Want to know the top 7 reasons term life insurance is the most affordable option for cannabis? Everyone has at least 1 but probably several reasons to buy life insurance. The most common reason being to protect their loved ones.
Life insurance is the best way to provide a financial umbrella to keep your family afloat and to live without worry for the future. With so many life insurance products available these days, it’s a tough choice to make, especially if you smoke cannabis.
The Problem with Prohibition and Financial Security
Many life insurance companies still take a conservative approach when it comes to smoking. Most companies will still flat out decline a person because of their marijuana use. (If this happened to you, here is how to fix it.)
The good news is that there is a growing number of life insurance companies that will approve you if you smoke marijuana recreationally or with a medical marijuana card.
Many Americans who smoke marijuana found that term life insurance is the most affordable option.
Some life insurance agents may try to convince you to buy a permanent policy. Alternatively, you might find a no-medical or guaranteed issue policy tempting. After all, it avoids the issue entirely.
As an independent life insurance agent and one who specializes in insuring anyone choosing to smoke (medically or recreationally), your best bet to find the most affordable life insurance is to buy term life insurance.
There are a considerable number of advantages, not including the constant shift in prohibition status and states.
7 Reasons Term life Insurance Is the Most Affordable Option for Cannabis
If you have any questions, please feel free to give us a call at (888) 987-8447. All calls are 100% confidential, even in prohibition states.
Curious about cost? Use the Instant Quotes tool on this page. Enter the amount of coverage and other details. Rates will appear on the next page. If you use marijuana less than 4 times per week, enter Regular Plus as Health Class, No for Tobacco and look at Prudential rates. They are one of the most marijuana friendly companies when it comes to life insurance.
Term Life Is the Most Basic Form of Life Insurance (Reason 1)
The foremost reason why term life is an affordable option is that it’s the simplest form of life insurance.
Term life insurance pays death benefits only. You choose your amount of coverage, select the term of coverage and name your beneficiary.
Yes, you will have to undergo a medical exam, but it’s very unobtrusive and only takes about 30 minutes. You will save a lot more money by buying a term policy which does require a medical exam. Insurance companies assume that you are avoiding a medical exam because you might have medical issues. (Tips here on how to pass the the life insurance medical exam.)
The product is available in periods of time also known as a term. You can buy a policy in terms ranging from 10, 15, 20, 25 and 30 years.
A couple of companies even allow you to choose specific terms such as 19 or 28 years. Some even offer terms which are age specific such as age 65. This gives you many options to customize your policy for specific needs.
Permanent policies are more comprehensive, but more complicated
Permanent policies, on the other hand, are much more complicated. These policies include the following:
- Whole Life
- Universal Life
- Indexed Universal Life
- Guaranteed Universal Life
- Variable Life
There are also many hybrid forms of these policies.
Permanent policies are more expensive because they provide death benefits and have a cash value accumulation portion.
Depending on the type, you may or may not have options when it comes to your death benefits, payment of premiums and investment options.
Permanent policies are more suitable for high-income earners, those who have significant estates or require additional tax shelters.
Term Life Insurance is the Least Expensive Type of Insurance (Reason 2)
Without a doubt, term life insurance is the single, most affordable life insurance product available.
There is no life insurance product being sold today that is cheaper or less expensive than term life insurance.
It doesn’t matter whether you smoke occasionally or often. Neither does it matter if you smoke recreationally or with a medical marijuana card. You will not find a more affordable life insurance than a term life insurance policy.
However (and this applies to every life insurance policy) life insurance is less expensive the younger you are. Phrased another way, all life insurance products increase in price as you age. Don’t delay buying a policy now especially if you under age 35 as premiums increase with each passing year.
Term Life Insurance Will Handle Most of Your Life Insurance Needs (Reason 3)
Term life insurance will cover most of your needs for buying life insurance.
Everyone has a different reason for buying life insurance. Most people will likely only require life insurance to cover some of the following:
- Income replacement
- Debts such as credit cards and personal loans
- Medical expenses
- College tuition
- Provide a financial legacy
- Charitable donation
- Final expenses and burial costs
Policy amounts are available anywhere from as low as $100,000 to as high as $10,000,000 or more.
You can also buy multiple policies to cover a different period or for multiple purposes. The industry calls this layering policies.
You can save a lot of money buying multiple shorter term policies than buying a single large policy for a lengthy period. As the need for each policy ends then you can cancel a particular policy anytime you no longer need it for that purpose.
You can also save a lot of money on a term policy by paying your premiums annually instead of monthly.
A term life insurance policy is most probably the best life insurance policy for the needs of most people.
Term Life is The Most Affordable for Those with a Medical Marijuana Card or Health Issues (Reason 4)
Whether you are using a medical marijuana card or have a pre-existing health issue but still smoke marijuana recreationally, a term policy can still save you more money than any other policy available.
If you have a medical marijuana card, you will not be rated on your marijuana use. Instead companies rate for the medical condition for which it’s prescribed. Do not assume you should automatically consider the need for a No-Medical or Guaranteed Issue policy because of a medical condition.
There are many medical conditions which have no impact on your life expectancy. This is the main issue of concern for a life insurance underwriter. For non-threatening and mild health conditions you can expect a favorable rating. It will likely have little or no impact on the premium you pay.
People with more serious health issues who have these conditions under control will get a higher rating. A higher rating means you can expect to pay more for a policy. If this applies to you, a term policy is still your least expensive life insurance option.
You might still be tempted to apply for a no-medical policy because of a medical condition. Before you do, there are several things to keep in mind. Although a No-Medical life insurance policy doesn’t require you to take a medical exam, almost all companies will require you to complete a phone interview. The phone interview is the alternative to taking an exam.
Many of these companies are very likely to decline you if you have a serious health issue. Even if they are still considering your application, they will obtain more detailed medical information before they approve your application.
No-Medical and Guaranteed Issue Policies
No-Medical life insurance policies are always going to be more expensive than a term policy that requires a medical exam. The reason is that the life insurance company has less medical information to evaluate your situation thoroughly.
And, if your medical condition is mild or under control, we would advise you to avoid applying for a Guaranteed Issue policy entirely. These policies are significantly more expensive than either a similar term or even a no-medical policy.
You should only consider a Guaranteed Issue policy if your health condition is debilitating or life-threatening.
If you have an underlying medical condition, your best approach is to discuss your situation in complete confidence with the independent agents here at Marcan Insurance. We can discuss your situation in detail and provide you with a variety of life insurance solutions to find the best coverage and at the lowest rates.
The federal government protects any information you give to an insurance agent or company through HIPAA, even from itself.
Marcan Insurance has access to dozens of the most progressive life insurance companies in the industry. Call us right now at (888) 987-8447 with any questions.
Term Life Insurance is Easy to Obtain for Recreational Cannabis (Reason 5)
Another reason why marijuana users should consider buying term life insurance is that it is easy to obtain.
All you have to do is to determine how much life insurance you need and then select the term or period of how long you need life insurance. Just be careful to apply with one of these 12 marijuana-friendly life insurance companies.
Care is especially prudent if you do so because of a pre-existing medical condition. The reason is that over 850 life insurance companies are offering a range of life insurance products.
Many of these products do not include term life insurance. Also, the cost of a term life insurance product can vary significantly between companies.
Once you settle on an insurance company, all you have to do is undergo a half hour medical exam with a paramedical examiner. Once the underwriter reviews your application, they will present their final offer for a policy.
The whole approval process will likely take anywhere from 4-6 weeks.
Many insurance companies which offer no-medical life insurance can approve your application in as little as 48 hours. Keep in mind these policies will be more expensive.
Term is More Affordable for Occasional Marijuana Smokers (Reason 6)
The majority of patients and enthusiasts consume cannabis through smoking. Cannabis products are not used anywhere near as frequently as those using nicotine products such as cigarettes. Many smokers, especially recreational users partake of using the product only occasionally such as once or twice per week.
The majority of life insurance companies will likely rate both frequent and occasional marijuana smokers as “Smokers.”
Smokers’ rates for a life insurance policy are generally 3 times more expensive than what non-smokers pay. However, there are a handful of companies which do not count marijuana as smoking.
Providing that the paramedical results do not show any evidence of THC when you take the medical exam, you could possibly qualify for “Non-Smoker” rates.
Term Policies Have Conversion Options for Marijuana Users (Reason 7)
When you are considering term insurance, remember that (most of the time) you want “Level Term” life insurance. Level term policies guarantee that your premiums will remain the same for the entire term.
Some companies offer term life insurance where you must occasionally renew the policy, usually every 5 years. This means your premiums will become increasingly more expensive every time you renew. You also run the risk of being declined for a health condition.
Many term policies now offer a conversion option. At designated time periods you have the option to convert your term policy to a permanent policy such as Whole life or Universal life. This conversion option can save you thousands if your health has declined significantly and your term policy is about to expire.
The conversion feature allows you to convert your policy based solely on your age and not the deterioration of your health. You do not have to take another medical exam when you convert your policy.
How Marcan Insurance Helps Marijuana Patients and Recreational Smokers Find Affordable Life Insurance
Marcan Insurance specializes in finding life insurance for marijuana users. It doesn’t matter if you use recreationally or with a medical marijuana card. Our company exclusively works with the most progressive life insurance companies.
We know all the underwriting guidelines of the dozens of companies we can access. We work for you and not the life insurance company.
Any and all of your information is confidential at every stage of the insurance application process. All your information is protected by HIPAA law which ensures complete privacy.
View life insurance quotes right now by using the Instant Quotes form on this page. Enter regular plus for the health class, no for tobacco and look at rates for Prudential.
The Bottom Line
We can help you find approval for the most affordable term life insurance policies if you smoke cannabis. And, if you need some other form of life insurance such as a Permanent policy, a No-Medical policy or a Guaranteed Issue life insurance policy we can help you there as well.
But, keep in mind that there are 7 reasons term life insurance is the most affordable option for cannabis.
Contact us right now if you need low-cost Term life insurance by contacting Marcan Insurance today at (888) 987-8447.