Life Insurance and Marijuana Usage

Joseph Meyer
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Marijuana and Life Insurance

Life insurance has proven to be a highly valuable financial tool. It is widely believed that life insurance is a hedge against the loss of earnings, but it can also help a surviving spouse maintain a standard of living.

Life insurance is also very useful for charitable organizations and beneficiaries that you’ll like to leave a financial legacy to.

Life insurance is not just for the young and healthy … it can be used at any age. If you feel like you’re too old to purchase a policy, check out this post from Money Crashers on different ages you can still buy life insurance.

In most cases, you can buy life insurance even if you have health conditions that would normally prevent you from obtaining a policy.

Smoking Marijuana, Be Honest

That’s why it’s important for you to know that when applying for life insurance, your life insurance provider might ask about your marijuana usage. Be honest about this. If they find out that you lied, they might refuse to pay the claim, because you are knowingly misrepresenting your risk.

If you’re using medical marijuana for a legitimate medical purpose, you have nothing to worry about. But if you’re still unsure, talk to your doctor to find out what the best course of action would be for you.

Whether or not you actually smoke marijuana, it’s a good idea to discuss the issue with your life insurance company. It may affect how much you’re paying for your policy … if at all.

Marijuana Use: Not a Life Insurance Dealbreaker

Can You Get Non-Tobacco Rates as a Marijuana User?

Marijuana usage is still illegal in many parts of the world and therefore not a coverage option for most life insurance policies. Individuals can apply for life insurance coverage with an alternative risk-classification plan based on the usage of tobacco products.

The general perception of life insurance users is that smokers receive lower rates than non smokers. While it is true in most instances that the rates for smokers are lower, life insurance carriers treat marijuana users in a similar fashion.

The rate given to a client is based on the use of tobacco products and the marijuana usage is still illegal in most states, hence not an option for clients to qualify for the lower rates that smokers receive.

Since the insurance carriers do not have the rates for marijuana use, they tend to compare the usage of marijuana with cigarette usage. Claiming that the usage of marijuana doesn’t differ immensely from tobacco usage puts the marijuana users on equal grounds.

With the increase in legalization in various states, the marijuana usage, especially for medical reasons, is on the rise. With the rising usage of marijuana for medical reasons and the significantly lower rates for tobacco users, it might not be a farfetched idea for clients to claim that they use marijuana for medical purposes and therefore should not be treated the same as tobacco consumers.

Why Do You Smoke Marijuana?

Whether you’re looking for an honest answer or are testing my powers of guesswork, the answer to this question is likely going to be, “The same reason you smoke cigarettes and drink beer.”

The truth is that I really don’t know why you smoke marijuana, but I can draw a few conclusions. You’re at least 20 years old. You’re financially self-sufficient. You’re man or woman enough to admit to using what many consider a “sin” substance. And most likely, you smoke while alone because it is illegal to do so in public.

No regret about it, no remorse. A little secret? Oh, hell yeah!

Without taking any of the edge off, here’s the good news about all that shame and guilt you feel every time you smoke: There are organizations that wish to exempt you from the “high and dry” attitude that exists today. And with good reason.

This brings us to the real reason why you smoke marijuana, which undoubtedly is about much more than just an altered state. It’s about supporting your health and enjoying the many benefits of CBD Oil for the body and for the mind.

How Often Do You Smoke Marijuana?

Smoking marijuana is associated with increased cancer risk and may affect life insurance ratings down the road.

It’s important to note that all life insurance companies will ask you about your marijuana usage so that they can determine your life insurance rating. Most insurance companies will ask you to specify how often you use marijuana. The usual options are none, once in a while, and more than once in a while.

Many life insurance companies will also want to know what your marijuana usage was like the past year. Is their a specific pattern with frequency, or is it relatively consistent?

They’ll use your smoking patterns to determine if it’ll have a negative impact on you’s future life insurance policy or if you’ll be able to qualify for a more favorable policy with smaller rates.

If you’re a recreational smoker, you’re probably fine… for now. But you should keep in mind that a habit that’s harmless one year might become a problem the next. We’ll talk more about that later on so keep reading…

Remember, as of now, only medical marijuana with a prescription counts as an exception.

Which Insurance Companies Will Cover Marijuana Smokers?

Insurance companies differ whose applications they’ll accept and which ones they won’t, and so will the insurance companies that will cover medical marijuana users.

What you should understand and why each company we list is included in the list is because they enforce strict restrictions which could be a first warning sign if you are on the fence with your choices if an applicant failed to follow any of the listed steps.

I recommend speaking to a healthiest life insurance broker before applying for health insurance plans so that the department of insurance can properly explain if this is the right plan for your situation and for that coverage.

The main idea with this article is to help medical marijuana users navigate through the confusing insurance process and to give them the assurance that whether they are applying for life insurance or any other type of health insurance, they can find good sources of advice and assistance throughout the process.

Preferred Smoker Rates for Marijuana Smokers

Marijuana smokers are more likely to die prematurely than non-smokers. That’s the conclusion reached by a recent report in the Journal of the American Medical Association, which found that heavy smokers of the drug (23 joint-years), were more than three-and-a-half times as likely to die of cancer than the heaviest pot-free smokers. The pot smokers were also four times as likely to die of respiratory diseases as the non-users.

In this study, 23 joint-years was equivalent to a total of 2,500 to 5,000 joints, so it was clear that these folks were pretty serious for pot smokers. Under life-insurance guidelines, anyone who has used marijuana – even just once – is considered a smoker and is rated accordingly. In fact, if you’ve had one or two puffs, you’re considered to be a smoker.

Disclosing Marijuana Smoking on Life Insurance Exam

An increasing number of people are being diagnosed with medical conditions including conditions that lead to memory loss, sleep disturbances, chronic pain and other symptoms that require medical marijuana as treatment. The stigma of smoking marijuana for health has decreased due to the rise in the knowledge of the health benefits of marijuana and the number of states that allow medicinal marijuana use.

However, life insurance companies are still reluctant to insure customers who smoke marijuana, especially if they are younger and healthy. If you smoke marijuana and apply for life insurance, the life insurance company will have you take a medical exam to evaluate your health. It is likely that you will be asked about your marijuana usage, and if you answer truthfully you risk not getting life insurance.

One of the dangers about not getting life insurance is that you will lack the financial protection if you should die. Life insurance is an important part of a financial plan to help cover your dependents' expenses if you pass away because having enough money to bury you is expensive. But do you have to disclose your marijuana use when applying for life insurance? Some people think that they should not reveal their marijuana usage for privacy reasons.

Some life insurance companies offer policies to individuals who use marijuana; however, the company’s underwriting investigation usually involves a review of the medical exam results. These companies claim that they would rather have the customer disclose the information so that they can be underwritten properly.