to a New
As more states legalize recreational pot smoking (Woo-Hoo California!) life insurance companies will need to take the high road, becoming 420 friendly if they want to attract new customers. Hold on a second; don’t zone out on me just yet.
I know. Life insurance is certainly not as sexy as having the legal right to light up. But, let’s get real. If you want to have your cake and eat it, too, I’ll ask you to actually put down the cake (or chips) for a moment and pay attention.
Life insurance is a fact of, well, life. To enjoy the high life today, you also have to be smart about the future. Ever tried to get life insurance? Exactly. Oy.
The entire process is both subjective and objective; questions are designed to weed out the unqualified. (Sorry, couldn’t help myself.) So, know the facts before you sit down for that interview with a life insurance rep. Reduce potential problems and any possible awkwardness around pot-related questions.
Tell the Truth!
For many years now, insurance companies have had to deal with cigarette and cigar smokers. Compared to those very real health dangers, pot smokers may actually be less of a risk! Therefore, between legalization and health facts, those who partake should be answering questions on the insurance application honestly (in states where it’s legal!)
It’s important to note, that while eight states and Washington D.C. have voted to legalize marijuana, not all of them have implemented legalization. For example, California’s Prop 64 doesn’t take effect until January 2018. And, of course, similar to the state-by-state LGBT marriage laws in place prior to SCOTUS’ enactment of nationwide marriage equality, pot is still illegal on the federal front.
As far as the actual process goes, some companies are already 420 friendly, including Banner Life Insurance, Prudential and United of Omaha. However, each company has a specific underwriting process that you will want to follow closely.
Don’t go it alone! If you have avoided getting life insurance (or long term care) because you are concerned about how the marijuana tests could hurt you, call me up and I’ll help guide you through the process — no matter what state you live in within the United States. And, don’t forget to mention you heard it hear first on Prowdr.
Ted Jenkin (@tedjenkin) is the CEO of oXYGen Financial, a financial advisory firm managing more than $600,000,000 focused on being your financial advisor and your financial therapist. He is a frequent guest writer for the Wall Street Journal and personal finance expert for CNN Headline News Weekend Express and The Weather Channel.
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