Getting life insurance if you are a marijuana user is not easy.
With the legalization of marijuana in 33 states for medical or recreational use, many marijuana users are exploring life insurance options to help protect their families and investments if anything misfortune happens to them. While most insurance companies denied insurance to marijuana users in the past, now they are looking diligently to change their policies and rates according to the changing legalization scenario of marijuana usage.
There are a plethora of burning questions to consider regarding insurance along with marijuana use. Moreover, picking the wrong insurance company may lead you to pay high rates and not reaping the maximum benefits from it.
Here is lowdown on top things you need to know about marijuana and your life insurance.
Does Marijuana Use Impact Your Insurance?
Yes, if you are a marijuana user, then you can also get yourself insurance. But, there are certainly other things to consider when compared with non-marijuana smokers. What is the purpose of marijuana usage? Whether you are a recreational pot user or use marijuana for medical reasons? It also depends mainly on how often you smoke or use marijuana.
You can qualify for the best insurance rates, but insurance companies will ask for details like what condition the marijuana is prescribed to you and why you are using it to fix the insurance rates. To find the best insurance, you need to look for an insurance company that considers you a non-smoker.
How to Get Approved for Insurance if You Smoke Marijuana?
To get approved for insurance, first, you need to find a company that will give you non-smoker rates because some life insurance companies treat marijuana smokers as tobacco smokers, and will charge higher tobacco rates accordingly.
The insurance rate you pay is based on several factors, including your marijuana usage. Make sure to provide accurate details about it. There’s a strong chance your application will be rejected if the medical exam reveals the drug in your system and you’ve lied about it. For a medical or life insurance, you have to get a medical exam, phone interview and underwriting done to get approved for insurance.
How to Get the Best Life Insurance Rates as a Marijuana User?
If you want to get the lowest insurance rates as marijuana users, the first thing you should do is limit your usage. The insurance premiums vary from company to company and as per their underwriting process. If you are a light smoker having no other health issues, you are expected to qualify for lower insurance rates.
If you use marijuana medicinally, the insurance company may not adjust your rates based on your usage but they will health condition for marijuana usage. If you have cancer, glaucoma, HIV/AIDS, or severe arthritis, you are a high-risk applicant for the company, hence, high rates.
However, if you have non-serious medical conditions such as anxiety or a sleep disorder or use CBD oil for eczema, it will not affect your insurance rates and may still qualify for non-smoker rates.
What Insurance Rates are Offered for Marijuana Users
Premiums of insurance for marijuana users are based on the amount of marijuana a user consumes.
- Any average marijuana user who uses a joint or two per week might often qualify for a standard term or universal life insurance, including non-smoker rates. However, excessive marijuana users could be charged a higher premium as they are riskier to insure.
- If you consume more than 2 joints per week, most companies will consider you a non-smoker, but you might get charged extra premium for it.
- If you use marijuana daily, you might not be able to get standard life insurance rates. Nevertheless, you can still apply for no medical life insurance, which has no medical exam.
Does Having a Medical Card Affect Your Health Insurance?
No, having a medical card has nothing to do with your health insurance. So having a medical card does not affect your health insurance.
Keep in mind that Medical cover is generally provided to FDA-approved drugs. As medical marijuana card is not an FDA-approved drug, there are no insurance plans offered by Medicare cover medical marijuana. However, registered patients can purchase medical marijuana from any licensed medical marijuana clinic according to their state laws.
Reap Insurance Benefits with Marijuana Usage
Understand, smoking or eating marijuana does not disbar you from getting insurance. Many of the top life insurance companies now offer affordable policies for marijuana users, so don’t worry about it. Your overall health, underlying health conditions and the frequency of use are some significant factors that determine the insurance rates for you.
Make sure to research and take the time to compare different insurance providers. Find an insurance company with affirmative underwriting guidelines and rules for marijuana users to get the lowest insurance rates.