Life Insurance for Marijuana Users

Cannabis Plant

Life Insurance For Marijuana Users
Now that marijuana has been decriminalized and legalized for use in so many  places worldwide and in the U.S (for recreational use in 11 states, and for medical use in 33 states as of January 1, 2020), life insurance policies have been changing along with the times.
Those suffering from conditions like insomnia, PTSD, multiple sclerosis, or complications with cancer treatment can be prescribed cannabis products by their doctor to alleviate some unwanted symptoms. However, in the past, insurers have closed their doors to any and all use of marijuana, declining those found to be consumers of the herb. This can be a deterrent for prospective applicants, but the truth is that there are insurers who welcome marijuana users, though there are conditions to be met.

What To Expect When Applying For Life Insurance As A Marijuana User
Although many life insurance agencies still have a zero tolerance policy regarding marijuana use, it is possible to receive coverage if you meet your chosen carrier’s criteria. The approval rate for consumers of marijuana depends heavily upon the frequency and purpose of use, and the condition(s) treated through the consumption of the herb. 

Underwriters can consider marijuana (and tobacco) users to be high risk, which can result in higher premiums if any coverage is offered at all. Factors such as age, whether the marijuana is used recreationally or medicinally, and how many times of use per week and/or per month will affect your carrier’s decision. Keep in mind that for medicinal marijuana smokers, the reason for their marijuana use will be taken into consideration, as with any other health concerns. For daily smokers, it is still possible to find life insurance coverage by applying for a [no-exam policy].

The premiums charged by carriers are influenced by their assessment during the underwriting phase. Prudential, for example, requires their applicants to pass a urine test free of THC, and have assigned marijuana smokers under either Nonsmoker Plus for those who smoke 3 times or less per week, Table B for those who consume 4-6 times per week, and denied services to all other recreational marijuana-related circumstances. Certain carriers have also listed marijuana users under the tobacco smoker’s category, which has an on premium amounts.

Since there are underlying issues and reasons for a doctor to prescribe medication, medical marijuana users are also under the underwriters’ magnifying glass. This can make it more complicated for marijuana smokers even if they do have a marijuana card. The method of use is another factor that carriers consider — whether smoke inhalation, vaping, edibles, or topical products. Any other medications used in tandem with marijuana will also be considered in your underwriter’s evaluation.

It is very important to answer the underwriters’ questions truthfully, as life insurers may deny your beneficiaries your policy’s death benefit if they find that you’ve misquoted your usage or incorrectly filled out the forms regarding your marijuana use. Applicants need not worry about disclosing to insurance companies thanks to [HIPAA privacy laws] which keep anything you share with them confidential.

Best Life Insurance Companies For Marijuana Users
Many life insurance companies are considering the legalization of marijuana, and have adjusted their policies to provide service to the growing population of marijuana consumers. “Some examples are Foresters, Lincoln, MetlLife, and as mentioned above, Prudential.”