American General Life Insurance and Marijuana (Rate Review)
American General life insurance and marijuana are on our top 12 list for life insurance companies who offer reasonable rates if you smoke marijuana medically or recreationally. We put them on the list because they are open to non-smoker rates for recreational marijuana. Additionally, they offer some of the lowest rates available for term life insurance.
You will find an overview of how this company began as well as its financial strength. There is also a brief summary of the products AIG sells and how their term prices compare. Lastly, this article will give you an insight in how the company underwrites recreational marijuana use. Underwriting for medical cannabis use will depend on the reason for the prescription.
As one of the very few marijuana friendly life insurers, AIG also has an interesting history. An unusual history insofar as life insurance companies go.
American General Life Insurance History
The company began in 1919 on the other side of the globe in Shanghai, China. It started as a simple insurance agency. The agency was founded by Cornelius Vander Starr, an American living in China at the time.
He grew his business throughout China. Then he opened the first American office in New York City in 1926. The American company counterpart was named the American International Underwriters (AIU).
By 1937, the company operation expanded into Latin America. After the end the Second World War, the company set up operations in both Germany and Japan.
The Globe and Rutgers Insurance Group was acquired in 1952 and grew to include American International Group (AIG) in 1967.
Public trading of stocks for American International Group began on the New York Stock Exchange in 1984.
AIG acquired American General Corporation, a well renowned life insurer in 2001.
American General Life Insurance Financial Ratings
The financial stability of any life insurance company is a crucial piece of research every person buying life insurance should investigate beforehand. It’s not as hard as you may think because there are financial rating agencies which perform this task for you. These rating agencies conduct this task annually.
Their results are published and available online and generally shown on the life insurer’s web page. These ratings reveal how well the company is performing financially.
Life insurance is designed as a long term investment. Therefore it’s important to feel confident in the company’s financial stability.
Here are the financial ratings for AIG from the top 4 financial rating agencies in the U.S.:
Standard and Poor’s – A+
Moody’s – A2
Fitch – A+
A.M. Best – A
From the results shown above, AIG has a very sound financial rating. The company can be described as currently being a very capable to manage any claims for American General life insurance and marijuana use to its policyholders.
American General Life Insurance Products for Marijuana Users
Any marijuana user will also want to know what types of products are available through AIG. Here, we will provide a brief summary of their life insurance product line so you can see if this company is a good match for your family.
AIG offers the following products
• Term life insurance
• Quality of Life insurance
• Universal Life Insurance
American General Term Life Insurance
Term life insurance is the most popular type of life insurance that Americans purchase to protect their loved ones. It’s also the most affordable type of life insurance. Term life insurance provides death benefits only and works best for income replacement. You buy this type of product in periods of time (10 years, 20 years, 30 years, etc.)
AIG term Insurance
• AG Select-A-Term – Covers terms for 10 years, or from 15 to 30 years. This makes AIG very unique because you have 17 different term choices to better manage your length of coverage.
• AG ROP Select-A-Term – Provides the same term feature as above along with a “Return of Premium” component. AIG will refund your premiums should you survive to the end of the term.
AIG Quality of Life Insurance Products
AIG’s Quality of Life Products not only provide death benefits but other living needs. This includes a variety of life events such as a chronic medical condition, and a terminal or critical illness to pay for such things as medical expenses.
Quality of Life Product includes:
• Quality of Life: Insurance Guarantee Plus – A living benefit to supplement income for retirement
• Quality of Life: Insurance Performer Plus – An affordable universal policy offering death benefits for 25 years or to age 80
• Quality of Life: Insurance Index Plus ll – Provides cash value accumulation access within the first 5 years
• Quality of Life: Insurance Flex Term – Coverage for a specific time frame.
American General Life Universal Life Insurance
The company offers a variety Universal life insurance products including:
• AG Secure Survivor GUL II® – For those 50 – 75 years of age and very useful to cover assets and businesses from estate taxes
• Elite Global Plus II® – The cash value accumulation feature is based on S&P 500, EURO STOXX 50 (Western Europe) and the Hang Seng (Hong Kong) index
• Secure Lifetime GUL 3® – Adjustable premiums and death benefits or to terminate your coverage for cash value
• Elite Index II® – For those 50 – 75 years of age and permits you to withdraw partial amounts but maintain pro-rated benefits
• Asset Protector® – Available on Secure Lifetime GUL 3 policies which include living benefits riders for a diagnosis of chronic illness, or after age 85 for any reason you need money.
• Value+ IUL – created for long term personal and business needs.
• Elite Survivor Index II® – Universal life insurance offers 3 interest crediting account choices
• Variable Universal Life Insurance – Allows you to select AG Platinum Choice VUL through AG Capital Services
Pricing for American General Life Insurance and Marijuana Use
We took a look at how American General life Insurance term premiums compare with other companies. For those who are interested in American General life insurance for marijuana use, you will receive a pleasant surprise because AIG has some of the most competitive rates in the industry.
AIG frequently ranks in the top 10 of the lowest prices for term life. These results were for both genders.
Underwriting for American General Life Insurance and Marijuana Use
AIG is relatively liberal when it comes to infrequent marijuana use. So their underwriting guidelines are most generous to occasional users.
• 2 X per Year – Can be rated as “Preferred Plus”
• 2 X per Month – Can be rated as “Standard Non Tobacco”
• More than 2 X per Month – Rated as “Standard Tobacco” at best
• Daily Use – Decline (Don’t despair – contact for guaranteed issue options)
• THC Insurance Lab Tests? – NO
American General life insurance and marijuana mix best when smoking is infrequent. Yet even if you receive a less preferable rating, you may still save money on the low cost premiums AIG offers for term insurance.
American General Life Insurance and Medical Marijuana Use
Life a few other of our marijuana friendly life insurance companies, AG will look at why you were prescribed the marijuana. You won’t be rated for the marijuana, but rather for the condition it is treating. If it’s being used for something minor like trouble sleeping – you can still get one of the best nomsmoker rate classes.
If the marijuana is being used to treat a more serious condition, then you will be rated for your particular situation. It’always best to discuss any health issues with us before applying. That way we can point you in the right direction and make sure American General is the best company for you.
American General will require your medical records so make sure your marijuana doctor is legitimate and can provide records.
How Marcan Insurance Helps Marijuana Patients and Enthusiasts
We have access to over 70 of the top life insurers in the country. We know which life insurer offer the lowest premiums and the best ratings for both recreational marijuana users and those with a medical marijuana medical card. Click here for our 12 favorite life insurers for recreational marijuana.
Marcan Insurance can especially help those with a medical marijuana card. The reason is because we know which insurers are more lenient when it comes to underwriting a policy for a variety or health conditions.
We can also help those who work in the marijuana industry. This includes business owners who need business life insurance such as for buy/sell agreements and key man life insurance.
If you would like to learn more about American General Life Insurance and marijuana use then the pros at Marcan Insurance at 888-987-8447 today!
Hypothetically speaking, if I were to have a medical marijuana card, and my medical history shows I’ve only purchased marijuana with the card once 2 years ago to help with my diverticulitis, would I be able to get a preferred plus rating?
If there is no lab test, how would they know if i’m lying and not a more frequent user?
MJ Life Insurance
If you use medical marijuana, the key is to apply with a marijuana-friendly life insurance company. These companies are ok with marijuana use, but will rate you for the medical condition the marijuana is being used to treat. In regards to diverticulitis, I would need to know more about your condition such as when were you diagnosed, when was your last attack, medications taken, etc. If you have recovered without surgery, haven’t had an attack in over a year and in perfect health otherwise, then Preferred plus is possible. In regards to the lab test, you never want to lie on a life insurance application. The life insurance company will make their decision based on what you put on your application. The key is to match your usage to the life insurance company that will give you the best rating and lowest premium based on your unique situation. If you have additional questions, give us a call or email and we can point you in the right direction.