Life insurance options?

[sandlapper3]

My apologies, I truly don’t know much about how Insurance works. Background: My hubby(41M) is asthmatic and on medication for ADHD. More than 10 years ago he was arrested and incarcerated. Since being released he has turned his life around. Owns a successful business, we have 2 children, and has had not a single interaction with the police, not even a speeding ticket. He has applied for life insurance twice on the last 8 years and gets denied because of his arrest well over 10years ago. The underwriters state “high risk lifestyle”. He doesn’t smoke, doesn’t do drugs, and has a couple beer here and there. He is a small business owner and a dedicated father and spouse. He takes our daughter to school, son to daycare, goes to work and comes home. There is nothing high risk about his lifestyle now or for the last 10 years.
He’s just wanting to “be a responsible husband and father and make sure my family is taken care of after I’m gone”. Both times he applied through our home and vehicle insurance agent - even the agent saw no reason for him to be denied.
What other suggestions are there? He can’t possibly really be “uninsurable” can he?
We would appreciate any and all suggestions and advice you can offer!
EDIT: we are in Ontario, Canada

 

[mgunn0103]

@sandlapper3 P&C agents should be the last people to quote and buy from. Just because they are licensed to sell it, doesn't mean they should.

Those 2 denials will be visible by every major insurance carrier through the MIB.

Not sure about canada, but definitely look up a life insurance broker and explain the situation.

Kudos for your husband with the fantastic rebound and getting everything together

Best of luck.

 

[sandlapper3]

@mgunn0103 I’m so proud of him every day. We met after he was released, so I’ve only ever known this man that wanted nothing more than to turn his life around. He is our hero every day.
What is a P&C agent?

 

[mgunn0103]

@sandlapper3 P&C property casualty agents. Agents who do home and auto.

 

[sandlapper3]

@mgunn0103 Ah! Thank you!!

 

[reana]

@sandlapper3 Find a broker who writes for a bunch of different companies. You should be able to find someone who will take him.

 

[hope]

@sandlapper3 Don’t need details but was it a felony? Was he on parole? When did that end, is he still on any kind of probation? That could be where the risk is coming from in there opinion. Many companies have a look back period.

It’s not the asthma or adhd, unless he has a weird drug.

Edit: and I’m so glad he’s been able to turn it all around for your family. I have friends who couldn’t.

 

[thievingmagpie]

@sandlapper3 @sandlapper3 I am an Insurance Agent at American Income Life and I also see no reason why he was denied as a "high risk". If you would like to give me a call I could see what I could do to help out! Lmk!

 

[confused_guy]

@sandlapper3 I might be able to help you! I’m an independent broker and can provide you all the info you need to make the best decision! email me ashley@marcialmanagement.com