance through your employer, you may be able to add an inmate to your policy if they are your spouse or dependent. However, the group policy limits coverage terms. Research your policy thoroughly before buying life insurance for someone in prison.

What Happens to Life Insurance if You Go to Prison

If you had a life insurance policy in place before you were incarcerated, death benefits would still apply if you continue to pay your rates. The same applies if you are the life insurance beneficiary of an incarcerated individual — you will still receive a benefit upon the insured’s death. 

However, this may not be the case for those who get life insurance through their employer. If you don’t have the option of converting your group life insurance to an individual policy, you will most likely lose coverage.

Can a Death Row Inmate Get Life Insurance

A death row inmate most likely can’t buy life insurance. However, if they have an existing life insurance policy, their beneficiaries could still receive their death benefit. This will depend on the specifics of the life insurance policy.

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How to Buy Life Insurance for Inmates

If you are in prison or currently awaiting trial, you may not be able to apply for life insurance coverage at all. If you cannot get life insurance in prison, you will have more options after your release. However, with a felony record, you will have to wait some time after your release to buy a new policy. 

On average, inmates wait a year after their probationary period to apply for life insurance.

Depending on your criminal record, you may be able to get life insurance coverage soon after your release from prison.

For example, non-violent felonies carry lower risk and are less likely to impact your eligibility for life insurance than a violent crime.

How Does a Felony Impact Life Insurance

Life insurance for felons can be easier to qualify for than life insurance for inmates. Though some companies will deny you coverage, high-risk life insurers will provide guaranteed issue or term life insurance to those with criminal records. Unfortunately, your insurance rates will be higher due to the risk associated with your felony.

If you’re in prison, life insurance companies look at three things when assessing your risk level:

• The time between incarceration and the life insurance application
• The severity of the crime committed
• The number of times you’ve been incarcerated

While insurance companies may not deny you outright for a felony, certain factors can disqualify a person from life insurance. For example, a history of alcoholism, attempted suicide, or drug abuse — alongside criminal behavior — will make you too risky to insure. You may check our guide titled “Best Life Insurance for Alcoholics.”

Consider these common questions life insurance agents ask felons to give you an idea of how your criminal charges can influence the insurance-buying process.

• How long were you incarcerated?
• How much time has passed since the crime?
• Did you serve probation?
• What steps have you taken toward rehabilitation?
• Had you committed crimes before the felony in question?

Your answers to these questions will determine your eligibility for coverage and insurance rates. Each company will consider these factors differently, so it’s important to shop with multiple insurers before buying a policy.

You can reduce your risk and rates by finding steady employment and maintaining a healthy lifestyle and hobbies.

When writing your policy, many life insurance companies consider your recreational activities, social activities, medical history, and criminal record. Any steps you take toward rehabilitation can reduce your life insurance rates considerably.

Life Insurance for Inmates: What You Need to Know

Getting life insurance for someone in prison will be challenging. You will be limited to shopping with companies that offer guaranteed issue or accidental death and dismemberment insurance. These life insurance policies typically do not ask about medical or criminal history but limit death benefits to $25,000 or less. 

The best life insurance companies for inmates are Mutual of Omaha and AAA, as they provide a larger payout on guaranteed issue life insurance. However, your life insurance rates will likely be more expensive. 

If you want to find affordable life insurance for inmates, wait until the sentence is complete before buying a policy.

Life insurance coverage is easier to find when out of prison, but companies still expect inmates to wait at least a year before applying for coverage. Life insurance rates decrease, and more policy options become available as time passes.

If you’re ready to buy life insurance, shop for multiple life insurance quotes before choosing a policy to compare companies and find one that offers the most affordable life insurance for inmates.

Case Studies: Best Life Insurance for Inmates

Selecting the right life insurance for inmates is essential to ensure financial security and peace of mind. The following case studies, based on real-world scenarios, illustrate how Erie, Allstate, and AIG effectively meet the unique needs of their clients.

• Case Study #1 – Flexible Solutions With Erie: John, currently serving a medium-term sentence, sought a life insurance policy that could accommodate his situation. Erie provided him with a flexible policy that covered his needs at an affordable cost, ensuring his family’s financial security.
• Case Study #2 – Extensive Coverage From Allstate: Sarah, who was about to be released from prison, looked for a life insurance plan that offered comprehensive coverage. Allstate offered her a policy with extensive coverage options that addressed her concerns about future health issues and rehabilitation.
• Case Study #3 – Diverse Options With AIG: Mark, facing long-term incarceration, needed a life insurance policy that would remain beneficial throughout his sentence and beyond. AIG provided multiple insurance options that allowed him to secure the financial future of his dependents despite his incarceration.

These scenarios underscore the importance of choosing a life insurance provider that offers tailored solutions to inmates, ensuring they and their families are adequately protected. Learn more in our complete “Life Insurance for Felons.”

Simplify your life insurance shopping by entering your ZIP code into our free quote comparison tool below and find coverage that fits your budget and needs.

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