We are a pioneer in understanding how the insurance companies underwrite life, disability, and long term care insurance for those who use marijuana recreationally, medically, or celebratory.
We recognize that you don’t want to ask your insurance agent, “Will I Need To Pee In A Cup?” or “How Long Do I Have To Wait Before I Have To Take A Physical?” Truth is as marijuana becomes legal in more states, insurance companies are changing how they underwrite marijuana users.
- Term Life Insurance:
Typically, your most common and cheapest form of insurance it is preferred by the majority of individuals who need life insurance. It generally comes in 10, 20, or 30 year increments but can be created for 1 or more years. The death benefit will only be paid out in the event you pass away during the term of the policy so be wise about which route you decide. It also will offer the largest insurance protection for your premium dollar, but unlike whole life will not allow you to build up a cash value.
- Whole Life Insurance:
Unlike term, whole life is infinite. Whole contains both insurance and investment components where the insurance portion will pay a predetermined amount when the insured individual dies. The investment component will build an accumulated cash value that the individual can borrow against or withdraw. Typically, whole life will provide policyholders with the ability to accumulate wealth as regular premium payments cover insurance costs.
- Indexed Universal Life Insurance:
This form of insurance allows the owner to allocate cash value amounts to either a fixed account or equity index account. This type of policy offers a variety of well-known indexes like the S&P 500 and the Nasdaq 100 to use positively when the market goes up. These policies are more volatile than traditional fixed UL’s, but are less risky than variable universal life policies because no money is invested in equity positions.
- Return of Premium Insurance:
Simply put, it is insurance that will pay your premium back to you at the end of the period you selected. The key here is that as long as you live to the end of the term selected you will have the option to get your money back tax free while your cash value grows assuming you pay your premiums. In other words, its guaranteed insurance protection with a payback at the end.
- Disability Insurance:
Disability can protect your financial well-being by providing supplementary income in the event of illness or accident. Typically, employers will offer this as a part of their benefits package, but if they don’t you can purchase personal disability insurance yourself. Benefits are traditionally provided on a monthly basis so the individual can maintain their standard of living and continue to pay their regular expenses.
- Long Term Care Insurance:
Traditionally coverage that provides nursing-home care, personal or adult daycare for individuals above 65 or with chronic or disabling condition that needs constant supervision. This form of insurance ensures more flexibility and options than many public assistance programs.
- Business Insurance:
Essentially protects your business from losses due to events that may occur during the normal course of business. Companies insurance needs are based on potential risks, which can vary depending on the environment in which the company operates in. It’s especially important for small business owners to consider and evaluate business insurance needs because they have personal financial exposure in the event of loss.