When applying for life insurance, proposed insureds are typically required to answer a number of health-related questions on the application for coverage. In addition, in many cases, they must also undergo a medical examination, though there are those companies out there that offer a life insurance policy with no medical exam. This is especially the case if the individual has an adverse health condition and/or they are applying for a high face amount of coverage.
Oftentimes, various substances are found when conducting medical exams for life insurance. One such substance is THC, a compound that is obtained from cannabis that is the primary intoxicant found in marijuana.
When you’re looking for life insurance, there are dozens and dozens of different factors that you’ll need to consider to ensure that you’re getting the best plan possible. This article is going to look at getting life insurance coverage as a person who smokes marijuana. Marijuana and life insurance have an interesting relationship which could change your life insurance protection.
How Marijuana Smokers Are Classified By Life Insurers
Based on underwriting information from life insurance companies, the usage of marijuana is not considered to be the same as usage of other drugs such as cocaine. Therefore, should an applicant for life insurance test positive for using marijuana, he or she will not typically be flat out rejected for life insurance coverage.
Rather, what will generally occur is that instead of receiving a standard life insurance policy rate, the applicant will usually receive the same premium rate as a cigarette smoker – which can oftentimes be higher than those of an insured who is rated as a non-smoker. In some cases, smokers can pay twice as much for life insurance coverage as a non-smoker will pay. If you want to save money on your life insurance plan, you’ll need to quit smoking.
In addition, the actual classifications for users of marijuana are not the same for all insurance companies. Each insurer has its own individual guidelines and underwriting rules, and therefore, the usage of marijuana is viewed somewhat differently by each company. We sometimes see people who have been smoking e-cigs get much different rates than regular smokers and then others get the exact same rates; it just depends on the company. Likewise, an applicant’s other health conditions can change the insurer’s consideration of whether or not to accept an individual for coverage.
What Will the Insurance Company Want to Know?
Applying for life insurance will typically require you fully complete an application for coverage. On his application, the insurance company will usually want to know about general information, such as your birth date, gender, height, weight, health history, medications you are taking, and family health history.
As a marijuana smoker, the insurance company will also typically want to know more in-depth details, such as:
- How long you have been smoking.
- How frequently you smoke.
- How much you smoke on a regular basis.
- Whether you have any health conditions – particularly those which may be caused by or related to your marijuana smoking habit.
In addition, in most cases, you will be required to take a medical examination as a part of the life insurance underwriting criteria. During this exam, a blood, and a urine sample will be taken from you – and these can reveal you smoke marijuana. Though there are options out there that do not require a medical exam for life insurance coverage.
Some examples of the differing insurance company classifications include:
- Applicants may be considered as a “standard” smoker with occasional use of marijuana, but with daily use they may be rated as a “substandard B” smoker.
- An applicant who is age 25 years or over and uses marijuana either on an experimental or an intermittent basis may be able to obtain a standard smoker rate. However, marijuana users who participate in more moderate usage are likely to obtain a table 2 rating. Those who use on a heavier basis are likely to have their application for life insurance coverage declined.
- If an applicant for coverage uses marijuana 8 times per month or less, he or she may be classified as a standard smoker and receive such premium rates. Those applicants who use marijuana more than 8 times per month may be considered at a substandard smoker premium rate. This particular insurance company does not recognize prescription usage of marijuana.
- If prescription usage of marijuana is shown on an applicant’s medical records, as well as on his or her application for coverage, then the individual could be classified as a non-smoker. Those who use marijuana on an occasional basis and who do not have a prescription to do so will likely be classed as a standard smoker and must pay the corresponding premium rates for such coverage.
With this in mind, the ratings for users of marijuana can vary a great deal from one insurance company to another. This can be the case even if the use of this substance has been prescribed to an applicant for medical reasons.
Therefore, regardless of whether marijuana is being used recreationally or medicinally, it is important the insurance company and its stand on marijuana ratings be well researched before applying for life insurance coverage, as it can make a very big difference in the amount of premium you ultimately pay. This can especially be the case if the use of marijuana is being combined with an applicant’s other adverse health conditions. Some companies will actually give a little bit of a break on life insurance for people with a critical illness if they are using marijuana properly.
Because every company looks at marijuana differently, it’s obvious to see why receiving dozens of quotes is so vital. With numerous different companies offer life insurance, you could spend weeks calling companies and answering the same questions over and over, or you can let us do all of the work for you.
There are some companies which are going to charge you drastically higher rates than other companies. Finding the perfect company is the difference in getting an affordable plan or getting one that’s going to drain your bank account every month.
What If You Already Have Life Insurance In Place?
If you already have a life insurance policy in place, take a close look at your current coverage as you may be paying an unnecessarily high premium rate due to the usage of marijuana.
Today, because each insurer takes a different stance on this particular substance, it could be well worth it to do some comparison shopping in order to determine if there is a better option for you – and if so, it could make good sense to switch over to a new life insurance plan. This would be a like a person who switched from smoking cigarettes to chewing tobacco, not getting new quotes from companies who treat the two activities completely differently.
If this is the case, do not cancel your current coverage until the new life insurance policy is in force, as you would not want to leave yourself open to any gaps in life insurance coverage.
Taking the Next Step
If you or a loved one uses marijuana, you should have a good understanding of how the life insurance companies view this usage, and how each correspondingly prices their coverage. In doing so, you are likely to find a wide variance in costs.
At InsureNow365 we work with a number of highly rated insurers, and we can help you to make the right choice for your coverage needs. When you’re ready to make a life insurance policy quote comparison, use the form on this page to get started. As we mentioned, get dozens of quotes before you pick one is probably our top recommendation. But don’t waste your hours chasing those down; reach out to us and put one of our agents to work for you!
Working with our independent agents has several advantages. First off we shorten the length of time you’ll wait on your approval, and we can show you multiple quotes at one time. You shouldn’t waste your time looking for the perfect policy to protect your family.
Should you have any additional questions or concerns, we are also here to help. Contact us directly by calling 888-229-7522 to have your questions answered so you can be on your way to attaining your life insurance coverage needs.
We are dedicated to helping you get quality life insurance coverage at an affordable rate. If you have any questions about life insurance and marijuana, don’t go to some no-name agent without experince, we can be your go-to guide.