Dear Toddy,
I used to use marijuana recreationally but I now have a medical marijuana card and want to buy life insurance. I am nervous to apply. Will this affect my ability to get insurance? What type of life insurance will I be able to get or not get? Will the cost be higher or coverage lower? Will I get tested for marijuana use?
Thanks,
Mary Jane
Dear Mary Jane,
You share the same concern that countless people across the country share. With the ever-increasing number of states legalizing both the recreational and medical use of marijuana, people are becoming increasingly concerned with how marijuana use will affect their life insurance rates. Unfortunately, the answer isn’t always as cut-and-dry as you’d hope it would be. However, I’ve got some answers to your questions that will help put your mind at ease.
Does medical marijuana affect life insurance coverage?
The good news is that you can get life insurance if you use marijuana recreationally or medicinally. However, not all life insurance companies treat marijuana use the same way. For example, some companies won’t hold marijuana use against you and others openly welcome recreational marijuana use. Meanwhile, a few companies still reject all uses of marijuana. Marijuana acceptance really does vary on a company-by-company basis.
Though qualifying for life insurance varies by company, I can 100% say that most companies will insure marijuana users. Oftentimes, they will take into account why you are using marijuana (meaning, if it’s for a medical condition that may affect your insurability).
What types of life insurance options are available for marijuana users?
Insurance companies provide term life and whole life insurance policies to marijuana users. Nonetheless, your personal and medical history, as well as details related to your marijuana usage, influence eligibility, and death benefit options.
How will marijuana use affect my premiums?
Recreational Use
Marijuana use can affect the cost of life insurance, particularly if you use it recreationally. Why? Because recreational marijuana use has been shown to increase heart and lung health risks, such as heart attack, stroke, and lung tissue damage. When insurance companies calculate premiums, the cost varies based on how often you use marijuana and how you consume it. The idea is that if you smoke marijuana more often, then you are more likely to develop adverse health conditions from it. For instance, if you are a recreational marijuana user who vapes it every day, you will probably pay much more than a recreational user who ingests it just a couple of times per month or per year.
Medicinal Use
While recreational marijuana affects premiums based on how often you use it, medicinal marijuana affects premiums based on your underlying conditions. For example, doctors may prescribe medicinal marijuana for conditions like cancer, glaucoma, HIV/AIDS, or severe arthritis. In these cases, you are considered a high-risk applicant who will struggle to get life insurance that doesn’t come with high premiums.
On the other hand, if your doctor prescribed medicinal marijuana for anxiety or a sleep disorder, then it won’t affect your insurance rates as much. You may even still be able to qualify for a non-smoker premium rate.
Do life insurance companies test for marijuana?
Most life insurance companies test for marijuana, but only if you are applying for a policy that requires a medical exam. Medical exams include blood and urine tests, which show the presence of THC in the body. THC will show in your blood for up to 36 hours after use, whereas it will show in your urine for anywhere between three days and thirty days, depending on how frequently you use marijuana.
Can life insurance companies access medical marijuana records?
Whether you apply for a life insurance policy that requires a medical exam or not, many insurers still do a deep dive into your medical history. For policies that require a medical exam, insurers typically require policyholders to be fully transparent. This means policyholders must undergo a medical exam and give access to their medical history.
Even if your policy does not require a medical exam, insurers may still access prescription drug history or pull electronic health records. As a result, they would see any sign of medicinal marijuana usage.
Disclosing medical marijuana on life insurance applications is vital.
Honesty is always the best policy. Disclosing medical marijuana use for life insurance purposes is vital. Because insurers do their research, it’s easy for companies to pick up marijuana use. There are plenty of policies you can qualify for as a marijuana user, but if you don’t disclose your marijuana use from the beginning, you will be disqualified for lying on your application.
How can marijuana users get the best life insurance coverage?
To sum it all up for you Mary Jane, getting the best life insurance as a marijuana user depends on a variety of factors – recreational vs. medicinal (and underlying health conditions), how you use marijuana, and how often you use marijuana. The best piece of advice I can give you is to do your research, shop around, and be honest about your use. Also, don’t put all your faith into one insurance company to give you the coverage you need. Because all insurance companies differ in their approach to marijuana usage, you should speak with several companies to find the best policy.
If it feels overwhelming to do that all on your own, please feel free to give us a call. One of the experienced life insurance advisors at Principled Life will be happy to do the shopping for you. We work with multiple A-rated companies in the industry and one of our licensed brokers can find you multiple quotes for policies that fit your life. From there, the choice is yours. Take care, Mary Jane!