Wondering about no exam life insurance for marijuana users?
There are many life insurers which will automatically decline you if you use marijuana. However, there are also a handful of very friendly marijuana life insurers.
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Since all traditional life insurance policies require that you complete a medical exam, many people who use marijuana are considering no-exam life insurance as an alternative.
No-exam life insurance is not available through every life insurer. However, a number of companies do offer this type of life insurance.
When this product first became available, these policies were relatively expensive. The main reason was because the life insurer was taking a bigger risk to provide coverage. With a no-exam policy, a life insurance company has a lot less information to evaluate your overall health and life expectancy.
Jumping forward, more and more life insurance companies are now offering no-exam life insurance. Because of the increased competition, prices for no-exam policies have decreased significantly so they are now very affordable.
Is no-medical exam life insurance for marijuana users a practical solution? It most certainly can be the right solution for some of you.
Why No Exam Life Insurance?
No-medical life insurance for marijuana users can be the ideal life insurance solution for a variety of cannabis users.
Before we look at some the reasons why no-medical life insurance for marijuana users would be the best approach, we would like to add a word of caution.
For any marijuana user who uses recreationally, or with a medical marijuana card, or works in the pot industry, we would strongly recommend you consider a policy WITH a medical exam if you are young and healthy.
But, even the young and healthy have a number of reasons why no-medical life insurance may be the better option.
Some of the main reasons to consider no-medical exam life insurance for marijuana users include:
• The White Coat Syndrome – Some people simply cannot handle needles and strongly dislike going to see a doctor or health practitioner. No-medical policies generally only require a brief questionnaire.
• No Recent Medical Exam – If you are middle aged and haven’t had a medical exam in the past 3 years, you might be concerned that a medical exam might uncover some health issues. This could be anything from having higher cholesterol and/or blood pressure levels, or learning that you have diabetes or cancer. You might be concerned you will be declined by the insurer.
• Serious Health Issues – No-Exam life insurance may especially appeal to those who have a serious health issue and have a medical marijuana card. Keep in mind that the insurer is mostly concerned about health issues which reduce your life expectancy. They will want full disclosure about any serious health issue recently diagnosed and which is not fully controlled or not very long in remission. No-medical life insurance is an excellent alternative.
• Need A Policy Immediately – Some individuals simply can’t wait 4 – 8 weeks to have a policy in place and need life insurance right now. You might need a policy to protect your family immediately and can’t wait, or you need a small policy to cover a personal or business loan.
• Worry About Marijuana Legality – Your rights are fully protected by law and cannot be disclosed to law enforcement or your employer. Many marijuana users avoid buying a policy for this very reason. Since no-medical policies do not ask about marijuana use, this could alleviate any fears you have about disclosure.
How to apply for No Exam Life Insurance
Many life insurers are now aggressively advertising their no-medical life insurance products in the media. These companies invite you to either phone or apply online.
Don’t jump on their bandwagon because their offer sounds tempting. There’s a very good chance you might end up paying too much or end up buying a policy not suitable for your needs.
The best way to apply for no-medical life insurance for marijuana users is to use an “independent agent.” Independent agents such as the ones here at MJ Life Insurance have access to over 70 of the top rated life insurers in the industry.
We know which companies are marijuana friendly and which ones are also lenient for a broad range of health issues. MJ Life Insurance also knows which companies offer no-medical life insurance for marijuana users. We can discuss your circumstances and guide you to the most affordable no-exam life insurance policy to match your particular circumstances.
We do not recommend that you apply online or directly with a company for a no-medical life insurance policy. The reason is because you might not be applying for the right no-medical policy. You will likely not be able to get the lowest rates available, so choose where you are buying a no-medical policy very carefully.
There several different types of no-medical life insurance and they are not all the same. If you want the best no-exam coverage and at the most affordable rates contact our independent agents here at MJ Life Insurance. We will discuss your needs and fully explain the application process so call us at 888-987-8447.
Having said that, the application process itself is relatively simple. For most no-exam policies you will either to answer a brief medical questionnaire through either the life insurance agent or directly with an insurance company representative.
The only type of no-exam policy which does ask any health questions is the “Guaranteed Issue” form of no-medical policy. These policies are only ideal for those with extreme and life threatening health conditions.
You should also know that all life insurers will perform a brief check of both your medical history and driving record. These checks are available for every life insurance company and include:
• Medical Information Bureau (MIB) – If you have applied for individually underwritten life or health insurance in the last 7 years, then you probably have a MIB report. This organization provides an exchange of health information to life and health insurance companies. This information is private and only used to determine eligibility for life or health insurance. Any serious medical conditions or marijuana use could be noted on your MIB report. However, this is only if you applied in the last 7 years for coverage. Let us know if you were declined for coverage or rated up due to health issues or marijuana use. We may be able to help you lower your life insurance rate (even with cannabis use).
• Rx Pharmacy Database – This database lists any medications you have been prescribed.
• Motor Vehicle Records– The MVR records of the state in which you reside will also be searched for record of DUI’s and moving violations.
Regardless of whether you apply for a life insurance policy with or without a medical exam, it is crucial you always be completely truthful. At any stage of the application process, should the insurer learn you have been untruthful; your application may be automatically declined.
The 3 Best No Exam Companies for Marijuana Users
We represent all of the leading life insurance companies including several no exam life insurance companies. While there are several good no exam options for marijuana users, there are a few that stick out. The names won’t be disclosed here due to adverse selection. However the highlights of each company follows.
No Exam Life Insurance Option A
This is a very unique no exam option. The policy provides term life insurance and includes 4 built-in riders (riders available in most states). These riders allow you to access the death benefit, while you are alive, if any of the following occurs:
- Chronic Illness – Unable to perform 2 out of 6 activities of daily living or have a severe cognitive impairment
- Critical Illness – Initiated by a major illness such as cancer, heart attack, stroke, ALS or major organ transplant
- Terminal Illness – If you have a life expectancy of 12 months or less
- Unemployment – Waives premium for a period of time if you become unemployed
This policy provides $25,000 to $500,000 of coverage. Issue age ranges from 18 to 80.
No Exam Life Insurance Option B
This policy is also unique because it offers term coverage all the way to age 100. Therefore you don’t need to worry about a term life insurance policy ending in 10, 20 or 30 years. It is easy to qualify since you only have to be able to answer “NO” to 7 yes/no questions. There are no smoking or weight questions. You can get this policy if you are between 18 and 64 years old. Contact us to see the very reasonable rates for this policy.
No Exam Life Insurance Option C
Option C is the easiest to qualify for since the only requirement is that you are working 30 hours per week for wage or profit. You must be able to back this up with a pay stub, W2 or similar. Coverage ranges from $20,000 to $170,000 of life insurance. This policy is available for ages 18 to 75. However rates start to get pretty expensive at age 65. Just like the other no exam policies, the application is completed with a phone call or online.
Types of No Exam Life Insurance
Before you buy any form of no-exam life insurance, you need to be aware there 5 different types of these policies. They should be used for different purposes depending on your circumstances.
There are also no-medical policies for both term life insurance and for permanent life insurance. The cost between a term policy and a permanent policy such as whole or universal life can be more expensive.
The 5 types of no-exam life insurance for marijuana users include:
• Simplified Issue Term Life Insurance – Can offer policies as high as $500,000. Allows you to choose from a variety of term lengths and policies which are generally eligible for those between the ages 18-80.
• Simplified Issue Universal Life – This is a form of permanent life insurance where premiums and death benefits are usually fixed for your lifetime. Has similar coverage and age limits as per above.
• Level Death Benefit Whole Life – Offers lower death benefits amounts and allows you to apply up to age 80. Death benefits and premiums are fixed for the lifetime of the policy. This also a permanent life insurance policy.
• Graded Whole Life – Offers much lower death benefits often in the $10,000 – $25,000 range. Best used for those with extreme health issues. Policies have a waiting period of usually around 2 years where you must survive for first 2 years. Benefits may be payable in increasing percentage amounts over the first 2 years.
• Guaranteed Issue – No health questions required. Policy limits range from $5,000 – $25,000.
For most of you marijuana users who are in average health and relatively young, your best bet is to consider “Simplified Issue Term Insurance.” If you are seeking a retirement savings strategy, have an estate, or another tax savings investment vehicle, then we might suggest a “Simplified Issue Universal” policy.
We would likely only suggest Level and Grade Whole Life and Guaranteed Issue for those who are elderly and/or in very poor health.
Costs between these policies can vary considerably. If you want the best coverage and the lowest premiums or if you have any questions or need some guidance then call MJ Life Insurance at 888-987-8447 for expert help.
How Long Is the Approval Process for No-Medical Exam Life Insurance?
The majority of applications can be approved within 2 – 10 business days. The approval time may depend on the amount of death benefits being applied for and the type of policy. There are a very few companies which can provide same day approval in some instances.
In most cases, the application process can be completed quickly over the phone or online.
Does No-Exam Life Insurance for Marijuana Users Cost More?
You will be paying more for a no-medical exam life insurance policy than what you would pay for a policy with a medical exam.
The good news is that the difference in cost between no-medical policies and those requiring a medical exam have dropped significantly over the past few years.
A few years ago we would have said that the price would have been around 3 times the difference. As more and more companies have begun offering no exam life insurance, competition has grown much stiffer and the cost has dropped quite significantly. You can now find no-exam policies which are almost as low as similar policies which do require a medical exam.
The trick in finding low cost no-exam life insurance for marijuana users is to always use an independent agent such as here at MJ Life Insurance so call us first at 888-987-8447.
How Can MJ Life Insurance Help Marijuana Users Find No-Medical Life Insurance?
MJ Life Insurance specializes in helping recreational marijuana users, marijuana users with a medical card, and those working in the marijuana industry. We have access to over 70 different companies.
MJ Life Insurance agents are fully familiar with the life insurance companies that are marijuana friendly. We also know which companies offer no-medical exam life insurance. Our agents can distinguish which policies are the most affordable and the most suitable for different circumstances.
Finally, our agents fully comprehend which companies have the most lenient underwriting guidelines when it comes to smoking and a variety of health issues. We can match the best policy for your health circumstances and find the lowest price in the process.
For the best type of coverage and most affordable no-exam life insurance for marijuana users, call MJ Life Insurance at 888-987-8447.