YES! YOU ABSOLUTELY CAN GET LIFE INSURANCE IF YOU USE MARIJUANA —WHETHER IT’S MEDICAL OR RECREATIONAL— GET THE FACTS – WHAT YOU NEED TO KNOW BEFORE YOU APPLY!
The Way Life Insurance Companies View, Assess, and Rate Marijuana Usage Is Changing…
Contrary to popular belief, marijuana use does NOT automatically disqualify you from getting life insurance. While marijuana use DOES have an impact on the cost of your policy, that does not mean you should forego coverage.
Not all insurers are the same. Each life insurance company has their own guidelines and —as more and more life insurers ‘take a fresh look’ at how they underwrite marijuana usage— those guidelines are constantly changing.
There are life insurance companies known to be ‘marijuana friendly’— more progressive or, at least, more lenient. In fact, some are even willing to offer their best prices to marijuana users. But there are some very important things you need to know, first— common mistakes to avoid.
Be sure to consult with an independent broker, before you apply. We’re here to help: (888) 681-4952
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FACTORS THAT WILL IMPACT THE COST OF YOUR LIFE INSURANCE AS A MARIJUANA USER:
- Frequency of Use
- Means of Ingestion (smoke, liquid, edibles, pills, etc.)
- Recreational vs. Medical
- If Medical – the Condition Marijuana is Prescribed to Treat
- High-Risk Habits and Lifestyle Choices
WHAT IS THE BEST LIFE INSURANCE COMPANY TO APPLY TO IF YOU USE MARIJUANA?
If you use marijuana…..
DAILY – You will most likely be declined by ALL life insurance companies.
|Prudential||Up to 3x / Week||Standard Plus Non-Tobacco|
|Lincoln Financial||Up to 2x / Week||Preferred Non-Tobacco|
What does this mean in terms of cost? If a male age 45 in good health / non tobacco user, buys a $500,000 20 Year Term Life Insurance Policy and only uses marijuana on a limited weekly basis, his cost will be…
- Lincoln Financial – $58.94/month – Can use up to 2x/week
- Prudential – $88.38/month – Can use up to 3x/week
|Mutual of Omaha||Up to 3x / Month||Standard Non-Tobacco|
|AIG||Up to 2x / Month||Standard Non-Tobacco|
|Securian Financial||Up to 2x / Month||Standard Non-Tobacco|
|Transamerica||Up to 1x / Month||Standard Non-Tobacco|
|Lincoln Financial||Up to 1x / Month||Preferred Plus Non-Tobacco|
What does this mean in terms of cost? If a male age 45 in good health / non tobacco user, buys a $500,000 20 Year Term Life Insurance Policy and only uses marijuana on a limited monthly basis, his cost will be…
- Lincoln Financial – $49.44 – Can use up to 1x/month
- Securian Financial – $63.80 – Can use up to 2x/month
- AIG – $92.29 – Can use up to 2x/month
- Transamerica – $100.19 – Can use up to 1x/month
- Mutual of Omaha – $104.71 – Can use up to 3x/month
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WHAT IS THE WORST LIFE INSURANCE COMPANY TO APPLY TO IF YOU USE MARIJUANA?
|John Hancock||Any Usage||Declined|
|Banner Life||Any Usage||Standard SMOKER|
|Protective Life||Any Usage||Standard SMOKER|
What does this mean in terms of cost? If a male age 45 in good health / non tobacco user, buys a $500,000 20 Year Term Life Insurance Policy and uses marijuana, he will be considered a SMOKER and his cost will be…
- Banner Life / Legal & General America – $286.33/month
- Protective Life – $328.75/month
- John Hancock – DECLINED
BIG DIFFERENCE!! For a male age 45 who buys a $500,000 20 Year Term Life Insurance Policy and uses marijuana 1x/month. Banner $286.33/month – Lincoln Financial $49.44/month = $236.89/month in COST DIFFERENCE. $236.89/month x 12 months/year x 20 years =$56,853.60 MORE
Keep an eye out for rates from the companies listed (above) in the results of your free personalized quote…
INSIDER TIPS WHEN APPLYING FOR LIFE INSURANCE AS A MARIJUANA USER:
1. Some companies are still very conservative. They will automatically decline an application if you use cannabis— regardless of your reason, situation OR prescription. A decline for life insurance will follow you on the MIB. The MIB is a coded database that all insurance companies use to report their underwriting results. If you are declined by company A, company A will report the decline and reason to the MIB. If you then try to apply to company B and not mention you were declined by company A, company B will see the decline on the MIB and will most likely also decline you. A decline for life insurance always be on the MIB and you will always have to answer “yes” to the question “Have you ever been declined for life insurance?” on every life insurance application you fill out for the rest of your life. Therefore, it is essential that you speak with an independent broker —openly and honestly, BEFORE you apply. We’ll make sure you don’t apply to THE WRONG COMPANY for your unique circumstances.
2. Under NO circumstances should you ever lie about using marijuana (or about anything else, for that matter) when applying for life insurance. You are almost certain to be declined —BY EVERY INSURER— if you lie. Even ‘marijuana friendly’ life insurance companies will decline your application, if they ‘catch you in a lie’ —and THEY WILL catch you!— so always be completely upfront about your marijuana use.
3. Don’t get rated as a “smoker”, if you don’t smoke it!!! Rates for smokers are significantly higher, so the means of ingestion definitely matters. That said, regardless of how you consume your marijuana, we urge you —if and when at all possible— to “PEE CLEAN”. This advice may sound somewhat contrary to our strong “NEVER LIE” warnings (above), but it isn’t. Full disclosure is imperative, but that does not mean your sample has to… ‘glow green’, so to speak. Testing negative for THC at the time of application can go a long way to improving your insurability. It is ALWAYS BEST to strive for the cleanest possible screening, no matter what your circumstances.
4. If you have been prescribed marijuana (i.e. you have a Medical Marijuana Card), your prescription will need to be verified. It is essential to keep in mind that the actual condition the marijuana has been prescribed to treat FAR OUTWEIGHS the impact of your usage —when it comes to life insurance— as a factor in determining the cost of your policy and the likelihood of your approval. Unfortunately certain serious medical conditions can be virtually uninsurable.
5. Let’s face it, whether it is FAIR OR NOT, there is still a stigma attached. As a marijuana user, it is quite likely that your lifestyle will get a ‘closer look’ (additional scrutiny) during the application process, so it is EXTRA important to keep any/all other risk factors (alcohol consumption, obesity, high-risk travel or hobbies, extreme sports, and —of course— tobacco use) in check.
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