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Hello! I am a P&C broker, not too versed in life and LTC. I have a client who has arthritis and smokes weed. What would offer the best value? Buying a whole life w/ LTC rider or buying a term and a separate LTC policy? Suggestions would be appreciated, thank you!
I always get them to admit it. If I don't ask they won't say so I ask. They don't want to get declined so they work with me.
Jack:
Does that mean you won't turn in your pot growing/selling clients after you signed the Lincoln MoneyGuard Marijuana form saying you would?
Jack, here's the problem.......
All life carriers and some LTC carriers require blood tests in order to qualify for insurance. I believe that the blood holds marijuana markers for 30-40 days.
So, if he is only a recreational user, the question can be asked and answered 'no' because there's no trace in his blood. Hair samples are different, That shows up for a longer period of time.
I asked khang.mis if his client's marijuana was medically prescribed for his arthritis? Bottom line, if so it will show up on his APS.
I had this come up for the 1st time last year when writing an app for a 33 year old woman for life insurance. I asked the drug question and she said 'no'.
She was 8 months pregnant at the time of app and the carrier was fine with that because she was having a normal delivery. I pre-qualified her and put the app through Preferred +, non smoker.
So, when her policy is issueed, it's a Standard Smoker.
What???
It turns out that 6 months before her pregnancy (14 months ago) she was a recreational pot smoker and used maybe once or twice a month. When she decided to get pregnant, she stopped. She disclosed this to the para med who came for the exam.
I call her and ask "what the hell were you thinking?) and she says she's an attorney and in good faith she had to tell the truth. Well, she told the truth and her premium went up from Pref+, non-smoker $590 to over $1,700. She cancelled the policy. The problem is the rating and reason are now registered with MIB and she's pretty well screwed for a long time.
The problem with khang.mis is he knows his client smokes pot. Not sure about him, but most honest agents will not lie on the app.
"You won't get a policy and I won't get paid."
That's what I say.