If you use marijuana, you may be worried that you won’t be able to get life insurance. Fortunately, there are many life insurance companies that offer affordable rates for marijuana smokers.
Making sure you have adequate life insurance coverage is an important factor in planning for the future. When you have enough life insurance, you can be confident that your family will be well taken care of in the event that you pass away.
Need an affordable life insurance policy that is compatible with marijuana use? We can help! Call now or fill out the quick form below.
However, there are many factors that can influence how much you’ll pay for your life insurance premiums, and even whether certain companies will provide you with a policy. These are called “risk factors.” Marijuana use is a risk factor, and there are other lifestyle and health risk factors that your life insurance provider will take into consideration. Generally speaking, the more risk factors you have, the higher your life insurance premiums will be.
How Marijuana Use Can Effect Your Life Insurance Policy
Marijuana use is one such risk factor that in the past, caused many people to be declined for life insurance coverage all together. Obtaining life insurance with marijuana was nearly impossible, and led many people to simply hide their use from their insurance carrier. Omitting information from your life insurance application can lead to a denial of benefits in the event that you pass away and your life insurance provider launches an investigation into your claim.
Almost always, life insurance providers will investigate claims that are brought forward within the standard two-year contestability period. This means if you pass away within two years of the start of your policy, your life insurance provider is highly likely to investigate your family’s claim.
If your provider finds out that you withheld information on your life insurance application, they can deny your claim completely and your family would get nothing. Since the purpose of life insurance is to make absolutely certain that your family will be taken care of in the event of your death, eliminating any possible reason that your claim could be denied is critical.
But Won’t Telling My Life Insurance Provider That I Use Marijuana Get Me Declined For Insurance?
If you tell your life insurance provider that you smoke marijuana, this doesn’t necessarily mean that you will be declined for insurance all together. While some life insurance providers will decline to insure cannabis users at all, many others are amending their policies to allow them to adequately insure marijuana smokers.
With marijuana becoming legalized for medicinal use in many states, and for recreational use in states like Colorado and Washington, it makes sense for life insurance providers to change their policies to include both medical and recreational marijuana consumers. Just do not go out and smoke marijuana before an insurance exam!
There are currently many large life insurance providers that offer coverage for marijuana users, including American General, Fidelity, Lincoln National, and more.
Getting the Best Life Insurance Rates For Marijuana Smokers
Now that you know you can still get life insurance even if you use marijuana, it’s time to shop around for the best rates. While contacting a single life insurance company that you know offers policies for cannabis users is one way to get a policy, there’s a much smarter way to ensure you’re getting the best possible rates, even with marijuana use as a risk factor.
Independent insurance agents have the ability to explore rates from several different life insurance companies at one time, based on your risk factors. For example, if you use marijuana and have high blood pressure or are overweight, an independent insurance agent can contact a variety of reputable life insurance companies on your behalf to determine which provider would be willing to give you the best rate.
By working with an independent insurance agent, you have access to dozens of different life insurance companies who are willing to provide you with a policy. So you can choose the one that best fits your budget and your lifestyle.
How Much Marijuana You Use Plays an Important Role In Determining Your Rates
With many high risk life insurance providers, marijuana use doesn’t automatically put you into a “marijuana users” category. How much you use plays a significant role in what rates you are offered. Every company’s policy on marijuana use is unique, which is why working with an independent insurance agent with knowledge of these policies is key!
Best Life Insurance Companies For Light Marijuana Users
American General:Consuming cannabis twice a year or less can result in a preferred best non-smoker rating. Twice monthly use can result in a standard non-smoker rating.
Prudential Financial: Marijuana use two times a month or less with a negative THC test can result in a standard-plus non-smoker rating.
Minnesota Life: Occasional use with a negative THC test can result in non-smoker rates.
Mutual of Omaha: Up to weekly use may result in standard non-smoker rates.
Met Life: Using marijuana between once per week and once per month may get a preferred-plus non-smoker rating if they would otherwise qualify for a preferred plus rating.
Lincoln National:Cannabis use of up to twice weekly can result in standard non-smoker rates.
Best Life Insurance Companies For Moderate Marijuana Users
Lincoln National: Cannabis use of up to 3-4 times per week can result in Table B non-smoker rates.
Prudential Financial: Marijuana use up to four times weekly with a positive or negative THC test can result in a Table B non-smoker rating.
North American: Individuals who are over the age of 25 and use cannabis between 8-16 times per month may be rated as a Table 2 smoker.
Minnesota Life: Moderate marijuana use with a positive THC test may result in a Table 3 smoker rating.
Mutual of Omaha: Up to weekly use may result in standard non-smoker rates. Test results that suggest an individual uses cannabis more frequently may be given smoker rates.
Met Life: Using marijuana once a week or more could result in a smoker’s rating.
Columbus Life: Moderate marijuana use could result in a Table 2 smoker classification.
Genworth Financial: Using cannabis 8 times per month or less may result in a standard smoker rating.
Best Life Insurance Companies For Heavy Marijuana Users
Lincoln Benefit: Medical marijuana users with a prescription may be classified as a non-smoker.
ING Reliastar: Daily marijuana use could result in a preferred smoker rating. Prescribed cannabis may be classified as a Table 4 smoker.
Protective Life: Marijuana use, regardless of frequency, can result in a standard smoker rating.
Transamerica: Marijuana users may be rated as a standard smoker regardless of frequency of use, providing no other major health issues are present
Minnesota Life: Heavy use with a positive THC test may result in a Table 3 smoker rating.
Mutual of Omaha: Test results that suggest an individual uses cannabis more than weekly may be given smoker rates.
Met Life: Using cannabis daily could result in a Table 4 smoker rating.
Banner Life: Use of marijuana daily could result in a substandard Table B smoker classification.
Fidelity: Any use of marijuana within the past 12 months can result in a standard smoker rating. If medical marijuana is prescribed, the rating may be changed to a sub-standard smoker.
Genworth Financial: Using cannabis more than 8 times per month may result in a sub-standard smoker rating.
As you can see, life insurance policies vary quite a bit between each other in regards to marijuana usage. Additionally, as cannabis laws continue to change and evolve, life insurance companies will undoubtedly continue to amend their policies.
Matching You With the Best Marijuana Life Insurance Policy For You
Marijuana use is simply one factor that life insurance companies evaluate in order to determine what policies they can offer you and how much your premiums will be. Other risk factors, including health issues and lifestyle choices, may also have an effect on your life insurance premiums.
When you work with an independent insurance agent, you will answer a variety of health and lifestyle questions, in order to give your agent a complete picture. Your agent will then use all of this information combined to shop for the best possible rates, and will work hard to find the best life insurance with marijuana policy for your unique needs.
Need Life Insurance With Marijuana? Call Today
If you are a medical or recreational cannabis user, don’t assume that great life insurance coverage is out of reach. You can get a cost-effective life insurance policy that protects your loved ones, regardless of whether you are a light, moderate, or heavy marijuana user. Contact us today, and get connected with an independent life insurance agent who can assist you in finding the most affordable coverage for you.
Simply call (877) 817- 2583 or fill out the form below to find out more about how you can provide for your family’s future if the unexpected occurs.