2/15/2019 0 Comments
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:
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.
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.
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.
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.
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.