There are four other parts of this series, be sure to view them, too:
- Legalizing Marijuana And Life Insurance: Breaking New Ground
- Legalizing Marijuana And Life Insurance: The Medical Marijuana Insurance Side
- The Marijuana Life Insurance Cocktail: Does It Mix Well?
- Life Insurance: Marijuana Smoking And Underwriting
If you use marijuana, insurance is not always the easiest thing to obtain, especially if you don’t know which companies are willing to work with you.
But if you’re ready to purchase, we have a simple process for you.
There’s just 5 simple steps!
Don’t be intimidated by the insurance companies. Just take it one step at a time and you’ll find the coverage you’re looking for with little to no headache. This goes for other issues you may face as well, such as seeking life insurance with diabetes, we are here to help you find the company that will work best for you and your needs!
Marijuana Insurance: 5 Simple Steps
We’ve broken down the entire process of applying for life insurance as a marijuana user into 5 simple steps so you can take confusion off the table.
For the most part, the process is pretty similar to applying for life insurance as a non-smoker, but there’s just a little extra due diligence on your part required to get yourself the best rating. Here’s the steps:
- Talk to an independent agent
- Admit you use marijuana
- Find the best policy for your needs
- Complete the exam correctly and timely
Many are apprehensive about physical exams, so keep in mind that some life insurance companies do not require a physical exam and there are also companies who offer guaranteed issue life insurance policies.
Talk To An Independent Agent
The first step is to talk to an independent agent.
There’s two kinds of insurance agents: Captive and Independent. A captive agent is an agent who works for just one insurance company, like State Farm or Nationwide. These agents, with a few exceptions, only write business for the insurance company they work for, and won’t give you many options other than the type of insurance that one particular company offers.
And independent agent is one who is not affiliated with any one single carrier. An independent agent offers multiple companies. This means they can not only shop your rate for you, but find insurance companies who are more lenient for different things, such as marijuana smoking.
This will create a greater likelihood you’ll find a company willing to give you a good rating, as opposed to dealing with just one company who won’t be so easy to work with. Using a knowledgeable, independent agent will increase your chances of finding the right company the first time, so you don’t have negative results or multiple hoops to jump through.
Admit Your Use
Step 2 is to admit up front you use marijuana. Insurance agents will need to know from the beginning so they can find the right company, but also so they can get more detailed information from you.
Most marijuana users are scared to apply for insurance because they think they’ll be found out; don’t be alarmed! Insurance companies are not the law, and they won’t come knocking at your door because you admit to using marijuana.
It’s imperative you give as much information to the agent as possible so they can give you preliminary quotes which are accurate, but also so they can find a policy which fits your needs and budget. Nobody likes any surprises at the end of the road, with an increase in premium, or worse, a decline.
Find The Right Policy
Step 3 is to find the right policy. If you use an independent agent, you’re already going to get a great selection of product choices and companies to choose from.
But remember to buy a policy for your needs specifically. Don’t feel like you need to buy a round number, like $100,000 in coverage. It’s not abnormal to buy a policy for $145,000 to cover an exact obligation, like a business loan or mortgage.
Obviously, make sure you find a policy you can stick with. It’s pointless to aim at a policy which is over budget. If you can’t afford the right policy, buy something lower and in your affordable range: remember, something is still better than nothing!
Apply For Life Insurance
The fourth step is to go ahead and apply for life insurance.
There are a couple ways of doing this, but some are much easier than others. You can, of course, have a meeting with an agent and go through a paper application. This is the method which has been used for over a hundred years, and it’s always good to see an agent face to face.
Another way, and the most popular now, is to buy it right over the internet or phone. As technology has evolved, the process has been simplified to the extreme. You can purchase life insurance in just a matter of minutes, right from home.
If you want to see for yourself, get a quote in under 60 seconds right from our site. If you find something you like, you can even make your purchase on the spot.
Ace Your Exam
In no way to we recommend trying to manipulate your exam results. But, there are some things you can do to ensure your exam goes as smooth as possible.
Like any other person applying for life insurance, you’ll probably be subjected to a visit by an examiner who will need to draw a bit of blood and collect a urine sample from you. He or she will also ask you additional medical questions, measure height, weight, and occasionally perform an EKG test.
First of all, schedule the exam in the morning. The exam will require you to fast beforehand for 4-8 hours. Obviously, if you are sleeping, you’re not eating so you won’t have to skip meals all day while you wait for your exam time.
Drink lots of water starting a day or two before your exam, and stay away from fatty foods, sugary drinks, or alcohol.
If you have prescriptions for marijuana or other drugs, have them on hand for the examiner, so she can take notes about their dosage and frequencies of use. Don’t forget to tell the examiner about other vitamins or supplements if you take them as well.
You’ve completed the process, but don’t fret if you don’t get results immediately. The underwriting process for life insurance can take up to 4-6 weeks, and even longer in some instances if there are significant medical records to go through from multiple doctors or specialists.
When you get your results, you’ll also have the chance to request your medical results from the insurance company. If you didn’t the rating you were looking for, ask them for the results. They’re free.
If you happen to find something which looks incorrect, you can appeal if need be. Just be sure you have sufficient evidence to back your claim. Mistakes happen, so don’t be alarmed. Be in communication with your agent at all times, and he or she should be able to assist you through the entire process seamlessly.