Can you smoke weed and still get life insurance?

Marijuana users have a hard time getting access to life insurance, except for those who refuse to indicate it on their application forms. The insurance industry has a number of laws to abide by, and the federal marijuana ban has created some kind of confusion in the industry for now. Businesses now have to wade through a thick mud of laws before they can provide insurance coverage.

The sector of the insurance industry most affected by this is the life insurance sector.

Unlike other sectors such as auto, rental and business related insurance, life insurance companies have the right to ask applicants very personal questions about their health and behavioral status. Most of these companies base their life insurance policies on whether or not a person is using cannabis.

In the United States of America, life insurance is one of the most important forms of insurance that anyone can have. It is a good foundation for a solid and secure financial plan in the country.

The life insurance sector is finally adjusting to the individual marijuana laws approved by the US states. Currently, 29 states and the Columbia District have legalized the medicinal use of cannabis.

Marijuana users are now closer to a smooth process of securing their life insurance receipts without fear of joining the stereotype.

Classification of marijuana

Under federal law, marijuana is classified as a List I substance. This means that it is illegal.

In the past, this was reason enough to deny a marijuana user life insurance from any insurance company in the country.

The Senate is currently taking steps to pass cannabis laws in the country, but this may take a while. Once that is done, cannabis will be postponed and no longer classified as a Category I drug. That said, all life insurance companies are expected to offer insurance to everyone without providing special treatments to marijuana users.

Legalizing marijuana will also allow insurance companies to have a crystal clear understanding of how cannabis products affect mortality.

Good news, yes you can get life insurance

This depends on the location of the insurance company and the frequency of cannabis use.

Seat of the insurance company

If you live in a state that doesn’t legally allow marijuana use, there is little hope of finding life insurance. If a company agrees to provide insurance coverage, it can come at an exorbitant service fee per month.

Insurance companies can offer life insurance if there are state laws to hide under.

Companies based in cannabis-friendly states only need to worry about the frequency of use and not the status of an applicant for ingesting cannabis substances.

Frequency of use

Life insurers work differently. They also assess the risk differently.

All life insurers take into account age, weight, gender, medical history and family history.

Some prefer to include the applicant’s hobbies in order to measure life risks.

Drug history comes into play for insurers to determine how averse a person’s health is to health conditions and diseases. Your history of marijuana as well as other drugs will be taken into account.

Marijuana users are screened to find out how often the drug is consumed each day and the reason for the use. Those who use marijuana for medical reasons must detail the condition being treated.

One of these life insurance companies includes Quotacy. At Quotacy, the insurer always asks about the condition you are treating and medical documentation may sometimes be required.

Various companies have set standards that cannot be circumvented in any way. You just need to choose the agents that best suit your circumstances.

Marijuana users are now choosing to work with life insurance brokers who are experienced and knowledgeable about the marijuana industry. These brokers are ready to offer life insurance at affordable prices.

Life insurance coverage for marijuana users

The process includes an interactive session where you will be asked to truthfully answer questions about your lifestyle. These questions include questions about your use of prohibited drugs. To ensure the accuracy of your answers, some life insurers will usually do urine or blood tests to check for the presence of these drugs.

The brand director of an insurance company called Haven Life Insurance stated in an email that marijuana use always shows up in blood tests performed. This is one of the reasons it is important to be very honest when answering questions about drug use. If you lie before the test you can ruin your chances of getting covered by this company. Often times this leads to a total denial of your life insurance coverage.

There have been cases where the life insurer refused to pay death benefits from insured clients to their families after they discovered that the deceased had lied on their application.

Life insurance tariffs for marijuana users

As a marijuana user applying for life insurance, there are three options.

You will be automatically rejected

The insurance company may or may not state the reasons for this refusal.

You will be classified as a tobacco smoker if you are licensed

This means that you have to pay the same tariff every month that the tobacco users pay. These rates are significantly higher than the normal rates paid by healthy applicants who do not consume cigarettes or tobacco products.

They are approved and have issued non-tobacco tariffs

Here the insurers will charge you based on how often you use marijuana. The lower your frequency of use, the lower the tariffs applied. Very frequent use means that larger amounts of money have to be paid each month.

There you have it!

As a marijuana user applying for life insurance, the most important thing is to always disclose your use of the drug.

Talk about your use in order to avoid inconvenient situations in the future.

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