The world is constantly changing, and even some of the most traditional institutions are changing with it. Insurance companies aren’t typically known for following culture, but that’s changing.
Just about a month ago, Forbes published an article, “A Marijuana User’s Guide to Life Insurance” in which a table shows that regular marijuana users can pay as much as 38% more for life insurance. The author provides some good advice, which boiled down to: don’t lie on the insurance application, and find an insurance agent to help you shop for non-smoker rates.
Just 3 days before writing this article, I got an email from one of my top-rated insurance carriers that they now classify marijuana users the same as non-tobacco. That means marijuana users get the same rates non-users get!
It also means that you can avoid as much as an 800% increase in life insurance rates according to WealthManagement.com’s acticle, “Marijuana Use and Life Insurance Underwriting Explained“.
Life insurance should not be viewed as optional. We all know that one day we’ll die, and that will bring with it expenses for family and loved ones. As Milton Friedman said, “All debts are paid…” In this case, the debts are paid by your assets, your family, or life insurance.
Life insurance premiums are based on a variety of factors including the applicant’s health and lifestyle choices. Many insurance companies believe marijuana use can be associated with various health conditions and may increase the risk of certain diseases. As a result, they may charge higher premiums or apply certain restrictions to policies for marijuana users.
Using an independent life insurance agent gives you an edge when buying life insurance. When it comes to my clients, I help them shop various carriers for the best insurance for their needs and budget. In this particular case, people that use marijuana could end up paying a whole lot more without the aid of a good agent.
I can help you get 15, 20, and even 30 year term life insurance – that’s fully convertible to permanent insurance – with no medical exam. And I can get you covered for the same great rates as someone of equal age and health that doesn’t use marijuana.
Get a free Life Insurance quote today!