Prisoner Insurance in the state of Illinois?

Question

Is it possible to get life insurance coverage for an Illinois maxium security prisoner? Who can I call?

Answer 1

Uh...I guess anything is possible, but I would expect the rates to be rather high.  Insweb and Securequote seem to be the top internet sites for life insurance.  I would start there.

Answer 2

You would have to find a "guaranteed issue" policy as far as I know.  The insured (inmate) would have to sign the policy.  Make sure when you talk with the agent if there are limitations on issuing the policy (ex. most won't issue on nursing home residents).

Guaranteed issue policies are generally a graded death benefit.  The beneficiary will normally receive the premiums plus a small interest in the first year, more in the second, and the full amount insured in the third year.

Answer 3

Theoretically, yes, but in reality I don't know of any insurance companies that will actually do it.

Unless you don't care how much it costs, of course.  If you're willing to pay $11,000 for a $10,000 policy, there are several companies who will do that.   But if you want odds - if you want to pay less than payout - I don't know of anyone who will do that.