The Wolf of Wall Street may be a financial legend — but his criminal record may still be haunting his finances. Here’s how a conviction can cost you the rest of your life

Life insurance

When applying for life insurance, almost all insurers will ask about a criminal record, according to the insurance site, Clearsurance.

Most life insurers will extend coverage to people who’ve been incarcerated. However, there are some cases where insurers may find someone with a criminal record too risky to insure.

For instance, even if you’ve served your time, but were in prison for committing a “major” crime, you’ll have a much harder time getting a policy, says Clearsurance. Same to those who are currently in prison or awaiting a trial; insurers don’t want to take risks on people who are in jail or awaiting possible jail time.

If that’s not the case, most Americans with a record should be able to get a life insurance policy. However, it is likely to be quite a bit more expensive. Insurance news outlet Coverager reports that life insurance premiums often cost $250 for people with criminal records — twice as much as what everyone else might expect to pay.

Insurers calculate felonies into your premium by analyzing the nature of the felony, number of felonies and misdemeanors and years since the conviction, Coverager reports.

When it comes to insurance of all kinds, it certainly pays to shop around for the best quote, especially if your particular risk factors will make your premiums more expensive.

And most importantly, don’t fib on your questionnaire. If an underwriter discovers you’ve lied or withheld information while conducting your background check, there’s a good chance they’ll decline to insure you entirely.

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A nest egg

Criminal background checks and stigma often prevent people from getting jobs once they leave prison.

But even for those who find employment easily, they’re still often behind financially thanks to the time they spent in prison. The Brennan Center for Justice’s most recent report reveals workers who’ve spent time in prison see their subsequent annual earnings reduced by an average of 52%. On average, this means formerly imprisoned people lose out on earning nearly half a million dollars they might have otherwise over their careers.

There is some financial help for people after they leave incarceration, such as the Returning Citizens Stimulus (RCS), which provides cash to those getting out of prison. The average of $2,750 they give former inmates is meant to help them transition back to life on the outside.

The New York Times reported that Alwin Jacob Smith, one of the 10,400 people who received the RCS, used it to fix a Honda Accord he received from his church after his release. With a car, he was able to attend interviews and eventually get a job at a big box store, where he now earns $17 per hour.

Those who serve time in jail or prison will also have lost out on the chance to earn an income and contribute to their emergency or retirement savings funds. And this makes catching up on savings — even if you can only swing modest deposits each month — especially important.