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2/15/2019 0 Comments Applying For Life Insurance as a Marijuana User— Common Mistakes | Essential Tips | Insider Facts
Frequency of Use is a Major Factor in Determining The Cost Of Your Life Insurance as a Marijuana User:
SAMPLE RATES ASSOCIATED WITH DAILY, WEEKLY, & MONTHLY MARIJUANA USAGE
AIG | Lincoln Financial | Mutual of Omaha | North American | Prudential | SBLI (Savings Bank) | Securian (Minnesota Life)
DO NOT APPLY TO THESE LIFE INSURANCE COMPANIES IF YOU USE MARIJUANA
Banner Life | Protective Life | John Hancock Essential Tips & Common Mistakes To Avoid When Applying For Life Insurance As A Marijuana User:
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Some life insurance companies (John Hancock, for example) are still very conservative. They will automatically decline an application if you use cannabis— regardless of your reason, situation OR prescription. Because a decline for life insurance will follow you, 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. Why Does It Matter If I Apply To 'The Wrong Company' and Receive An Automatic Decline For Using Marijuana?
A decline for life insurance will always follow you. It will be permanently logged on the MIB (Medical Information Bureau) database 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.
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12/18/2018 0 Comments NALOXONE Rescue Kit Carriers Risk Rejection— Important! Read Before You Apply For Life Insurance
BE PREPARED. GET NALOXONE. SAVE A LIFE.
WHY YOUR LIFE INSURANCE APPLICATION MAY BE DECLINED, IF YOU BUY A NALOXONE (NARCAN®) RESCUE KIT AT YOUR PHARMACY:
There was a recent story about a nurse in Boston who paid an unexpected price for her good intentions. She acquired a naloxone rescue kit at a pharmacy and was declined when she tried to buy life insurance. Naloxone was on her list of prescribed medications because of Prescription Drug Monitoring Programs. Life insurance companies check these programs as part of the underwriting process. Reportedly, the nurse —even though she does not take the drug herself and only carries it as a means to save lives— was declined by two different life insurance companies.
STEPS YOU CAN TAKE TO PROTECT YOURSELF, IF YOU WANT/NEED TO CARRY A LIFE-SAVING NALOXONE (NARCAN®) RESCUE KIT:
Make sure you inform your agent or broker that you carry a Naloxone rescue kit, BEFORE you submit an application for life insurance. Put it in writing and explain why you the carry a Naloxone rescue kit and state that it is NOT for your personal use. A written explanation ahead of time will give the underwriter a chance to say “yes” or “no”, without having to do a formal application. Being pre-emptive is not a guarantee you will be approved for life insurance, but you will avoid getting formally declined (having that decline reported to the Medical Information Bureau).
WHAT IT MEANS TO HAVE YOUR DECLINE REPORTED TO THE MEDICAL INFORMATION BUREAU (MIB), WHY IT MATTERS, AND WHY IT IS IMPORTANT TO CONSULT WITH A KNOWLEDGABLE INDEPENDENT LIFE INSURANCE BROKER:
If you are formally declined by ‘Life Insurance Company A’, they will report that decline --and the reason for that decline— to the MIB (a coded database that all insurance companies use to report their underwriting results). If you then try to apply to ‘Insurance Company B’, ‘Company B’ will see the decline on the MIB and they will most likely also decline you (especially if you neglected to mention that you were declined by ‘Company A’).
A decline for life insurance will always follow you. It will 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.
*** whether you are a medical professional, a first responder, a good samaritan, a friend or family member of an opioid addiction sufferer ***
if you want/need TO CARRY A NALOXONE (Narcan®) RESCUE KIT —AS A MEANS TO SAVE A LIFE— we urge you, please, to call us BEFORE you apply for life insurance anywhere else—RELATED READING--
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Bestow is new to the life insurance marketplace. It is a simple online platform that gets people quality non-medical life insurance coverage faster than ever before. The policies are underwritten by North American Company for Life and Health Insurance. North American has an A+ (Superior) rating for financial strength from A.M. Best.
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***Bestow only represents one company***
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WHAT DOES BESTOW OFFER
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PROs & CONS — BESTOW LIFE INSURANCE
pros
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cons
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FREQUENTLY ASKED QUESTIONS ABOUT BESTOW
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—RELATED READING--
BESTOW LIFE INSURANCE IN THE NEWS
Bestow Raises $15 Million in Series A Financing
New financing fuels national expansion of a leading insurtech platform
Bestow Launches API, Rapidly Expands Across US
Company rapidly scales with direct-to-consumer products now available in 32 states
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Ladder is relatively new to the life insurance marketplace. It’s policies are underwritten by Fidelity Security Life Insurance Company. Fidelity Security Life Insurance Company has an Excellent (A-) rating for financial strength from A.M. Best.
Ladderlife.com is a simple online portal that allows you to buy coverage and adjust your policy. |
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***LadderLife only sells 1 company***
WHAT DOES LadderLife.com OFFER?
- Competitive level 10, 15, 20, 25, and 30 year term life insurance policies from $100,000 to $8,000,000 for people ages 20-60 years old.
- Ladder offers significantly more life insurance coverage than you can buy without a medical exam compared to other companies. Haven Life, by comparison, only offers up to $1 million in coverage without an exam. Some applicants will receive an immediate decision. Some applicants may need to take a medical exam before receiving an approval.
- Ability to increase or decrease coverage online as your financial needs change . Ladder up means the policy holder can increase their policy’s face value or extend the length of the term. The added coverage is priced separately, so the policy holder will receive a different cost for the higher amount of coverage and/or longer term. Ladder down means the policy holder can reduce their policy’s face value if they need less life insurance. Premiums will decrease proportionately to the reduction in the policy’s face value.
PROs & CONs of LadderLife.com
PROS
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CONS
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Frequently Asked Questions about LadderLife.com
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—Related Reading--
LADDER LIFE INSURANCE IN THE NEWS
Ladder To Unveil Latest Innovations At InsureTech Connect
CEO Jamie Hale Speaking at the World's Largest Gathering of Insurance Leaders and Innovators
https://www.prnewswire.com/news-releases/ladder-to-unveil-latest-innovations-at-insuretech-connect-300709454.html
CEO Jamie Hale Speaking at the World's Largest Gathering of Insurance Leaders and Innovators
https://www.prnewswire.com/news-releases/ladder-to-unveil-latest-innovations-at-insuretech-connect-300709454.html
Ladder And SoFi Partner To Power A New Approach To Life Insurance
The Financial Industry's New Guard Joining Forces To Drive True Innovation
https://www.prnewswire.com/news-releases/ladder-and-sofi-partner-to-power-a-new-approach-to-life-insurance-300681915.html
The Financial Industry's New Guard Joining Forces To Drive True Innovation
https://www.prnewswire.com/news-releases/ladder-and-sofi-partner-to-power-a-new-approach-to-life-insurance-300681915.html
Ladder is Partnering to Power a New Approach to Life Insurance
Ladder and SoFi are teaming up to fundamentally change how people access and manage life insurance over time
https://medium.com/ladderlife/ladder-is-partnering-to-power-a-new-approach-to-life-insurance-85195cca6a59
Ladder and SoFi are teaming up to fundamentally change how people access and manage life insurance over time
https://medium.com/ladderlife/ladder-is-partnering-to-power-a-new-approach-to-life-insurance-85195cca6a59
Shopping For Life Insurance in The Digital Age
DARE TO COMPARE? LET'S TAKE A LOOK!
Who Is Eligible For Coverage Through Haven Life?
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Haven Life Buying Process | Step-By-Stepwe'll walk you through it |
PROs and CONs of Applying For Life Insurance at HAVENLIFE.com
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What Makes Haven Life Different?
Haven Life’s online process uses an algorithm and artificial intelligence to instantly review your application. You may have an approval with out a medical exam in less that 1 hour if you are under the age of 45 and need less than $1 million in coverage.
Haven Life will reach out to any physicians, hospitals, pharmacies, pharmacy benefit managers, consumer reporting agencies or any other entity that possesses prescription or medical and financial information for the purpose of evaluating the applicant’s eligibility for insurance. Not all applicants will avoid the medical exam. Some applicants may be required to be complete a company provided medical exam. The applicant may or may not receive temporary coverage with a preliminary price in the meantime. The final price will come once the exam results are reviewed and the policy is approved. A full refund is provided if the applicant is declined for coverage or does not want the policy. |
RELATED READING
Haven Life In The News
Haven Life debuts Plus, a new suite of services that benefits life insurance customers while they're living
Haven Life acquires online insurance broker Quilt
Insurance startup Quilt adds life insurance to its portfolio of products
Sagicor No Medical Exam Sample Rates
The sample rates shown are preferred class prices. Actual rates will vary based on your health class, desired coverage amount, and term lengths. Sagicor offers a variety of life insurance plans with no medical exam. Their term plans are available in 10, 15, and 20 years. 30yr old male
30YR OLD FEMALE
SagicorNow is the marketing name for the Sagicor Life Insurance Company’s direct-to-consumer online platform. The simple online platform allows people to get quality 10 / 15 / 20 year term life Insurance & whole life insurance fast and easy. Sagicor Life is rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings). This rating is based on Sagicor’s financial strength and ability to meet its ongoing obligations.
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CHRISTOPHER J. LALOR Christopher Lalor is an independent life insurance broker with over 25 years experience and licenses nationwide. He is dedicated to helping you secure the proper protection for your loved ones– as quickly, as affordably, and as painlessly as possible. HIS PROMISE Straight Answers, Free Instant Quotes, Unbiased Reviews, and No Pressure, Ever.
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shopping for life insurance? we urge you to Make an informed decision before you buy...
THE 3 VARIABLES THAT DETERMINE THE EXACT COST OF YOUR LIFE INSURANCE POLICY ARE:
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COVERAGE (also known as FACE AMOUNT)
The amount of life insurance you are looking to buy. For example, a 50,000, 100,000, or 250,000 life insurance policy.
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POLICY EXPIRATION DATE
The most important decision you will make is when does the policy expire.
*** BE CAREFUL selecting your expiration date. You do not want to have your policy expire in your late 70’s, 80’s or 90’s and still have a want or need for life insurance. It is VERY EXPENSIVE to buy at that age even if you are healthy enough to qualify.***
- Do you have a short term need or goal? If so, term life insurance is the way to go. You can lock your rates so your policy does not expire for 10, 15, 20, 25, or 30 years depending upon how old you are when you purchase it.
- Do you have a long term or permanent need or goal? If so, a lifetime policy like guaranteed universal life or whole life is the way to go. These policies have an expiration date at age 95, 100, or 121. Your short and long term goals will help you determine which is the best for you.
*** BE CAREFUL selecting your expiration date. You do not want to have your policy expire in your late 70’s, 80’s or 90’s and still have a want or need for life insurance. It is VERY EXPENSIVE to buy at that age even if you are healthy enough to qualify.***
3
HEALTH CLASS
Which HEALTH CLASS the life insurance company approves you at has significant impact on exact cost. Every life insurance company has about 12 health classes.
***An agent or a broker can tell you what the cost of each health class is before you apply. No agent or broker can tell you which health class you will be approved at until the application and underwriting process is completed for the life insurance company (carrier)***
- Health class 1 is the best health class and least expensive, BUT you have to be extremely healthy to get it.
- Health class 12 is the worst health class and the most expensive because of poor health.
***An agent or a broker can tell you what the cost of each health class is before you apply. No agent or broker can tell you which health class you will be approved at until the application and underwriting process is completed for the life insurance company (carrier)***
What Are Underwriting Guidelines and How Do They Impact The Actual Cost Of Your Life Insurance Policy?
Keep in mind— the ACTUAL COST of your policy will NOT BE KNOWN until you have been approved and assigned a health class. Before you apply to any company, consult that company's underwriting guidelines to see if you would qualify.
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WARNING
If you buy a 20 year term life insurance policy, the policy EXPIRES in 20 years. The big mistake people make is they do not pay attention to when the policy expires until it’s too late. If a new policy is needed at that point, they are 20 years older and might not be as healthy. New life insurance will be a lot more expensive. This strains the budget. Even worse, it might not be affordable and you have to go without.
SOLUTION
Take the time to GET A QUOTE for a longer duration. You can guarantee your life insurance rates for a 25 Year Term, 30 Year Term, To Age 95, To Age 100, To Age 121. These longer durations will ensure you never outlive your policy.
top 3 rates — sample quote
There is much to consider when making comparisons between life insurance companies
The Most Important Factors
- Price
- Underwriting Guidelines
- Company Strength & Reputation
the exact cost of your life insurance depends on 3 variables
- How much life insurance coverage (the face amount)
- When does the policy expire (the term)
- The approved health class (preferred, standard, etc.)
detailed sample quotes and underwriting guidelines
| 15 Year Term Life Insurance $250,000 15 Year Term Life Insurance Policy $500,000 15 Year Term Life Insurance Policy |
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If you are a AAA member, chances are you have received this “Exclusive Members Only Group Term Life Insurance” application & information packet in your mailbox— at least once, if not once a month.
Perhaps it met with a quick end in your recycling bin. Or --if shopping for life insurance has been on your “TO DO” list— maybe it caught your eye and you kept it around to review later. As a AAA member myself, I have accumulated several copies of my own. As an independent life insurance broker, I can offer a unique perspective regarding the offer itself, the eligibility details, and the corresponding policy premiums.
I would be happy to review the details with you over the phone: (888) 681-4952. You can also run personalized life insurance quotes and compare top rated companies here.
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PROs & CONs of AAA's "Exclusive Members Only Group Term Life Insurance"
ADVANTAGES OF BUYING THIS POLICY
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DISADVANTAGES OF BUYING THIS POLICY
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Benefits of AAA's "Exclusive Members Only Group Term Life Insurance"
INSURANCE GUARANTEES
"LIVING BENEFIT"
Your AAA Exclusive Members Only Group Term Life Insurance allows you to collect benefits while you’re alive thru the “Accelerated Death Benefit”. This means if you’re ever diagnosed with a terminal illness, and death is anticipated within 12 months or less, you can get up to half of your benefits early to help with expenses.
CONVERSION PRIVILEGE
At any time before you turn 65, you can convert your Exclusive Members Only Group Term Life Insurance coverage to a permanent life insurance policy from AAA. Conversion is guaranteed regardless of your health at the time.
- Guaranteed Renewal
- Guaranteed Level Benefit
- Guaranteed Payment With A Covered Claim
- Guaranteed Spouse Eligibility
"LIVING BENEFIT"
Your AAA Exclusive Members Only Group Term Life Insurance allows you to collect benefits while you’re alive thru the “Accelerated Death Benefit”. This means if you’re ever diagnosed with a terminal illness, and death is anticipated within 12 months or less, you can get up to half of your benefits early to help with expenses.
CONVERSION PRIVILEGE
At any time before you turn 65, you can convert your Exclusive Members Only Group Term Life Insurance coverage to a permanent life insurance policy from AAA. Conversion is guaranteed regardless of your health at the time.
Cost of AAA's "Exclusive Members Only Group Term Life Insurance"
HOW MUCH ARE THE PREMIUMS?
- You must be a AAA member ages 18-74 to purchase. The policy can be renewed until it expires at age 80.
- There are 4 Benefit Amounts to choose from. $50,000, $100,000, $200,000, & $300,000.
- There are different monthly premiums for nicotine vs. non-nicotine users.
- The premiums are banded into age brackets. Ages 18 to 34 the premium stays the same. At age 34 the premiums start to increase and will increase every 5 years until the policy expires at age 80. Although you cannot be singled out for a rate increase, the premiums are NOT guaranteed. Your premiums may change only if they are changed for all other insureds with the same age, gender, nicotine use, coverage amount, and year of issue.
- Premiums payments can be made from a checking account or credit card. A $3 charge will be added to your premium if you wish to receive a monthly bill.
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Applying for AAA's "Exclusive Members Only Group Term Life Insurance"
ONE-PAGE FIVE-STEP APPLICATION PROCESS
Step 1. Member Information & Spouse Information – if applying.
Step 2. Provide Payment Method
Step 3. Statement of Health
Each of the following questions are answered by checking the box yes or no.
Step 4. Other Insurance
Yes or No. Is there insurance applied for intended to replace, discontinue, or change any existing insurance or annuity?
Step 5. Read, Sign, and Date
- Name
- Home Address
- Phone #
- Email Address
- Beneficiary Name
- Beneficiary Relationship
- Amount of Coverage Desired
- In the last 12 months, have you used nicotine in any form? Yes or NO
- Gender
- Date of Birth (Must be 18-74 to apply)
- Height & Weight
Step 2. Provide Payment Method
- Deduct payment from checking account each month. Will need to provide account & routing number as well as a copy of a voided check.
- Charge payment to a credit/debit card each month. Visa, MasterCard Discover and AmEx accepted. Need to provide card number, expiration date, and the name as it appears on the account or card.
Step 3. Statement of Health
Each of the following questions are answered by checking the box yes or no.
- In the past 12 months, have you been admitted to a hospital or had diagnostic testing performed or recommended by a doctor for an diagnosed condition?
- In the past three years, have you been treated OR diagnosed by a doctor as having heart trouble, cancer, stroke, lung disease, liver disease, kidney disease, AIDS, lupus, diabetes treated with insulin, ALS, or dementia?
- In the past three years, have you been confined to a nursing home, or special treatment facility OR convicted of a felony or driving under the influence?
Step 4. Other Insurance
Yes or No. Is there insurance applied for intended to replace, discontinue, or change any existing insurance or annuity?
Step 5. Read, Sign, and Date
- All answers in the application are, to the best of my knowledge and belief, true. I understand the answers will be used to determine if coverage will be issued, and the application will be part of the Certificate of Insurance.
- In accordance with its incontestability provision, if I misstate any of the information on this application, the Certificate my be voidable for 24 months from the effective date by AAA Life Insurance Company.
- I authorize the Company to use the payment method I indicated on this application. This authorization will remain in effect until I notify the Company in writing to cancel it.
- Coverage will take effect on the Effective Date shown on the Certificate, provided the first premium has been paid and there has been no change in my health since the date of the application. If my health changes prior to the Effective Date of the Certificate, I must promptly inform the Company in writing.
- I authorize any licensed physician, medical practitioner, hospital, clinic, pharmacy, pharmacy benefit manager or other medical relate facility, consumer reporting agency, insurance company, or other organization that has any records or knowledge of my medical or prescription history, credit attributes, public records, driving record, or social security number, to give any such information to the Company, its re-insurers or any entity retained by the Company to collect and transmit such information.
- The company will not use or disclose medical information for any purpose other than stated above except as may be required or permitted by law. Such medical information may be subject to re-disclosure and may no longer be protected by federal privacy regulation.
- The authorization shall be valid for 24 months from the date signed. I understand I or my representative have a right to a copy of this authorization.
- I may revoke this authorization at any time by writing to the Company, and if I do, the Company may decline my application.