Smoke It If You Got It: Debunking the Myth that Cannabis Users Cannot Obtain Life Insurance
The insurance industry has never been on the cutting edge of product design. It has veered towards the classic protection issues for Life and Disability Insurance. However, in 2021, we do not live in classic times. One major growing factor is marijuana use and association when applying for Life and Disability Insurance. Because of the legal complications associated with the industry’s growth, you may have already found out the hard way that obtaining coverage is not easy. While cannabis continues to grow in legality at the state level, the federal restrictions have complicated things. Additionally, in the past, growers or distributors had trouble getting coverage due to money laundering issues.
But there is a solution! We have found success navigating the murky waters of obtaining coverage and can help you if you are looking for Life Insurance or Disability Insurance. We have underwritten cannabis users, as well as employees, directly in the industry. Recently, there is one life insurance company that will issue a policy as long as the cannabis business is not attached to the life insurance policy. This means the grower, owner, or distributor can personally own the life insurance policy so long as they don’t pay the premiums out of a business checking account that is associated in the marijuana industry.
If you are looking for help or more information, contact us at ODI with the link below. We navigate this for you!
