Marijuana use will normally not impair your eligibility to obtain life insurance, but you may have to pay a higher premium. Marijuana usage, like cigarette use, is harmful to your health, and life insurance companies take this into account when analysing your risk factors.

Facts

• Marijuana users can obtain life insurance, and even at a discounted premium, if it is medically recommended and taken seldom.

• Some insurance companies may classify marijuana smokers in the same category as tobacco smokers, thereby tripling the insurance premium.

• An insurer cannot discriminate against you if your state legalised marijuana and you use it medicinally without a medical prescription.

Marijuana usage is now legal in several places, and insurance firms are reacting to the shift in public perception of cannabis. But don't deceive yourself. Although marijuana usage will not prevent you from obtaining life insurance, it will have an impact on your coverage selections and prices.

What Effect Does Marijuana Use Have On Life Insurance Rates?

If you consume marijuana on a regular basis, life insurance companies may designate you as a smoker. If this is the case, you should expect to spend twice as much as a non-smoker for the same insurance. But, not all marijuana usage will have such a substantial influence on rates. Let's have a look at why that is.

Cannabis, sometimes known as marijuana, is a plant with flower buds that contain tetrahydrocannabinol, a hallucinogenic chemical (THC). The bud is either smoked or processed into an oil that may be taken as a "edible" in food or drink or used as a topical treatment.

Marijuana's therapeutic qualities are now widely documented. Most states have decriminalised marijuana use, and shifting attitudes are destigmatizing marijuana usage across the country. That being stated, how does the life insurance business view cannabis, and what are the rates for cannabis users?

First, the life insurance market is adapting to evolving attitudes on marijuana usage. Cannabis users can easily receive life insurance, and if they are generally healthy, infrequent cannabis smokers may even qualify as non-smokers.

Yet, whether for recreational or medicinal purposes, consistent marijuana usage may have an influence on the cost of life insurance. Although while marijuana is not as dangerous for your health as tobacco, smoking anything on a regular basis is terrible for your lungs, and an insurance may designate you as a smoker and quote your smoker status as a consequence.

You are surely aware that smokers pay more for life insurance than non-smokers since smoking is harmful to their health. The amount you pay for a policy is determined by how long you've been a smoker and how frequently you smoke, as well as other criteria like as your age, gender, employment, medical history, and lifestyle.

In addition to the typical variables, your insurance carrier will want to know if you use marijuana recreationally or as part of a medical prescription. They'll also want to know whether you're smoking marijuana or vaping cannabis oil.

Here's a graphic that shows the average yearly cost of life insurance by gender, age, and smoker status to give you an idea of how smoking marijuana might affect life insurance premiums.

Remember that this figure depicts typical life insurance rates for tobacco users, not marijuana smokers. Cigarettes includes several chemicals and carcinogens and is very harmful to your health, but marijuana has been shown to provide medical and other health advantages. Yet, even smoking on a regular basis might result in increased life insurance premiums.

What Do Life Insurance Companies Think About Marijuana Use?

The National Association of Insurance Commissioners (NAIC) acknowledges that marijuana has been authorised in the majority of U.S. states for either medicinal or recreational purposes, or both. Yet, how do life insurance companies view marijuana use?

Most insurance companies do not consider marijuana usage to be a grounds to refuse coverage. Because insurance companies utilise different underwriting methods and algorithms, the sorts of coverage and pricing available to marijuana users will range from one another.

Yet, because marijuana users smoke it and/or use it to treat other medical concerns, you may expect marijuana usage to affect the cost of life insurance. It's akin to asking if possessing a medicinal marijuana card affects your health insurance. Indeed, it can, according to the response.

One reason cannabis users' life insurance costs may be higher is that medicinal marijuana is occasionally recommended to treat high-risk medical diseases such as cancer or autoimmune disorders. As a result, the underlying or pre-existing medical condition may have a greater influence on the cost of life insurance than the policyholder's usage of marijuana.

Another reason marijuana usage may result in increased life insurance rates is that, as previously said, many users regularly smoke it, which insurers typically consider to be a high-risk behaviour.

Even if you do not smoke marijuana and instead consume it in edible, ingestible, or topical form, you will face higher life insurance premiums if you have a significant or pre-existing medical condition. Further information may be found at life insurance for high-risk persons.

How Can I Receive Life Insurance If I Smoke Marijuana?

Underwriting is the process of getting authorised for life insurance. The more difficult it is to cover someone due to bad health, a dangerous lifestyle, or a hazardous career, the more difficult it is to get accepted for life insurance, and the more expensive the policy will be if you are approved.

If you use marijuana, the easiest method to get accepted for life insurance is to get a medical prescription for it. Most major carriers may still grant a preferred rating to someone with a legitimate medicinal marijuana prescription if other risk factors are minimal.

If you use marijuana recreationally, you can still obtain approved for life insurance. Simply remember that the more you consume, the higher your rates will be, as proven by the instances of some typical marijuana underwriting standards below.

As you can see, the standards, methods, and policies for marijuana users differ amongst insurance providers.

Some firms are more tolerant and provide typical non-smoker rates for persons who use marijuana up to eleven times per month, whilst others are more cautious and give a tobacco rating if you smoke more than two times per month.

A common denominator for many insurance providers appears to be the refusal of coverage for everyday users. Use this to be a warning against everyday marijuana usage since if you are denied insurance coverage, other insurers will find out, resulting in higher bids.

Does Marijuana Legalisation In My State Affect My Chances Of Receiving Life Insurance?

If medicinal and recreational marijuana usage is permitted in your state, then it will likely boost your chances of receiving life insurance, providing there are no other risk factors that might lead to a drop of coverage.

Additionally, in a place where pot is legal, an insurer cannot discriminate against you if you use it recreationally. That said, if you’re using pot for a medical reason with or without a prescription, the underlying condition could impact your coverage and rates.

Do Life Insurance Companies Do THC Tests?

THC can be detected in hair follicles, the bloodstream, and urine by some drug tests used by life insurance companies.

Life insurance firms commonly conduct drug testing in tandem with medical checks as part of the application procedure. Even if you’re not drug tested, depending on the length and frequency of usage, medicinal marijuana may be noted in your medical or prescription records.

It's recommended not to lie about marijuana usage because it can be identified through drug testing or medical records. Lying on an insurance application is a kind of fraud. So, what happens if you lie on your application for life insurance? Insurance fraud, on the other hand, may result in the cancellation of your coverage or the denial of benefits.

The Bottom Line: Marijuana Users Can Get Life Insurance, But It May Cost More.

In general, you should not be denied life insurance just because you consume marijuana. When it comes to marijuana usage and life insurance, if you use cannabis with a medical prescription, don't use it frequently, and don't use it for a major underlying or pre-existing medical condition, you can still be accepted for life insurance at the preferred rate. Even if you consume marijuana recreationally, you should be able to receive coverage, but your rates will be higher than non-marijuana smokers.