Trouble getting Insurance after BK

[deepinit]

I have been told by 2 people now that getting life insurance after you file BK is extremely difficult.
Can anyone else back this up or ive an explanation?
If it is true - how long do you have to wait to be eligible to get insurance?

[Flamingo]

Getting insurance of any kind is hard if your state allows insurance credit profiling, but that would lean more toward vehicle or house insurance. You would need to find out if your state allows insurance credit profiling (many still do) and to see ifi that applies also to life insurance in your state. A call to your state DOI (Dept. of Insurance) will help you.

[lulabelle]

We screwed up and didn't get our papers signed until after we filed (HUGE mistake). They told us that we just had to wait a year from discharge and apply again.

[AngelinaCat]

We had a problem with insurance on our home. Long story short: As we were trying to re-insure our home after our then insurance company decided to putll out of state--hurricanes, they said--it was an uphill battle for us to get any kind of insurance.

We worked with our insurance agent--I had to be in the office so the agents could direct the Underwriters' questions to me--for about three weeks straight to get coverage. Then THAT agency decided that THEY were pulling out of the state--we are in Florida--and we had to do it all over again.

Once all was said and done, and we were covered at a rate we could afford, I purchased a catered lunch for the two agents that helped us so much with our insurance.

Sadly, those ladies are no longer there.

BTW Be aware that some of the questions asked of me were: "have you ever filed bankruptcy?" "If so, when was it discharged?" and "why did you file bankruptcy? Was it Medical or other reasons?"

Some companies will not cover a homeowner whose Bankruptcy Discharge is less than five years old. Our agent asked. Some companies will take BKs if they are of a Medical nature, but NOT if your have suits against you.

So these are some things you need to think about. I know you asked about Life Insurance, but I thought you need to be aware of the homeowner's insurance problems as well.

Good luck to you.

Please let us know how it works out for you so that we can post the info for others.

[AbbeyA]

We had a problem with insurance on our home. Long story short: As we were trying to re-insure our home after our then insurance company decided to putll out of state--hurricanes, they said--it was an uphill battle for us to get any kind of insurance.

We worked with our insurance agent--I had to be in the office so the agents could direct the Underwriters' questions to me--for about three weeks straight to get coverage. Then THAT agency decided that THEY were pulling out of the state--we are in Florida--and we had to do it all over again.

Once all was said and done, and we were covered at a rate we could afford, I purchased a catered lunch for the two agents that helped us so much with our insurance.

Sadly, those ladies are no longer there.

BTW Be aware that some of the questions asked of me were: "have you ever filed bankruptcy?" "If so, when was it discharged?" and "why did you file bankruptcy? Was it Medical or other reasons?"

Some companies will not cover a homeowner whose Bankruptcy Discharge is less than five years old. Our agent asked. Some companies will take BKs if they are of a Medical nature, but NOT if your have suits against you.

So these are some things you need to think about. I know you asked about Life Insurance, but I thought you need to be aware of the homeowner's insurance problems as well.

Good luck to you.

Please let us know how it works out for you so that we can post the info for others.

How does this work for renters insurance? Our home is in foreclosure -- once we are renting, are we in for a tough time getting renters insurance? We have our life insurance and homeowners insurance through the same company, with the same agent for several years now.

[Flamingo]

The OP was asking about a BK filing affecting applying for "life" insurance...most people already have life insurance in place when filing. Usually one's health condition at the time of filing outweighs any credit risk in this situation but, again, insurance credit profiling could be an issue if allowed by the state in which one resides.