hi my name is brian grimes, i'm acertified financial planner and i'm a senior client service manager here atpolicygenius. i'm here to talk to you today about marijuana usage and how itaffects your life insurance and health rating, which is of the utmost importance,because if your usage is viewed unfavorably by an underwriter this couldresult in you being issued a smoker rating. which will double, triple,quadruple your premium for your life insurance policy even if you're gettingthe same thing and that's a scenario that we don't want to see happen with you. sowe're going to talk to you today about the four quadrants ofthings that you should
concern yourself with if you are amarijuana user and this could be medicinally or recreationally. i'm goingto take a deep dive into what underwriters are viewing, what they're researchingand what they're factoring into your health rating, so let's dive right in. thefirst thing is the frequency of your usage. now the rule that you want to keepin mind with frequency is the 2x rule. if you consume marijuana so this could beedibles, this could be vaporizer, this could be smoking marijuana. if you consumemarijuana less than two times per year, in most cases carriers will issue you apreferred nonsmoker health rating and this is ideal. this is the best case scenario.this has changed over time. ten, 15 years
ago you would actually be flat outdeclined for disclosing that you use any marijuana products either medicinally orrecreationally but today with the fact that 40% of the states in america havelegalized the use of medicinal marijuana. the fact that some states have evenlegalized the use of recreational marijuana. you can actually beunderwritten in a more favorable way which is good for you, good for your healthrating you can actually qualify for preferred health ratings in some casesand we'll discuss that a bit later in the video. next, we have, well, do you usemedicinal marijuana or are you using this recreationally as in medicinal we'reasking, the underwriter is asking, "do you
have a prescription for your usage?" ifthe answer is,"yes," the bad news for you is that this can actually be viewed ina less favorable way than if you are a recreational user and this is a big shockto most applicants. the reason why is if you were given a prescription the logicalquestion that a underwriter will ask is "well, what underlying health conditionexists for a medical professional to prescribe you with a card for medicinalmarijuana?" and they're going to dig into that underlying condition and that couldresult in a worse health rating for you in most cases. so a recreational user as longas they're within the limits of the frequency that is allowable by mostinsurance carriers and underwriter
guidelines they're going to get the betterhealth ratings in most cases, because there's no signal of an underlying healthcondition so keep that in mind. the next thing is disclosure. disclose, disclose,disclose. when in doubt, tell it all to the life insurance company, because ifyou don't, you could run into a fraud scenario. if you withhold information froman insurance carrier during the application process, they can challengeyour claim in many cases. this could result in you paying for life insuranceproducts over 5, 10, 15 years. dumping out thousands of dollars into these productsbut then having a scenario where the insurance carrier claims fraud and willnot payout a claim to your beneficiaries,
your famiy, your loved ones, people whoneed that money the most so you want to disclose this information. the number onereason why applicants do not disclose is because of privacy. they're concerned thattheir employer's going to find out that they consume marijuana medicinally,recreationally and that leads them to them not disclose this information, which isthe biggest mistake you can make. but one thing you should know with theprivacy is the hipaa health act of 1996 does exist. this is the health insuranceportability and accountability act 1996. this protects your information from beingshared with third parties, vendors, disinterested third parties so thisprotects your sensitive information.
there's a lot of sensitive information inyour life insurance application your social security's there, your driver'slicense number, personally identifiable information that is all protected by thisact even...there's a lot of information that your agent won't even know about sokeep that in mind. always disclose and don't worry about it too much because youdo have the law on your side in this sense. as far as the costs are concerned,what is a realistic expectation that you should have if you are a marijuana userrecreationally, medicinally and you're going to apply for insurance coverage.well, if we take a case study, we'll take a 45-year-old male who's applying for a 20year, half a million dollar term insurance
policy so just a regular case study. theaverage cost at a preferred health rating will probably be $50 per month if we godown to a standard health rating that could double to $100 per month in mostcases for that type of a policy. now if you're also given a smoker rating on topof that, because of your marijuana usage, that premium could go to $250, $280, $290or $300 per month. this could result in you paying tens of thousands of moredollars for the same product and that's a scenario where you don't want to seeyourself in that position. and how you avoid that scenario, well, you understandthe frequency rules because that's the biggest weighted factor in your healthrating according to underwriters. here is
my big three. if you do consume medicinalmarijuana, recreational marijuana in any form. here's the big threeand i'm a basketball guy so it's all about the big three withme. the big three is mutual of omaha, they come up on my list because you can consumemarijuana up to one time per week and apply with this carrier and they willissue you, in most cases if you would otherwise qualify for this type of policy,a standard nonsmoker health rating. which means your premium will be fair and astandard health rating is the average health rating that the typical americanwill qualify for so it's a solid health rating. next up is lincoln, lincolnnational, lincoln benefit. they go by a
few different names. they are, to me, alittle bit better than mutual of omaha because they will allow you to qualify fora standard nonsmoker rating. even if you consume marijuana up to two timesper week which is, i mean, it's double the frequency that mutual of omaha will allowso if you find yourself in this frequency level you may want to go with a lincolnbecause they'll give you a bit of a better deal. and at the top of my list on my bigthree is metlife. to me they're by far the best if you're otherwise healthy becauseif you consume marijuana up to one time per week they'll allow you in most cases,if you otherwise qualify, to qualify for a preferred best health rating. this is thetriathlete health rating that most
applicants who are at their peak healthcan qualify for so they'll allow you to qualify for the best health rating even ifyou consume marijuana medicinally, recreationally. that is not of the utmostimportance. it's really the frequency that's being factored in here, so here youhave it. here are the big three, my big three for basketball fans out there andhere are the things you should factor in: the frequency, medicinal versusrecreational, recreational is better once again, disclose it because your privacy isprotected by the law, and thank you for your time. go out there, do your research,use us as a resource as always, leave a comment, if you have questions, in thevideo comment box below and
thanks again for your time.
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