Just because you’re high, doesn’t mean your life insurance rates have to be. Believe it or not, a lot of life insurance companies will still insure you if you use marijuana – medicinally or recreationally. Here’s what you have to remember, put it on your application. One more time, be honest on your life insurance application. If you’re found telling lies, the entire application will be rejected.
Just know, all insurance companies are different, and marijuana usage affects their rates differently. So, get clear on the amount of coverage you’ll need by using our nifty calc below then call us!
Nifty Life Insurance Calculator
Our Life Insurance Calculator can help give you a rough idea of how much coverage you’ll need to make sure your family is financially protected when you die.
Annual income before tax: $Annual income is an important factor in determining your needs, but it’s not the only one. When you die, your life insurance is like your final paycheck.
% of income needed by dependents: %Because you’ll be gone, presumably they won’t need as much as you’re currently earning. Typically, 80% of your current income is a good place to start.
Your Age: yearsThe younger you are, the more years of your income your family stands to lose when you die.
Number of years benefits are needed:If you died tomorrow, how many years of income do you want to provide for your family?
Annual inflation rate (estimate): %Because of inflation, in order to maintain your family’s current standard of living, you’ll need to plan for increases in their annual income to keep pace. Historically, inflation has averaged between 2% and 4%.
Annual interest rate (estimate): %This is an assumption as to how much you believe your spouse will be able to earn on the death benefit proceeds. We have found that most surviving spouses are usually very conservative in how they invest the death benefit. The most common thing we see is that the money gets deposited into a bank account. You know your spouse better than anyone. Pick a number that you feel your spouse will be able to comfortably earn on the proceeds.
So what’s next? Call us at 800-442-9899 and let’s chat about the types of coverage that may make the most sense for you.
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