Editor’s note: This post was originally published on 12/1/16 and has been updated for accuracy and comprehension.
Marijuana use is a controversial topic.
But marijuana – also known by other names – seems like it’s here to stay, whether for medicinal or recreational use.
And while states are liberalizing their approach to marijuana regulations, certain carriers are also relaxing their approach to life insurance underwriting for marijuana users.
Watch the video to find out how to handle life insurance clients who use marijuana. It all comes down to good field underwriting.
Keep reading below for the full transcript.
Marijuana and life insurance coverage
Panama Red, marijuana, pot – whatever you want to call it, it's almost always controversial and the debate rages on. But the fact is, a lot of people use it for a variety of reasons.
As more states liberalize marijuana regulations, a few life insurance carriers are taking a more aggressive approach to underwriting it, but it's not always black and white.
When it comes to buying life insurance for people who use it, the question is, “Are people who ingest or smoke marijuana insurable?” For most people, the answer can be yes, but a lot of it depends on the background of the case, whether marijuana is being used for medicinal or recreational purposes, smoked or ingested.
Life carriers want to know the background of its use, they want to know the how and the why, and – because it's marijuana – they also want to know the frequency. Because of our special understanding of these types of sensitive cases, we’re able to secure highly-competitive offers from a few strategic carriers. Are you interested? A key to writing life insurance on someone who uses marijuana starts with good field underwriting.
First, ask your prospect if it's medicinal or recreational, then ask the frequency – once a week, once a month, once a year. Once you have that information, give your LWT salesperson a call.