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 that the company is going to look at 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
When you apply for life insurance, the company is going to require that you take a medical exam 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 may impact how much you pay for your life insurance coverage.
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. As you can imagine from the name, these plans will give you life insurance coverage without being required to take the medical exam. 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. There are several advantages and disadvantages to these policies that you should be aware of when looking for life insurance.
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. If you want life insurance as quickly as possible, these no medical exams are going to be the best option.
Just like every other kind of life insurance plan, there are going to be some disadvantages that could hinder the effectiveness of your life insurance. The first pitfall is that they are going to be more expensive 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. They are going to offset that risk by charging your higher premiums.
Another disadvantage to these policies is that they is going to be a limit on how much life insurance that you can purchase without taking the exam. Most insurance companies are going to 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. Not having enough coverage could leave your family with a massive amount of debt.
Marijuana Smokers And Life Insurance
Life insurance is one of the most important investments that you’ll ever make for your loved ones. If something tragic were to happen to you, they would be left with a massive amount of debt and final expenses, which can make an already difficult situation a thousand times worse. A life insurance plan will give them the money that they need to pay off those bills.
Because you can’t predict the future, you never know what’s going to happen, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. Our agents have years of experience working with marijuana smokers and can ensure that you’re getting the best plan to meet your needs.
If you have any questions about life insurance or about the different kinds of plans that you can choose from, please contact one of our agents, and we would be happy to answer those questions. It’s our mission to ensure that you get the best plan to meet your needs at an affordable rate. Don’t wait any longer to get the best plan for your family.