My wife and I are going to look for life insurance in about a year, both 33. We drink 1x per week and partake in marijuana. We plan on full stopping this for ~9 month before getting insurance. Any other suggestions on how to reduce cost? (Or if this will even help?)
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Other agents have suggested starting with a shorter-term life insurance policy before your birthday, and I agree. You could also apply to multiple companies at once. If you don’t get a good rating, you can replace it later after making changes like quitting certain habits.
If you’re considering a whole life policy, the rating is usually less strict compared to term life, especially when you’re young.
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Work with an independent agent who can connect you with a company that views marijuana use favorably. Don’t wait, and only apply online if your agent advises you to.
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What kind of insurance are you looking to get? Do you both work? Do you have kids?
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Don’t wait just so there’s no proof of marijuana. We don’t even take that into account for underwriting anymore.
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Some carriers may not deny for marijuana use, but others do—yours might be one of them. Today, I had someone denied for past marijuana use, even though they’ve been clean for almost a year and don’t use alcohol. The underwriter did suggest 2-3 insurers that will accept marijuana use.
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Marijuana and alcohol in small amounts won’t disqualify you from coverage, especially if marijuana is legal in your state. But be careful about which insurer you choose—some don’t cover marijuana users, while others don’t mind.
I agree with not waiting. Life is unpredictable, and rates will be higher as you get older. Also, depending on the coverage amount, they might do a medical exam or at least review your medical history, so anything in your records will be noticed. Trying to hide it by waiting won’t help much.
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Get a small whole life policy now…25-50k. Just in case you croke tomorrow! Then go ahead and get your big ol half a mil or whatever term policy when you’re clean. Gotta be protected now ya know?
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I’ve had clients who wanted to wait for the perfect scenario—they lost weight, cut down on drinking, stopped using marijuana, etc. Some succeeded, but others didn’t. One client’s husband developed a condition that made him nearly uninsurable.
I recommend finding an independent broker you can talk to about your situation. They can help find a carrier and guide you on applying.
Don’t wait, even if you just get some coverage now with room to grow. Some carriers offer riders to increase coverage without more underwriting.
Always be truthful on your application. Many carriers don’t even test for marijuana, and most of my carriers for people under 40 seeking a few million in coverage don’t require blood or urine tests. But again, honesty on your application is key.