HOW TO APPLY FOR
LIFE INSURANCE
Welcome to Life Insurance 420, a life insurance agency dedicated to helping people apply to the best life insurance companies for marijuana users and non marijuana users. Most Life Insurance carriers test for THC during the application process, and will give marijuana use a Smoker rating, which dramatically increases your rates. Other carriers will reject your application because they consider marijuana to be "drug use". The best life insurance for marijuana use is really just a normal life insurance policy, but the difference is in getting the approval and the health rating you receive that determines your rates for the entire length of the policy. It is our mission to guide our clientele to the most marijuana friendly life insurance carriers to achieve Non-Smoker rates and get the best coverage without having to hide anything. We are compensated by the insurance carriers, and our rates are the same as if you went direct to carrier, so we appreciate you working with us to achieve your coverage goals.
Life insurance can seem complicated and overwhelming, but we're here to make it easy and straight forward, making sure you get a good deal. Submit an instant quote request or email us directly to connect, and we'll be in touch soon.
Why Work With Us?
Life Insurance 420 has over 20 years of experience in the life insurance and wealth management space. We have a very high success rate of helping marijuana users get approved for life insurance with non-smoker rates, and we're a relatable and friendly team that's here to help you get the protection you want. We'll do as much of the work as we can for you, and coach you on the process so you can feel confident about applying for life insurance as a marijuana user.
It is 2019, and marijuana is finally on a fast track to social and legal acceptance. Some life insurance companies have been adjusting their tolerance of marijuana smoking and THC in their underwriting process as more and more information points to the health benefits of cannabis when used in moderation. Every carrier has different definitions for what they will consider acceptable usage, and some unfortunately still rate it the same as tobacco use or will even flat out reject your application, so it's important you have a knowledgeable agent guiding you. The life insurance drug test is done as part of the urinalysis, and there's no need to try to cheat the system when you're applying to a marijuana friendly life insurance carrier. We help applicants get coverage with marijuana use in many different states including ones that have not yet legalized its use. Your information is kept confidential and safe from any employer and local law enforcement, so put your mind at ease and let's get started with an instant quote.
Getting life insurance coverage is an important decision, and Life Insurance 420 is here to help you learn about life insurance and also help you apply to the most marijuana friendly carriers if that's part of your lifestyle. If you're not sure about your life insurance plan or what to expect when it comes to applying for life insurance, here's a quick overview.
The first step is to do a little research, and since you're already here, you're already tackling that first step and finding out that there's a select few carriers that are OK with marijuana use and will even give you non-smoker ratings. To get things moving the next thing you want to do is either email us directly or use our instant life insurance quoter to submit your information, and we'll be in touch via email to find a time to chat.
Once we're on the phone together, you can ask about what types of life insurance we recommend, how marijuana use is rated and which carriers are best, how health ratings work, and anything else that comes up.
Term insurance offers the most amount of coverage for the most affordable premiums, and you may be wanting coverage at least until your kids become adults. Another option is universal whole life insurance and whole life insurance. These offer both a death benefit and also a cash value account that can be borrowed upon later in life. You can set these policies up to endow at various ages even up to age 121. These policies have much higher premiums, but we're happy to help you understand the difference.
When you're ready, we'll fill out the application together and submit it to the carrier. As soon as we have a signed application we can request a date for your medical exam.
The medical exam is typically a 30 minute meeting with a medical professional that comes to your home. You'll need to fast for at least 8 hours, so we recommend scheduling this meeting first thing in the morning so that you can eat breakfast as soon as you provide your blood and urine samples. They will also take your blood pressure 3 times switching arms, take your weight, and ask additional health history questions.
In your lab work, they're looking for a wide variety of measurements, just like your primary care physician does during your annual physical. This helps to determine if your organs are functioning properly, and your overall health picture looks good or shows areas of concern. They also test for drugs including nicotine and THC. Since we're applying to a marijuana friendly carrier, we're going to admit use upfront. This way when they see THC in your labs, they will not be surprised and will feel comfortable with your usage. All of this medical information is kept highly confidential so you don't need to worry about anyone finding out; it's all good.
After you do your medical exam, you mostly sit back and wait. Your information has to be passed on to the underwriter, who will review your case, ask additional questions if necessary, request medical records if necessary, and ultimately offer either your approval or rejection. Based on your approved health rating we can make any necessary adjustments, and move forward with signing policies. Once you send in your signed paperwork and they collect payment, your coverage is officially active.
I wish it was quicker, but it's a complex process that requires a few steps, and it's pretty simple once you engage. It can take 1 - 2 months to receive your policy and activate coverage, so I suggest getting started now. Use our instant quoter below to get a quote.
What Type of Coverage Should I Get?
Before we get into the process for getting life insurance, it would be a good idea to review some basics around the different types of life insurance policies. In terms of having your life covered, there are really two types of life insurance: Term insurance and Permanent Life Insurance.
Term insurance is pretty much what it sounds like, you are buying coverage for a specific amount of time determined in advance. Marijuana life insurance is no different than regular life insurance, and term life insurance for marijuana users is just a matter of applying to a marijuana friendly life insurance carrier. The most common term policies typically come in either 20 or 30 year terms, but carriers also sometimes offer 10, 15, or 25 year policies. The longer the term, the higher the rates are going to be because of the increased likelihood of dying the older you get. And with it being a term policy, when the term ends and you have not died yet, your coverage ends. A lot of policies today will allow you to extend your coverage for a new term, but because you are a bit older by that point, be prepared for the premiums to increase. Another option that's available with Convertible Term policies is converting your term policy into a whole life policy. We will cover whole life policies after we get through term insurance.
Term insurance is the cheapest way to get the most coverage. If you were to die during the term, your family would receive the highest death benefit tax free. This is helpful particularly when you have kids, a mortgage, car payments, and other large expenses like college to worry about. When a spouse is no longer alive, the remaining spouse not only has to cover all the expenses, but also has an increased responsibility in managing the household. This likely includes things like managing the kids, cooking and cleaning for every meal, handy work and maintenance around the house, car maintenance, and so much more. The reality is that expenses are likely to increase because they're going to need some extra help, so you can imagine the devastation it would cause your family. It can be tremendously beneficial for your family to be covered and able to continue with their lives with a life insurance policy.
There is another type of term insurance available which is referred to as Return of Premium. This is typically an additional rider on a term policy, and the idea is that if you have not died by the end of the term, the insurance company will actually return all or some of your premiums to you. For example, if over a 30 year term you have paid $500 per year with a total of $15,000 in premiums, you will get a check from the insurance company for $15,000 if you have outlived the term. This can be a good option for those that just hate the idea of paying for life insurance when they do not plan on dying (none of us do, but death is indeed inevitable). The Return of Premium option is going to be more expensive than your standard term policy, but you will get most or all of it back if you outlive the term. We are happy to provide more perspective over the phone on these types of policies if you are intrigued.
Permanent insurance policies, also known as whole life and universal life polices, are different in that they literally cover your whole life, paying a death benefit no matter how long you live. Most policies endow at 100 years of age, so even if you lived past 100, well the insurance company will pay you out when you reach the age of 100. Based on your budget, the death benefit is usually going to be less than what you would opt for in a term policy, and the premiums are going to be higher, but what is unique about a whole life policy is that part of your premium goes into cash values that earn interest over time. Those cash values continue to grow with each premium payment, and can actually be used a couple different ways in the future before you pass away. One way is to use those cash values to help pay the premium. When you retire, and you begin using retirement funds to cover expenses, it may be more difficult to pay that life insurance premium, so this is a great way to cover those costs and keep the policy going if and when money gets tight. Another way those cash values can be used is by taking out a tax free loan, and you do not even need to pay that loan back. The loan will have interest on it that needs to be paid, and it may reduce your death benefit if the loan is not paid back, but it is a creative retirement strategy people use to build up cash while also covering their life with a death benefit. Perhaps in your older age you may need extra cash to purchase a new vehicle, pay for your grandchildren's weddings, move into an assisted living facility, etc. It is another option to consider whether now or in the future.
Some people will actually have both a term policy and a whole life policy starting at a younger age to keep payments lower and start establishing those cash values. Others may convert their term policy to a whole life when that extra large payout is not as necessary as it was when they first started their family, but they still want a death benefit for their family while building cash values. Either way, we are here to help you understand the different types of insurance so you can determine what best suits your needs at this moment, and down the road should your needs change.
What is the process for Getting Quotes?
Now that we know the basics of different life insurance products available, let us go over the process for achieving coverage. The typical process will begin by gathering some basic information that will enable us to run instant quotes to give you a sense of your cost. From there we can submit an application and schedule a physical exam so the insurance underwriter can properly rate your current health. What is great for you is that a medical examiner will actually come to your home to do the basic physical exam, and the insurance company will cover all expenses, so it is both convenient and free. They may also be interested in reviewing your medical records from your primary care physician, and some providers will also have follow up questions to ask questions about your frequency of exercise, tobacco use, marijuana use, as well as general health and participation in risky activities that may effect your rating. It is important that you're honest as insurance companies will also check the MIB (Medical Information Bureau), which will report if you've lied on an application before (this is considered fraud). Do not worry, all your information is kept safe and is protected by the HIPAA Act of 1996. This application process typically takes a month or two, so if you're on the fence about getting coverage, we recommend at least getting the application started, giving you plenty of time to consider whether or not you are ready to start coverage. By the time the application process is done, you'll be glad that you have the opportunity to activate coverage if you are ready.
Life Insurance for Medical Marijuana Users
If your marijuana use is considered medical marijuana use, it doesn't really change how it is viewed by the underwriter, but they will want to know what it is that you're treating. In states where medicinal use is the only form of legal use, it's not uncommon for people to get their medicinal card to treat mild symptoms. Others may be treating more serious health issues with their medicinal card and those are the ones you'll need to mention on your application. Otherwise they don't typically ask to see your card and it doesn't change how they rate it. Life insurance for medical marijuana users is entirely possible, and we'll help you manage this part of the application.
Life Insurance for Marijuana Users in Illegal States
Marijuana is now legal in two thirds of all US states at least on the medicinal level, but there's still plenty of people in those more conservative states that enjoy marijuana and also want life insurance. The good news for these folks is that when it comes to life insurance it does not matter which state you live in. You still have the opportunity to get approved with non-smoker rates when you apply to the right carrier.
Life Insurance for Smokers
When we're talking about life insurance marijuana smoking is considered a non-smoker if you smoke it no more than 3x per week. If you smoke marijuana and also do edibles as well, they don't care how you're consuming it, they still don't like to see consumption more than 3x per week. Some folks ask about a life insurance smoking test, and the way they test for THC as well as nicotine is through your urinalysis test. They also take blood tests. Another way they might find out if you use nicotine or marijuana would be through your medical records. If you've admitting to being a smoker of marijuana or cigarettes with your doctor, there's a good chance the underwriter will see that information. The best life insurance for smokers of nicotine may simply come down to running your quotes as a smoker and see who comes back the cheapest. Term life insurance for smokers is typically going to be more expensive, but depending on what your budget is, if you're approved as a smoker, we can adjust the term length and/or the death benefit amount to meet your needs. What's the best life insurance for Cigar Smokers is another common question, as is what's the best life insurance for tobacco users. If you smoke cigarettes, there's not really any way around it, but if you vape nicotine, occasionally smoke cigars, or occasionally enjoy smokeless tobacco, we work with a carrier that's willing to give as high as a non-smoker plus health rating assuming all else looks good with your health. Let us know when we're filling out the application so we can apply for the non-smoker rating.
What if I Do Not Want to Get a Physical?
If having a physical done just does not work for you, there's good news for you. There are no exam life insurance companies that are willing to offer coverage without having to do the physical. They're still going to want to see your medical records, but you can avoid the blood and urine tests if you don't have the time or simply have a hard time with needles. Just know, if you feel you're reasonably healthy, you're likely to get better rates when you get the physical, but we're happy to work with you in either capacity.
When it comes to the Marijuana usage questioning, we are setting you up with marijuana friendly life insurance companies that are tolerant, so it's important to be upfront about it. Metlife's definitions are a little different from Prudential, as are Lincoln National and Accordia Life. We have outlined the different carrier's criteria for smoking marijuana on the carriers page to help you understand the frequency in which they feel is still healthy, and what would be the best rating they are willing to give you assuming there are not other high risk factors in your life to be uncovered.
Once you get your approved life insurance rating, it is up to you to move forward with your coverage. And when you do, and you continue to pay your premium, you will feel more at ease every time you get in your car, hop on your bike, slide down that mountain, get that rapid heartbeat after toking a little too much even though you are probably fine, or notice that strange new pain in your body that could be something deadly but is probably nothing, because your family will be able to continue with the financial stability you set up for them should anything end your life sooner than expected.