Life Insurance for Marijuana Smokers
Marijuana is legal for medical use in 20 states and Washington D.C. and legal for recreational use in 2 states as of this post. Both numbers are expected to increase in the future. Because of this, life insurance companies have had to seriously address marijuana use by applicants when underwriting policies. The good news is that not only can you can get life insurance if you smoke marijuana, but you can possibly get preferred nonsmoker rates.
Smoker or Nonsmoker Rating?
The fact is that most insurance companies out there rate marijuana smokers the same as tobacco smokers. Life insurance rates for smokers can be 4 to 5 times higher than those who don’t smoke. That might make life insurance unaffordable for those who really need it. But you probably didn’t know that there are a handful of life insurance companies out there that actually rate marijuana users as nonsmokers depending on frequency, amount and reason for use.
Recreational Users vs Medicinal Users
If you’re a recreational marijuana user, your rate will be determined by your age, frequency of use and how much you smoke. If you use marijuana for medicinal purposes but live in a state that does not legally allow medicinal marijuana use, you will be considered a recreational user.
If you are a medicinal marijuana user and live in a state that does legally allow medicinal marijuana use, your rate will be determined by the factors mentioned above as well as the medical reason why you are using marijuana. If you are using marijuana for minor issues such as occasional stress relief, you could still get preferred rates by some companies. If you are using marijuana for more serious medical issues, the insurance company will use the underlying medical condition as the main rating factor.
Is it Necessary to Disclose?
If you use marijuana regularly, you should disclose it on your application. Insurance companies are more likely to give you a better rate if you’re honest about your marijuana usage rather than if it came up in the results of your paramedical exam. Some people try to hold off on smoking before their paramedical exam so that they have a better chance of passing as a nonsmoker. Remember though, an insurance company can contest your death benefit within a certain period if they found out you weren’t truthful on your application.
If you are worried about disclosing your marijuana use for legal reasons, you should know that HIPPA (Health Insurance Portability and Accountability Act) protects your privacy when it comes to your medical records.
Which Insurance Company Should I use?
There are a handful of companies that have more liberal underwriting standards when it comes to marijuana use and may consider marijuana users as nonsmokers. Those companies include American General, Lincoln National, Mutual of Omaha, Met Life, Minnesota Life and Prudential. You must understand that each company will want to know the specifics of your marijuana use and will use other information from your lab results to determine if you will receive nonsmoker rates. Use an independent insurance agent to shop your case to any of the companies that give more favorable ratings to marijuana users.
Just because you use marijuana, it doesn’t mean that you can’t get life insurance at affordable rates. We can access all of the companies listed above for applicants who use marijuana. If you use marijuana and need life insurance or if you would like to discuss your options in detail, give us a call at (888) 687-9444 or email us at info@archstoneagency.com.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
