Fort Collins, CO (PRWEB) January 22, 2013
420 Life Insurance representative Tim Holt has three basic rules for deciding whether to declare marijuana use on life insurance applications. #1 - While not all insurers require blood/urine tests, inaccurate application information gives them the right to cancel policy benefits. #2 - Paramedical exams can easily detect trace amounts of THC from marijuana. #3 - Insurance companies are legally obligated to keep medical reports confidential.
Application information is routinely sent to the Medical Information Bureau. That’s a non-government organization serving health and life insurance companies across the country. Since the same database is available to multiple insurers, Holt says, “It may be harder to get life insurance from another company after a policy has been cancelled for evidence of marijuana use that was not disclosed.”
Holt works with life insurance companies that accept applications from marijuana users. He says occasional users can get term-life insurance for 10, 15, 20 or 30 years, but rates are higher than for non-users. He also works with no-exam term life insurers. Those companies only require applicants to answer questions about their health. Getting life insurance without blood or urine tests is the most expensive option.
A paramed exam could result in an application being declined for other reasons beyond marijuana use. That varies depending on a person’s state of health. Problems could keep an applicant from qualifying for preferred premium rates that are least expensive.
The public may discretely get instant online quotes on our website. And, Holt points people to a report that is a consumer's guide to Life insurance. It explains the basics of how life insurance works, how to get the best rates, and how to determine the amount of coverage that a family needs.
About 420 Life Insurance:
As an independent broker connecting people with financially-sound life insurance companies, 420 Life Insurance is based in Colorado. To protect the confidentiality of consumers, personal advisor Tim Holt works directly with customers rather than channel them through a phone bank of operators.
Clients may visit 420 Life Insurance online at 420LifeInsurance.com for instant confidential quotes, email TimHolt(at)420LifeInsurance(dot)com or call 866-429-5991 for further information.