Carrier’s New Stance on the Marijuana Industry
We now have a carrier that will now consider applicants with ownership or employed in the marijuana industry. This progressive approach reflects the United states governments decision to reclassify marijuana as a schedule 3 drug.
- Product Availability
- Capacity/Face Amount Limitations: Normal limits apply. No special/unique restrictions or limits.
- Cases where the marijuana business is the sole source of income will be considered.
- Both personal and business cases are eligible.
Additional Underwriting Requirements
Most carriers require the following in addition to traditional age and amount requirements:
Business Owners
- A copy of the company’s current business license.
- Business financial statements/bank statements OR copies of tax returns to verify the business’s income and tax compliance.
- Documentation of the business’s compliance with state regulation such as proof of compliance with seed-to-sale tracking requirements, etc.
- If a personal insurance case: Personal bank statements indicating the source of premium.
Employees
- A copy of their tax return
- A copy of the employer’s current business license
Process
- Submit a case summary for initial review including the name of the business and indicating that the case meets the requirements outlined above.
- If favorable response, submit a trial/informal medical application.
- If the case qualifies medically, submit the necessary documentation from the list above along with the formal application.
Carriers may require additional information about the case beyond the items listed here. The final decision is subject to the application and full age and amount requirements being received and acceptable from a medical and financial standpoint.
Got questions or want to know more? Give us a call at 631-730-8262 or Click to schedule a 15 minute call
