In the past, getting life insurance as a marijuana user was tough. Most insurers would deny you all together or make you pay the higher rates of a tobacco smoker.
But that has changed…
In November 2016, another 8 states approved the use of marijuana for medical reasons or for recreational use. That brings the total to 28 states(plus D.C.) for medicinal use and 8 states for recreational usage.
Along with this trend in legality, has come a major shift in how the insurance companies view marijuana. They have lightened up and it’s a good thing! Premiums are now cheaper than ever and it’s easier to qualify.
Here’s what you need to know:
Yes, you can get approved for life insurance even if you smoke or use marijuana.
You do need to know what you are doing and where to apply.
Each company has different guidelines about how much you can smoke or use marijuana and in what quantities. A prescription can mean lower rates, maybe, but they’ll need to fully understand the underlying medical condition for why you have that prescription.
If you do use marijuana, don’t lie about it.
First off, you may test positive for THC on a medical exam or they may learn about it from reviewing your medical records. This means an automatic denial and a black mark on your record making it harder to get approved at the next company.
Worse than that, you could get approved and later have your policy cancelled or a death benefit not paid out to your loved ones in the event you die. This would only happen however, if it was determined that you would not have been approved had the insurance company known upfront about your marijuana use.
Independent life insurance broker and marijuana underwriting expert, SimpleLifeInsure.com, has put together the below infographic to help educate consumers on what to expect.