When you apply to get life insurance coverage, the insurance company is going to look at a dozen different factors to calculate how much of a risk you are to accept. The higher the risk, the more that they are going to charge you for insurance. If you’re too high of a risk, they will decline your application.
One of the biggest factors is if you’re a cigarette smoker or you use chewing tobacco. Just about every applicant knows that tobacco users are going to pay more for their life insurance as a smoker versus someone that doesn’t use tobacco, but there are a lot of questions about marijuana usage and life insurance policies.
Marijuana usage has drastically risen in the past several years, particularly since more and more states start legalizing its use, which is leaving a lot of applicants wondering if it’s going to cause their rates to go through the roof. It’s important that you get the best life insurance coverage at an affordable price. If you are looking for the perfect life insurance plan for a marijuana smoker, you’ve come to the right place.
Marijuana And Life Insurance
They will want to get an overall picture of your health. During this test, they are going to get a blood sample and a urine sample, which will show them a variety of different things. With the blood and urine sample, they will see traces of your marijuana usage.
Each insurance company is going to view marijuana users differently. Every company has different medical underwriting, especially when it comes to marijuana usage, but in general, most companies are going to have a conservative view on it. This makes that if they find any traces of marijuana, you’re going to get higher monthly premiums. It doesn’t mean that you’ll get declined for coverage, but you are going to pay more for your life insurance plan.
Because each insurance company is different, it’s vital that you get dozens of quotes before you pick the one that’s going to work best for you. Finding the best company could be the difference in getting an affordable plan, and paying hundreds of extra dollars every year for life insurance coverage.
Can I Be Declined, Because It’s Not Legal In My State?
More and more states are legalizing marijuana for medical purposes, and some states are beginning to legalize it for recreational use as well (Colorado and Oregon). While there is no way to predict the future, we can guess that more states are going to continue to follow suit. That means that more insurance companies are going to have to review how their view marijuana smoking and what that is going to mean for applicants.
To keep the answer short, no, if you smoke marijuana, you are not going to automatically be declined for insurance coverage. You are not going to be arrested, but it can cause your rates to go up.
Because of the lack of experience and research surrounding marijuana usage, most insurance companies are going to be very conservative when insuring smokers. As more studies come out about the long-term effects of marijuana, there will be more variance in rates. Just because you’re a marijuana smoker doesn’t mean that you have to pay a fortune for your life insurance policy every month.
In most cases, life insurance companies are going to look at marijuana smokers like they are cigarettes smokers. They will lump you in with tobacco users, which is going to equal much higher premiums for your insurance coverage.
No Medical Exam Plan
One option for marijuana smokers is to purchase a no medical exam plan. These plans are a great option for any smoker that also has several pre-existing health conditions that could be declined for a traditional insurance policy. Before you rush out to buy a plan because they sound attractive, there are some problems.
The first advantage is that anyone can purchase one of these policies, regardless of your health or any complications that you have on your medical records. Everyone should get the life insurance that their family deserves, and a no medical exam is an excellent way to do that.
Another advantage of these policies is that you can get life insurance protection much quicker than with a traditional plan that requires a medical exam. Unlike a traditional policy, you won’t have to wait a month to get a life insurance policy, you can get protection as soon as a day.
The first pitfall is that they are going to have higher premiums than a traditional life insurance policy. The goal of the medical exam is to give the insurance company an idea of what your health is and if you’re a smoker, but if they don’t have the picture of your health, they are going to take a higher risk.
No exam policies have ceilings on how much you can buy. Most restrict you to $50,000 of life insurance protection. For most applicants, this isn’t going to be enough life insurance protection for your loved ones.
Marijuana Smokers And Life Insurance
Still have questions about marijuana and life insurance? Give us a call. We can answer the questions and help connect you with a quality plan. It’s our mission to put in the best place possible to get affordable insurance.
Because you can’t predict the future, you never know what’s going to happen, which means that you shouldn’t wait to get the life insurance protection. Our agents have years of experience working with marijuana smokers and can ensure that you’re getting the best plan to meet your needs.