Applying for life Insurance as a marijuana user? Get all the facts from these life insurance companies before you apply. If you are a marijuana user; either medical or recreational, just be sure to get all the facts. You may be able to save on paying higher premiums.
Contrary to popular belief, marijuana use does NOT automatically disqualify you from getting life insurance. While marijuana use DOES have an impact on the cost of your policy, that does not mean you should forego coverage.
Not all insurers are the same. Each life insurance company has its own guidelines and — as more and more life insurers 'take a fresh look' at how they underwrite marijuana usage — those guidelines are constantly changing.
There are life insurance companies known to be ‘marijuana-friendly’, more progressive, or at least, more lenient. In fact, some are even willing to offer their best prices to marijuana users. But there are some very important things you need to know first — common mistakes to avoid.
“Unfortunately, life insurance underwriters don’t take a low-key view concerning marijuana use. Also, the differences in how they’ll calculate your rate are astonishingly varied— so you must do your due diligence to find the best policy for your needs. That said, the heart of the matter is locating an insurer that won’t designate you as a smoker because you use marijuana. Since the rates for smokers [are] quite often triple —compared to standard non-smoker rates— this is a critical issue.”
Chris Ward, Cannabis Law PA
SOURCE: cannabislawpa.com/marijuana-and-your-insurance-does-it-make-a-difference/
Your frequency of marijuana use is a major factor in determining the cost of your life insurance as a marijuana user; quoted rates may depend on if you smoke marijuana daily, weekly, or monthly.
If you use marijuana…..
DAILY – You will most likely be declined by ALL life insurance companies.
WEEKLY –
| COMPANY | FREQUENCY | HEALTH CLASS |
|---|---|---|
| Prudential | Up to 3x / Week | Standard Plus Non-Tobacco |
| Lincoln Financial | Up to 2x / Week | Preferred Non-Tobacco |
What does this mean in terms of cost? If a male age 45 in good health / non-tobacco user, buys a $500,000 20 Year Term Life Insurance Policy and only uses marijuana on a limited weekly basis, his cost will be…
MONTHLY
| COMPANY | FREQUENCY | HEALTH CLASS |
|---|---|---|
| Mutual of Omaha | Up to 3x / Month | Standard Non-Tobacco |
| AIG | Up to 2x / Month | Standard Non-Tobacco |
| Securian Financial | Up to 2x / Month | Standard Non-Tobacco |
| Transamerica | Up to 1x / Month | Standard Non-Tobacco |
| Lincoln Financial | Up to 1x / Month | Preferred Plus Non-Tobacco |
What does this mean in terms of cost? If a male age 45 in good health / non-tobacco user, buys a $500,000 20 Year Term Life Insurance Policy and only uses marijuana on a limited monthly basis, his cost will be…
| COMPANY | FREQUENCY | HEALTH CLASS |
|---|---|---|
| John Hancock | Any Usage | Declined |
| Banner Life | Any Usage | Standard SMOKER |
| Protective Life | Any Usage | Standard SMOKER |
What does this mean in terms of cost? If a male age 45 in good health / non-tobacco user, buys a $500,000 20 Year Term Life Insurance Policy and uses marijuana, he will be considered a SMOKER and his cost will be…
BIG DIFFERENCE!! For a male age 45 who buys a $500,000 20 Year Term Life Insurance Policy and uses marijuana 1x/month. Banner $286.33/month – Lincoln Financial $49.44/month = $236.89/month in COST DIFFERENCE. $236.89/month x 12 months/year x 20 years =$56,853.60 MORE
KindHealth gives special thanks to "LifeInsuranceShoppingReviews.com" and their blog "lifeinsuranceshoppingblog.com" for providing information on life insurance for those using marijuana recreationally. Also, check out these related articles: "The Evolution of Medical Marijuana" and "How Can I Use Cannabis Safely?"
Editor's Note:
Many states and the District of Columbia have legalized recreational or medicinal marijuana use. Life insurance companies use table ratings for typical MMJ users. This covers marijuana use affects for the recreational user wanting to buy life insurance. The life insurance industry can be strict in its underwriting guidelines. When you apply for long term life insurance, unlike car insurance, you usually need to take a medical exam. We advise you to not have any THC in your blood and/or urine test when screening. You may want to abstain for a month or so to ensure your urine is clean.
Some companies may rate you more favorably if you admit to marijuana use. Carriers often view recreational marijuana users favorably. Some will offer non-tobacco rates and even their best insurance rates to marijuana users, depending on the number of times per week or times per month you use cannabis. The death benefit may vary.
Some carriers grade marijuana users as tobacco smokers, rendering them eligible for tobacco rates only. These rates can cost 200% more than non-smoker rates. For medical marijuana users, the key factor is the underlying health condition for which it’s prescribed.
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