5 Best Life Insurance Companies for Marijuana
If you or someone you know are looking for the best life insurance rates for marijuana users. Simply fill out the form on the side to see instant rates you may qualify for.
I’m sure you would agree with me if I say, “It is difficult to find a marijuana friendly life insurance company.” Well, it turns out many consumers struggle with this, but should it really be this hard? I don’t think so, I am going to show you how easy it can be. Here is what we are going to cover.
- What to Expect Going Forward
- How to Choose a Carrier
- What if I Apply with Another Company?
- 5 Best Life Insurance Companies for Marijuana
- Tips for Getting the Best Life Insurance Rates for Marijuana
When it comes to life insurance for marijuana users, the most important thing is knowing which company to work with. Make sure you are getting the best rates available to you. There aren’t a lot of companies out there that are going to give you non-smoker rates, let alone preferred rates.
But there are some companies that will, and you will find out exactly what companies in this article. Here is my list of the 5 best life insurance companies for marijuana.
What Can we Expect Going Forward
More research needs to be done on marijuana to find out its long-term effects. Since it is still listed as a schedule 1 drug it is difficult to do research on marijuana. There are going to be a lot of changes in this space in the coming years. With more research being done and more states legalize recreational marijuana, life insurance companies will also be changing their underwriting policies for marijuana.
How to Choose a Carrier?
The biggest factor life insurance companies consider when underwriting a marijuana case is the medical condition you are treating. If you are using marijuana to help you with migraines, the carrier is going to want to know everything about your migraines. Make sure when you are applying, you tell your agent why you are using marijuana.
With this information, you and your agent will be able to choose the company most favorable towards your situation. The best life insurance company for you is going to be the company that is also favorable towards your health condition, not only marijuana.
What if I Apply With Another Company?
Most other life insurance companies will give you smoker rates right off-the-bat. You will be paying more for life insurance policy when you don’t have to. You won’t have a chance to get standard rates and don’t even think about getting preferred rates.
Some companies will give you smoker rates along with a table rating, making it even more expensive. This is before they have evaluated your overall health condition. If you are working with a company not on this list be sure you aren’t paying more than you need to.
Every situation is different and needs to be looked at on an individual basis, this list will give you a good idea of what companies you should be considering for your life insurance.
Let’s Get on With the LIST!
5 BEST LIFE INSURANCE COMPANIES FOR MARIJUANA
#5 American General: For the occasional social marijuana users preferred rates may be available. If you smoke up to 3 times a year you will get some of the best rates offered by American General. For those that use marijuana a bit more using it twice a month can get you standard rates. Standard rates are what an average person will qualify for so they are still great rates.
#4 Principal: To qualify for standard non-smoker rates Principal will allow up to 2 uses per month with negative lab results. I know what you are thinking, “Twice a month? That’s not enough!” But when most other carriers give you smoker ratings right away, we will take it. Principal will consider better rates on a case by case basis if the applicant only uses edibles. For those edible loves, this is a big advantage.
#3 United of Omaha: For the more frequent user United of Omaha will allow marijuana use once a week to get standard non-smoker rates. Although United of Omaha does not offer preferred rates they let you get high twice as often without letting your rates get high. Almost to the number one spot!
#2 Prudential: Coming in at number two Prudential will let you use marijuana three times a week and get standard rates! If that is not enough, Prudential is also a great company for high-risk cases. This is especially important for those medicinal users that are treating a health condition, with Prudential you can be sure you are getting some of the best rates available to you. With one of the highest frequencies allowed Prudential shows they are a more progressive insurance company.
Drum Roll….
#1 METLIFE
Showing everyone how it is done Metlife will allow marijuana use 4 times a week to get standard non-smoker rates. If you use marijuana once a week you could even get preferred rates. This is something no other company on the list allows. Metlife will even distinguish between smoking and edibles. For the more avid use this may be the company for you. If you use edibles you could even qualify for Preferred Elite rates depending on how often and how much you consume. Metlife is truly at the forefront of the marijuana movement in life insurance.
There you have it, the 5 best life insurance companies for marijuana. As the marijuana movement grows so will life insurance companies rules on how they view marijuana. I think it may even get to a point where it is considered “normal.”
Tips to Get the Best Life Insurance Rates for Marijuana
1) Work with an independent agent that works with these 5 companies
2) Tell your agent that you use marijuana
3) Explain in detail why you use marijuana, this will help your agent place you with the best company
4) Discuss how often you use marijuana, carriers want to know how often you use so they can classify your risk correctly
5) Be honest, you don’t want to have to worry about the insurance company denying the claim because of fraud. There is only a 2 year contestability period, but why risk it?
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