Life Insurance for Marijuana Smokers — How Does this Work?

Life Insurance for Marijuana Smokers — How Does this Work?

Many people wonder if the occasional or even frequent use of marijuana will affect their eligibility for life insurance. Furthermore, what if you smoke without a prescription in a location where the jolly green giant is still an illicit substance?

The answer is, most companies will approve life insurance for marijuana smokers –although there are a few considerations that you should be aware of.  If you admit to smoking pot at any time in the past three years, it is quite likely that you will not be eligible for the favored non-tobacco ratings. Which means the premiums may be significantly higher.marijuana smokers life insurance

There are life insurance providers who offer policies that are as good as non-tobacco policies to “casual marijuana smokers” –those who admit to smoking once in the past year. It should be noted that this company would not offer this to a person who smokes a single cigarette in a year.

Most commonly, however, marijuana smokers are treated much in the same way as cigarettes smokers –meaning they will be given the same premiums which can be nearly double than those given to a person of the same age and health who does not smoke.

Certain insurance providers will even deny marijuana smoker life insurance for  under the reasoning that it is still considered an illicit substance — in this case; marijuana users are placed in the same category as abusers of cocaine, heroin, etc.

So if you are a casual smoker, what can you do? The best idea would be to find a carrier who can make you an offer –even as a smoker. Once you have taken the policy out, quit the habit and reapply in a year’s time with a different carrier. Chances are that you will be able to take out the non-smokers policy that will save you up to 50% on premiums each month.

It is important that you can only qualify for these policies with full disclosure –meaning you must volunteer this information. The blood test and medical check-up may not reveal the details of your habit, and it is your responsibility to make the details known.

First of all, failure to do this could be considered fraud and may have serious implications there. Secondly, should the worst be realized and you are dead within the next year or two of the date the policy was issued, your medical files will be pulled and if THC is found anywhere in your records they will have grounds to offer your coverage at a different rate or even deny it all together on the grounds that you dealt fraudulently.

Remember, you can feel free to detail the specifics of your marijuana use to your insurance provider as this information is protected from HIPAA laws. This means that after disclosing your marijuana use to the insurance company you can rest assured that they will not turn you over to the authorities –the worst that will happen is they might not approve you for a policy.