Did you know the majority of mainstream life insurance companies will decline life insurance for marijuana industry workers?
(Use the INSTANT QUOTES box on this page to immediately view rates for your exact age. Rest assured these are the lowest rates available from the leading life insurance companies and there is no obligation. Please continue reading below to see how we specialize in marijuana users and marijuana industry workers. You will also learn how we help you save money on life insurance.)
Most life insurers will not provide coverage to any entity or person associated with the legal marijuana industry.
It seems strange that many insurers will approve medical or recreational pot users. But, they are very unlikely to approve those who work in legal cannabis industry.
We especially can help in finding life insurance solutions for marijuana industry workers.
Call us right now at 858-703-6178. We will walk you through the process and answer your questions.
Background on Life Insurance for Marijuana Industry Workers
As of 2016, there are 25 states which have given approval for the sale and use of medical marijuana. Additionally, there are 4 states which have given legal approval to the growing and the sale of recreational marijuana.
Both medical marijuana states and states that allow recreational use now employ 10’s of thousands of workers. But most of these workers will not find approval when it comes to buying life insurance.
There are a variety of jobs that are available in the legal marijuana industry. These include jobs such as:
• Bud tender
• Seed Harvesters
• Concentrate Processors
• Web and Software
• Retail Shop Owners
• Courier and Delivery
Many of these workers have families. They want to protect their family with life insurance – just like every other American.
So, why can’t these hard working Americans find approval for life insurance simply because they work in the cannabis industry?
Federal Law Still Rules Life Insurance for the Marijuana Industry
On this matter, it seems that it all boils down to federal laws. Federal statutes simply consider marijuana to be an illegal product under federal law. It appears this somewhat archaic disconnect between legalization at state levels versus federal laws has many life insurers skittish at possible legal consequences.
The potential legal consequences to life insurers are largely more hypothetical than actual.
Simply because the potential risk even exists can cause many insurers to decline an application. It does not matter in what capacity you associate yourself with if working in the marijuana industry.
All Americans who work in a legal industry should have the right to obtain life insurance to provide financial protection for their families.
But, when it comes to life insurance for cannabis workers, this is simply not the case. As soon as the words marijuana or cannabis appears in any employment capacity, you will get the bum’s rush.
The life insurance industry is very conservative when it comes to making changes and adapting to changing times. It may even have something to do with their reputation about how other clients may perceive them when it comes to any association with the legal marijuana industry.
Eventually, this will change and many more companies will begin to offer policies to marijuana industry owners and workers.
However, this is of no help for those who are currently working in the marijuana industry. These people need life insurance today.
Here, at Abrams Insurance Solutions, we came to the conclusion that this is not right. We know that this does not apply to all companies so we did some research.
Abrams Insurance Solutions has 3 companies can now provide you with some life insurance solutions for marijuana industry workers. Call us today at 858-703-6178!
Available Life Insurance for Cannabis Industry Employees
Let’s take a look at an overview of the 3 companies that provide a variety of different life insurance for pot industry workers.
The 3 companies we use here at Abrams Insurance Solutions can provide life insurance for marijuana industry workers in 3 different situations including:
• Key Man Life Insurance
• Group Life Insurance
• No Medical Exam Term Life Insurance
Key Man Life Insurance for Marijuana Companies
The legal marijuana industry is set up pretty much the same as any other small or medium sized business.
Practically every business has owners, partners and certain employees which have a major impact on the success of their marijuana enterprise.
Business partners need to assure the continuity and succession of ownership and the business will run smoothly if one of the partners dies.
Similarly, certain employees can be vital to the ongoing success of your cannabis business.
The best way to ensure coverage and to protect your future is with “key-man life insurance.”
The one company we use for this life insurance product has 1 requirement. The requirement is that the company would need to be the owner and the beneficiary of the policy.
It might also interest you to know that this life insurer will also provide both “Personal Disability Insurance” and “Accidental Death and Dismemberment Insurance” for cannabis industry workers.
Group Life Insurance for Cannabis Industry Employees
We have another company which provides a group guaranteed association plan. This plan will provide life insurance coverage to one or multiple workers.
The stipulation to qualify for this group coverage is that the employee must be working 30 hours per week. Additionally, any employees that qualify must be able to prove you do so by providing a W2, pay check stub or other proof of working for wage or profit. The application can easily be completed online and your acceptance is guaranteed.
All employees which qualify for the Group plan will be given $20,000 of life insurance coverage for a cost of $49.95 per month. You will also be given the option to purchase up to another $150,000 dollars in coverage for a total of $170,000 dollars of life insurance for marijuana industry workers.
You can combine this policy with the policy below for a total of $320,000 in life insurance coverage.
No Medical Exam Term Life Insurance for Marijuana Industry Workers
Another type of policy available to individual workers through another company is “No-Medical Exam Term Life” Insurance.
This policy will provide coverage from $10,000 to $150,000. You must be from age 18 to 64. Premiums are guaranteed level to age 100. This means that you can get life insurance protection all the way to age 100.
This No-medical exam policy is easy to find approval. The reason is because all you have to do is answer ‘NO’ to 7 key questions for approval.
When providing responses to these questions, you must be completely truthful. All life insurers have access to medical and prescription databases which reflect your medical history. They will check. And, if they discover that did not tell the truth, they can deny a claim down the road if you were not truthful.
The 7 questions that this insurer will ask include:
1. Have you ever been given a diagnosis or treatment for HIV, AIDS or ARC (AIDS-Related Complex)
2. Have you ever applied and been declined for life insurance?
3. Have you been hospitalized (this means stayed overnight in a hospital) in the past 90 days?
The next 4 questions ask about medical history for certain conditions.
In the previous 5 years have you been hospitalized for, treated or diagnosed by the medical profession or take medication for the following:
4. Angina, heart attack, stroke, heart bypass surgery, angioplasty, coronary artery stenting, or coronary artery disease?
5. Any form of cancer to include leukemia or Hodgkin’s Disease (excluding non-invasive, non-melanoma skin cancer)?
6. Chronic obstructive pulmonary disease (COPD), emphysema, or any other chronic respiratory disorder, excluding asthma?
7. Alcoholism or drug or alcohol abuse, cirrhosis, hepatitis, or any other disease of the liver?
If you can answer “NO” to these 7 questions and you are able to work, you will qualify for this coverage. You don’t have to be working, but you have to be able to work. The application is quick and completed over the phone.
Why Use Abrams Insurance Solutions to Find Low Cost Life Insurance for marijuana industry workers?
The most important reason to use our services here at Abrams Insurance Solutions is because we can SAVE YOU MONEY! The reason we can do so is because we are independent insurance agents which allows us to shop at dozens of different life insurers.
The second reason you should use our agency is because we SAVE YOU TIME. We will shop the leading life insurers on your behalf to ensure you get the best price on your coverage.
There are over 850 life insurance companies in the U.S. and every company will offer a different rate which they base on your age, amount of coverage and your health. We will guide you to the best company which offers low cost life insurance for marijuana industry workers.
We are not a captive agency because captive agents only represent a single company. Because these agents only represent a single company you may not get the best price or even receive approval for your condition.
Need more reasons why you should use Abrams Insurance Solutions … See 10 Ways We Save You Time and Money
Marijuana Laws are Constantly Evolving
Life insurance companies will be changing their tune as marijuana becomes legal across the country. We will stay on top of the changes and let our clients know the very best option for them. There is one mainstream company that said they will approve life insurance for the weed industry on a case by case basis.
If one of the options above doesn’t meet you needs, give us a call. We will check and see if your case can be approved for a traditional life insurance policy. We will also update this post as new information becomes available.
Abrams Insurance Solutions works for you and not the insurance companies. Our aim is to use our knowledge of life insurance underwriting and our extraordinary selection of companies to find you approval and low cost life insurance for marijuana industry workers. Curious how others like working with us? Check out our client reviews.
Get the life insurance policy at the best possible rates and call Abrams Insurance Solutions at 858-703-6178 today! We are on your team and our goal is to help you get approved for life insurance at the lowest available rate.