Marijuana & Life Insurance
For people who use marijuana and are looking for life insurance… GOOD NEWS! Life insurance companies are finally coming around to offer excellent rates for people who use cannabis. In the past it has been extremely difficult to find life insurance companies who will offer preferred and super preferred non-tobacco rates for people who would otherwise qualify, but they occasionally partake in “The Ganja”. Typically, the best rating for someone using marijuana (with no use of any time of tobacco or nicotine products) is a standard non-tobacco rating. So, even if someone has perfect height, weight, and no health problems, and no adverse family history, these people are limited to a standard rating non-tobacco rating. This means a 40-year-old male could be paying around $115 per month for 1,000,000 twenty-year level term policy at standard non-tobacco, can now have the ability to qualify for super preferred non-tobacco rates and instead pay around $55 per month for the same policy.
Here is how it works with an A+ rated life insurance company who updated their underwriting guidelines July of 2019:
- Super Preferred is now available if using marijuana less than two times per year and they otherwise qualify. (Doesn’t matter if they smoke, vape, ingest, etc.)
- Preferred is now available if using marijuana less than two times per month and they otherwise qualify. (Doesn’t matter if they smoke, vape, ingest, etc.)
- Personal or business coverage is not available to applicants involved in administrative duties, growing, distribution, or sales associated with the marijuana industry.
On a side note there are still a lot of life insurance companies who only offer a cigarette smoker rate for people who use marijuana in any form. This means people who occasionally use cannabis (and no nicotine in any form) might be PAYING WAY TOO MUCH for their life insurance.
At Pacific Insurance Group based out of Bellevue, Washington, we are a team of independent
agents who help people get the best deal on life insurance by utilizing several insurance companies. We are available to help review any life insurance policy(s) or help with a new one, call us at 425-246-4222 or visit www.pacificinsurancegroup.com to generate a free instant quote without requiring your phone number or email. We look forward to the opportunity of working with you.