If you haven’t read the first parts of this series, please start there:
- Legalizing Marijuana And Life Insurance: Breaking New Ground
- Legalizing Marijuana And Life Insurance: The Medical Marijuana Insurance Side
If you’re like most Americans, you enjoy a lot of life’s little luxuries, and cocktail here and there is definitely not out of the question. With Autumn parties coming, the NFL back in full gear, and any other reason you can muster up to pour yourself a cold one, we ask you: what’s your favorite summer and fall cocktail?
I’m pretty simple. A nice, cold beer is enough for me. But every once in a while, I don’t mind indulging in a refreshing cocktail, and a Long Island Iced Tea is one I really enjoy. But it’s tough to find the right place who has a mixer who can combine all the ingredients in just the right way to make it perfect. If you were to simply browse the web, there’s a lot of cookie-cutter recipes for the perfect Long Island Iced Tea, but it’s the in details where you find the separation of the average from the best.
The Marijuana Life Insurance Cocktail
In the case of buying life insurance for marijuana smokers, you’ll need a good recipe as well to make sure you don’t get the bitter taste of decline in your mouth after applying.
If you apply for life insurance and marijuana use is a concern for you, you’ll need to understand how life insurance underwriting works to ensure you’re giving yourself the best chance of a successful review. In other words, you need a winning combination of your efforts and communication to the insurance company to establish a profile which reflects your situation as a non-threat. Remember, the higher risk you pose to an insurance company, the less likely you’ll get coverage, or the higher your premiums will be.
So here are the rules to building the perfect Marijuana Life Insurance Cocktail.
- Don’t lie.
- Have data ready.
- Timing is everything.
- See the big picture.
- Have patience.
Your favorite drink might be as simple as rum and coke, or it might be something you have concocted yourself over the years as you’ve tried and tested the many variations of a drink from the many regions of the world. So if you went on vacation, and your favorite bar tender wasn’t around, how would you go about getting the best drink, made your way? You would likely have to communicate to your bartender exactly what the drink is, how it’s made, and give him a list of all the ingredients up front so he knows how to do it just right.
Your marijuana life insurance cocktail isn’t any different. You need to tell the underwriter exactly what you’re using, why you’re using it, and tell them everything you can in great detail up front. You don’t want to leave anything out and keep them guessing. If you left out even a single ingredient for your favorite drink while talking to your bartender, he might mess up the drink and give you something poor. Your life insurance is the same! Give all the details you can so the right profile is built for you. If you don’t, you’re setting yourself up for failure from the beginning, or at minimum, a big headache.
If you were getting your favorite drink and were able to simply hand the bar tender the exact recipe, it would surely keep a lengthy and confusing discussion at bay. Apply the same procedure to being prepared with your life insurance information.
You want to have as much information as you can on paper and ready to send when you apply for your life insurance. For example, have any and all important dates, (such as diagnosis dates, dates of treatments, and dates of use) a frequency of use chart, any prescriptions if you use medicinal marijuana, and all possible contact information of doctors, specialists or hospitals you may have seen in the past few years. Also, if you consume edibles, smoke, or use any other type of method, be sure to include details on those in addition.
You might think this is overkill, and everything may not be required, but you want to be precise when asked. You might be asked multiple times as well, from application, to a telephone interview, and even clarification from the underwriters throughout the process. Keeping a log of everything allows you to be accurate and timely in your responses, which will help you greatly.
When asking the bar tender to make your drink, he adds ice to the glass, then begins asking you questions about how to make it perfect for you. If you take all day to respond, eventually the ice would melt, and your drink would be watered down, resulting in something not quite right for you.
Again, be responsive in the same way in regards to your life insurance. If you take 30 days to get your medical completed following your application, and take a week to answer each question the underwriters have for you, it may appear you’re taking your sweet time to give yourself a favorable rating. But in actuality, it would be highly beneficial for you to be punctual and answer exactly the question as asked, not more or less.
You might not get a flawless drink, but you might expect something close. If you have a really difficult palate and your drink has a smorgasbord of mixers and liquors, perhaps you should even lower your expectations further. Worse case scenario, you might just have to settle with a new drink because certain ingredients may not even be available.
The big picture with life insurance not only involves your use of marijuana, but all things considered over and above its use. The reason why its used, if medical, must be an insurable condition. Your overall health also needs to be considered, as well as your driving record, medical history, and current health factors. Keep your expectations realistic as your entire health portfolio needs to be reviewed, not just the marijuana aspect.
No bar tender likes to be rushed, especially when making a specially catered elixir for you. Have patience and let him do what he does best, and your drink might just be what you’re looking for.
Life insurance can take 4-6 weeks for underwriting, and in cases involving extra health concerns, multiple doctors, specialists or hospitals records to go through, it can take even longer. There’s no use in haunting the insurance company and prying for answers. If you want a policy super fast, you’ll have to pay for a guaranteed or simplified issue, no exam policy to get it expedited. If your health records are clean, driving record clean, and all other factors check out, you could receive your decision faster than 4-6 weeks, but don’t count on it.
Continue to follow along all month long as we look more into the world of life insurance and marijuana through our #CoveredForLIFE campaign.