A lot of people are reluctant to admit recreational marijuana use. According to a 2019 Gallup Survey over 10% of the population smoke marijuana regularly. The likelihood of you knowing someone who smokes pot are pretty high, no pun intended. The positive news for smokers is that you will likely qualify for coverage, its just a matter of how much you will pay?
When applying for life insurance you’ll likely face a question about whether and how often you use marijuana. Whether you have tried it in the past or are currently using theres no reason to fear it. Many life insurance companies have begun opening up to marijuana use and have relaxed their underwriting to allow for it. And some are more friendlier than others when it comes to their pricing.
Life Insurance Underwriting
Depending on how much you consume on a regular basis will determine your classification. For regular users most life insurance companies will classify you as a “smoker”, causing your premium to be 2-3 times more expensive than non-smokers. But, occasional marijuana users can sometimes qualify for non-smoking rates depending on the company. Each life insurance company sets its own parameters on the meaning of “occasional”.
It’s best to work with a life insurance broker who has multiple carriers at their disposal in order to find you the best rate. Find an agent that is willing to provide you with preliminary quotes and that will shop your coverage for you anonymously before ever formally applying for coverage.
Medical Marijuana Users
Many life insurance companies view medical marijuana use differently than recreational marijuana use, and how they determine your health rating will depend largely on the underlying health condition for which it’s been prescribed.
There are insurers, that will rate you based on medicinal use in addition to your past or current health issue(s) ultimately resulting in higher priced for coverage.
Applying For Coverage
Once the application is completed a phone interview will be conducted to determine whether a medical exam will be required, which includes a blood and urine sample. If no exam is required the life insurance company will continue its underwriting of the following information to determine your final rate: medical records and any current or past prescriptions; previous five to seven years of your motor vehicle record; answers to any previous life insurance applications you have completed, if any. Most life insurance companies require this of all applicants regardless if they use marijuana or not.
Regardless of how often you use marijuana, and whether it’s recreational or medicinal, it’s important to be truthful and honest on any life insurance application. “Misrepresentations” can be viewed as fraud and, even worse, the provider could deny your family’s claim after you pass away, leaving them unprotected.
With the legalizing of medical and recreational marijuana use sweeping through the nation, its no surprise that more and more people are consuming marijuana in some form. Marijuana use is becoming more common and we shouldn’t allow it to discourage people from finding affordable life insurance coverage.
Nebraska Asset Protection Group is a trusted life insurance broker that works with over fifty different life insurance companies throughout the country including carriers that are friendly to marijuana use. If you would like to receive a free consultation with one of our licensed insurance advisors or to receive a free quote click here.