Does Life Insurance Cover Prison Inmates?

Comments ( 0 )

Does Life Insurance Cover Prison Inmates?
News from Fox Business:

Are prison inmates able to get life insurance? Using the fictional Piper Chapman from “Orange Is the New Black” as an example, let’s say she had life insurance on the outside. Did she lose that coverage when she became incarcerated?

While the Netflix series has its comical moments, serious questions about inmates and life insurance crop up frequently on prisoner rights and family support websites, and for good reason. Nearly 7 million Americans — roughly 2.9% of the U.S. adult population, or about 1 in every 35 U.S. adults — were behind bars or on probation or parole at the end of 2012, according to recent data from the federal Bureau of Justice Statistics.

That translates to a lot of family members whose lives have been thrown into limbo by the incarceration of a breadwinner. Some inmates want life insurance as a way to provide financial protection for their loved ones, while others merely seek to cover their burial costs if they die behind bars.

Unfortunately, prison barbed wire is one line that life insurers rarely cross.

Not a Market that Insurers Want to Capture

It’s very difficult for an inmate to start a life insurance polic…………… continues on Fox Business

… Read the full article

AM Best Upgrades Ratings of Liberty Bankers Life Insurance Company and Its …
News from MarketWatch:

OLDWICK, N.J., Jun 09, 2014 (BUSINESS WIRE) — A.M. Best has upgraded the issuer credit ratings to “bb+” from “bb” and affirmed the financial strength ratings (FSR) of B (Fair) of Liberty Bankers Life Insurance Company (Liberty Bankers) (Oklahoma City, OK), and its wholly owned life insurance subsidiaries, The Capitol Life Insurance Company (Dallas, TX) and American Benefit Life Insurance Company (Oklahoma City, OK), together known as the Liberty Bankers Group . The outlook for all ratings is stable.

The rating upgrades reflect Liberty Bankers Group’s positive trend of increasing absolute capital with a 5-year CAGR of 21.6% and significant improvement in risk-adjusted capital. The ratings also reflect management’s actions to reduce investments in real-estate related investment classes and continuous work towards derisking the asset portfolio. Additionally, Liberty Bankers Group’s improved risk-adjusted capital reflects a reinsurance transaction with Athene Annuity & Life Assurance Company on its fixed annuity in-force block of business in late 2012. While capital ratios have improved, core operating earnings remain below A.M. Best’s expectations, due in part to surplus strain from the group’s cont…………… continues on MarketWatch

… Read the full article


Related posts:

  1. When picking a life insurance company, stay with the financially strong
  2. Reliance Insurance launches online life cover plan
  3. Health and life insurance: how much cover do you need?
  4. 2011, year of convinient and cheap Life insurance cover
  5. Reliance Life Insurance Money Multiplier: Double cover with bonuses
If you enjoyed this article, please consider sharing it!
Icon Icon Icon


June 2014
« May   Jul »