Should You Buy Term or Whole Life Insurance (420 Friendly Edition)
Should you buy term or whole life insurance? That is one of the first questions you should answer when looking into cannabis friendly life insurance. The good news is that since there are only about a dozen companies who insure recreational cannabis at reasonable rates, you don’t have the overwhelming 800+ life insurance companies to choose from. Luckily, some of the best life insurance companies don’t care whether you smoke weed or not.
The First Thing You Need to Know When Looking Into Term or Whole Life Insurance
Term life insurance means that the life insurance company will pay your beneficiaries a set amount if you die during a specified time period. It sounds a lot like gambling to many people. This unknown factor is why people sometimes choose permanent life insurance instead of term. There are several types of term life insurance. But they all fit under the basic umbrella of term insurance as opposed to permanent.
(Whole life insurance falls under the category of permanent insurance. We will use permanent insurance going forward to mean all types of life-long life insurance, including whole life.)
Permanent life insurance stays with you for however long you live. That is assuming you pay your premiums. If you stop paying, then the policy lapses. The types of permanent life insurance represent different needs for your family. Some of them also function as investment vehicles.
The next several sections are dedicated to term life insurance followed by permanent life insurance. Lastly, there is a comparison of the two.
To get an idea of life insurance cost, use the Life Insurance Quote form on this page to see a quote now. Questions? Call us for confidential help. We work for you and not the insurance companies. Our goal is to get you the best life insurance policy at the lowest rate for your situation.
Types of Term Life Insurance
Level Term Life Insurance Definition
Increasing Term Life Insurance Definition
Decreasing Term Life Insurance Definition
Family Income Term Life Insurance Definition
Convertible Term Life Insurance Definition
Annual Renewable Term Life Insurance Definition
Other Provisions of Term Life Insurance Policies (aka Riders)
Accelerated Death Benefit Rider
Accidental Death & Dismemberment
Critical Illness Rider
Disability Insurance Rider
Family Income Rider
Long Term Care Rider
- Eating
- Bathing
- Dressing
- Toileting
- Transferring
- Continence
Term Conversion Rider
Waiver of Premium
420 Friendly Term Life Insurance Companies

Not every company will be open to recreational smoking. Those that are almost always offer several types of life insurance.
Check out our complete list of marijuana friendly life insurance companies. But here are a few that offer different types of term life insurance for both medical marijuana patients as well as recreational smokers.
Types of Permanent Life Insurance
Whole Life
Variable Life

Your company invests your cash value accumulation component for you. They will let you know on your statements how much you have available.
Variable life insurance is an investor’s option for whole life insurance.
Universal Life
Indexed Universal Life
What Is This Cash Value Thing Anyway?

Pros and Cons of Permanent Life Insurance
Pros
- You will use your insurance at some point
- You have access to an easy loan
- Some types of permanent life insurance let you use the cash value accumulation to pay the premiums
- Some types let you pay your premiums on your schedule
- You will never have to renew at a higher rate
Cons
- More expensive
- Some types of permanent life insurance can be difficult to understand without a background in investing
- Some types of permanent life insurance are affected when the market is in a slump
- It’s life insurance so you must qualify healthwise
420 Friendly Permanent Life Insurance Companies
Term Life Insurance vs Whole Life Insurance

There is not a clear right decision for everyone. The first question is whether or not your family can afford permanent insurance. Then you should examine your reasons for life insurance. Questions? Just ask – we are here to help!
Term life insurance is characterized by its set length of time. Permanent (or whole life) insurance continues until you either die or stop paying premiums.
How Marcan Insurance Can Help
It can be tricky to figure out what type of life insurance is best for your family. Particularly with all the weird legal situations around recreational marijuana. Our team here at Marijuana Life has helped hundreds of families find the life insurance that’s right for them.
If you have any questions whatsoever, know that all personal/medical information is confidential by law, even from the government itself. We are happy to answer your questions and to help research which cannabis friendly plans might work best for your family.
Give us a call at (888) 987-8447. With Marcan Insurance, there is never any pressure or obligation to buy.