Wondering about no exam life insurance for marijuana users?
There are many life insurers which will automatically decline you if you use marijuana. However, there are also a handful of very friendly marijuana life insurers.
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- Why Choose No-Exam Life Insurance?
- How to Apply
- 2 Best No-Exam Companies
- Types of No-Exam Insurance
- Guaranteed Issue Life Insurance
- How Long is the Approval Process?
- Does No-Exam Cost More?
- How Can Marcan Insurance Help?
Since all traditional life insurance policies require that you complete a medical exam, many people who use marijuana are considering no-exam life insurance as an alternative.
No-exam life insurance is not available through every life insurer. However, a number of companies do offer this type of life insurance.
When this product first became available, these policies were relatively expensive. The main reason was that the life insurer was taking a bigger risk to provide coverage. With a no-exam policy, a life insurance company has a lot less information to evaluate your overall health and life expectancy.
Jumping forward, more and more life insurance companies are now offering no-exam life insurance. Because of the increased competition, prices for no-exam policies have decreased significantly so they are now very affordable.
Is no-medical exam life insurance for marijuana users a practical solution? It most certainly can be the right solution for some of you.
Why No Exam Life Insurance?
No-medical life insurance for marijuana users can be the ideal life insurance solution for a variety of cannabis users.
Before we look at some the reasons why no-medical life insurance for marijuana users would be the best approach, we would like to add a word of caution.
For any marijuana user who uses recreationally, with a medical marijuana card, or works in the pot industry, we would strongly recommend you consider a policy WITH a medical exam if you are young and healthy.
But, even the young and healthy have a number of reasons why no-medical life insurance may be the better option.
Some of the main reasons to consider no-medical exam life insurance for marijuana users include:
• The White Coat Syndrome – Some people simply cannot handle needles and strongly dislike going to see a doctor or health practitioner. No-medical policies generally only require a brief questionnaire.
• No Recent Medical Exam – If you are middle aged and haven’t had a medical exam in the past 3 years, you might be concerned that a medical exam might uncover some health issues. This could be anything from having higher cholesterol and/or blood pressure levels, or learning that you have diabetes or cancer. You might be concerned you will be declined by the insurer.
• Serious Health Issues – No-Exam life insurance may especially appeal to those who have a serious health issue and have a medical marijuana card. Keep in mind that the insurer is mostly concerned about health issues which reduce your life expectancy. They will want full disclosure about any serious health issue recently diagnosed and which is not fully controlled or not very long in remission. No-medical life insurance is an excellent alternative.
• Need A Policy Immediately – Some individuals simply can’t wait 4 – 8 weeks to have a policy in place and need life insurance right now. You might need a policy to protect your family immediately and can’t wait, or you need a small policy to cover a personal or business loan.
• Worry About Marijuana Legality – Your rights are fully protected by law and cannot be disclosed to law enforcement or your employer. Many marijuana users avoid buying a policy for this very reason. Since no-medical policies do not ask about marijuana use, this could alleviate any fears you have about disclosure.
How to apply for No Exam Life Insurance
No-exam life insurance makes the application process faster. It’s all the usual steps, minus the paramedical exam.
The first step is to shop the market to see which companies may offer you the best deals. You can use tools like the Instant Quotes box on this page to get a sense of rates from different carriers.
Each life insurance company has different underwriting guidelines. For example, one insurance company may charge extra to insurance someone with diabetes, and another company might not care. If you aren’t in perfect health, talk to an independent insurance agent to see which carriers have the best underwriting guidelines for you.
Once you choose a company, you fill out the application. Your agent will send it in and become the liaison between you and the insurer.
Most no-exam applications have a brief medical questionnaire. If anything is alarming on the questionnaire, they may still request that you take a medical exam.
The underwriter will also run checks on both your medical history and driving record. These include:
• Medical Information Bureau (MIB) – If you applied for individually underwritten life or health insurance in the past seven years, then you probably have a MIB report. This organization provides an exchange of health information to life and health insurance companies. They keep all of the information private, and member companies only use it to determine coverage eligibility. Any serious medical conditions or cannabis use could be noted in your MIB report. Let us know if you’ve been previously declined or rated. We may be able to help lower your rates.
• Rx Pharmacy Database – This database lists any medications you have been prescribed.
• Motor Vehicle Records– The MVR records of the state in which you reside will also be searched for record of DUI’s and moving violations.
Regardless of whether you apply for life insurance with full underwriting or a no-exam policy, it’s crucial that you don’t lie on your application. If the insurer discovers it, you’ll be declined, and they’ll note it in your MIB record – making your virtually uninsurable.
The 2 Best No Exam Companies for Marijuana Users
We represent all of the leading life insurance companies including several no exam life insurance companies. While there are several good no exam options for marijuana users, there are a few that stick out. The names won’t be disclosed here due to adverse selection. However the highlights of each company follows.
Sagicor No-Exam Policies
Sagicor offers some of the most generous underwriting for recreational cannabis. You can get their preferred best non-smoker health class if you smoke eight times a month or less. This counts for both their term policy and their whole life.
Some companies are comfortable with more frequent smoking, but the health classes available aren’t quite as good.
Available to anyone 18 to 65, the term length and benefit available scales with age. Term lengths are available at 10-year, 15-year, and 20-year policies.
- Age 18 to 45 – $50,000 to $1,000,000
- Age 46 to 55 – $50,000 to $$750,000
- Age 56 to 65 – $50,000 to $500,000
It comes with several rider options. Rider availability varies depending on the state, so double check your quote if there is one that you’re particularly interested in having on your policy.
- Child Term – attach a rider for that covers a child for a term length
- Accidental Death Benefit – extra benefit if the insured person passes resulting from an accident
- Wavier of premium – premiums waived if you become disabled
Sage Whole Life
You can also get a whole life policy through Sagicor with their cannabis-friendly underwriting guidelines and no medical exam.
It’s a policy available to the same age range as their term – 18 to 65. The benefits, however, differ. You can choose benefit amounts as low as $25,000 up to $250,000.
This policy lasts for your entire life as long as you pay your premiums on time.
Foresters No-Exam Policies
Foresters covers people who recreationally smoke more frequently. You can get standard non-tobacco ratings while smoking up to six times a week.
They offer a wider range of terms. You can choose the term length you need in 5-year increments from 10 years to 30 years.
Benefits range from $50,000 to $400,000. However, if you’re over 55, then the maximum benefit available drops to $150,000.
You can add several riders to customize this policy to your needs.
- Accidental Death – extra benefit if the insured person passes resulting from an accident
- Family Health Benefit – pays a benefit to help your family with health expenses resulting from natural disasters like earthquakes, hurricanes, and tornados.
- Common carrier accidental death – extra benefit if death results from something on paid-for transportation, like an airplane or taxi.
- Waiver of Premium – waives your life insurance premiums if you become disabled
- Disability Income – pays a monthly benefit if you become disabled
- Children’s Term – adds a term policy to your policy for a child
Foresters Whole Life – Advantage Plus
The whole life policy has the same underwriting guidelines as the term policy, except it lasts for life. Whole life policies also hold a cash value accumulation that you and borrow from after a few years.
The benefits range from $50,000 to $150,000.
You can add similar riders as the term policy, plus a few more.
- Children’s Term
- Accidental Death
- Waiver of Premium
- Common Carrier Accident
- Family Health Benefit
- Disability Income – disability resulting from accidents only
- Paid-Up Additions – pay a little extra on top of your premiums for additional death benefit and extra cash value.
- Accelerated Death Benefit – you can access some of your benefits early if your doctor diagnoses you with a chronic, critical, or terminal illness.
Types of No Exam Life Insurance
Before you buy any form of no-exam life insurance, you need to be aware there 5 different types of these policies. They should be used for different purposes depending on your circumstances.
There are also no-medical policies for both term life insurance and for permanent life insurance. The cost between a term policy and a permanent policy such as whole or universal life can be more expensive.
The 5 types of no-exam life insurance for marijuana users include:
• Simplified Issue Term Life Insurance – Can offer policies as high as $500,000. Allows you to choose from a variety of term lengths and policies which are generally eligible for those between the ages 18-80.
• Simplified Issue Universal Life – This is a form of permanent life insurance where premiums and death benefits are usually fixed for your lifetime. Has similar coverage and age limits as per above.
• Level Death Benefit Whole Life – Offers lower death benefits amounts and allows you to apply up to age 80. Death benefits and premiums are fixed for the lifetime of the policy. This is also a permanent life insurance policy.
• Graded Whole Life – Offers much lower death benefits often in the $10,000 – $25,000 range. Best used for those with extreme health issues. Policies have a waiting period of usually around 2 years where you must survive for first 2 years. Benefits may be payable in increasing percentage amounts over the first 2 years.
• Guaranteed Issue – No health questions required. Policy limits range from $5,000 – $25,000.
For most of you marijuana users who are in average health and relatively young, your best bet is to consider “Simplified Issue Term Insurance.” If you are seeking a retirement savings strategy, have an estate, or another tax savings investment vehicle, then we might suggest a “Simplified Issue Universal” policy.
We would likely only suggest Level or Graded Whole Life and Guaranteed Issue for those who are elderly and/or in very poor health.
Costs between these policies can vary considerably. If you want the best coverage and the lowest premiums or if you have any questions or need some guidance then call Marcan Insurance at 888-987-8447 for expert help.
Guaranteed Issue Life Insurance
Guaranteed issue is another type of life insurance that doesn’t require the medical exam. It’s more of a plan B than a policy you should start out seeking. Companies designed them for people who might otherwise be uninsurable.
Guaranteed issue policies accept everyone, so long as they’re in the age range for issuing life insurance. They ask few (if any) medical questions on the application. Plus, there’s no medical exam.
Without all of the normal underwriting, it makes the process of getting a policy exceptionally fast.
But all of this comes at a cost. You will pay more for guaranteed issue policies. Plus, they almost always have graded benefits. That means you need to survive for at least two years after taking out the policy before the insurance company will pay full benefits if you pass.
How Long Is the Approval Process for No-Medical Exam Life Insurance?
The majority of applications can be approved within 2 – 10 business days. The approval time may depend on the amount of death benefits being applied for and the type of policy. There are a very few companies which can provide same day approval in some instances.
In most cases, the application process can be completed quickly over the phone or online.
Does No-Exam Life Insurance for Marijuana Users Cost More?
You will be paying more for a no-medical exam life insurance policy than what you would pay for a policy with a medical exam.
The good news is that the difference in cost between no-medical policies and those requiring a medical exam have dropped significantly over the past few years.
A few years ago we would have said that the price would have been around 3 times the difference. As more and more companies have begun offering no exam life insurance, competition has grown much stiffer and the cost has dropped quite significantly. You can now find no-exam policies which are almost as low as similar policies which do require a medical exam.
The trick in finding low cost no-exam life insurance for marijuana users is to always use an independent agent such as here at Marcan Insurance so call us first at 888-987-8447.
How Can Marcan Insurance Help Marijuana Users Find No-Medical Life Insurance?
Marcan Insurance specializes in helping recreational marijuana users, marijuana users with a medical card, and those working in the marijuana industry. We have access to over 70 different companies.
Marcan Insurance agents are fully familiar with the life insurance companies that are marijuana friendly. We also know which companies offer no-medical exam life insurance. Our agents can distinguish which policies are the most affordable and the most suitable for different circumstances.
Finally, our agents fully comprehend which companies have the most lenient underwriting guidelines when it comes to smoking and a variety of health issues. We can match the best policy for your health circumstances and find the lowest price in the process.
For the best type of coverage and most affordable no-exam life insurance for marijuana users, call Marcan Insurance at 888-987-8447.