How Smoking Marijuana Affects Your Life Insurance Rates? And the Best Companies to Look For
Let’s start with the assumption, that if you are reading this article then you are probably a marijuana user wondering if your drug use will have any effect on life insurance rates?
A quick answer to this is yes. Life insurance drug tests require testing your urine and even blood sometimes, and your urine test will reveal your marijuana usage.
If you are worried about this, then you are not alone. Marijuana is the most commonly used recreational drug among men and women in the United States. Over the past few years, we have encountered a significant change in the perception of marijuana use. With a wide public acceptance and a trend towards decriminalization, use of marijuana is becoming common just like alcohol and tobacco. Today, eight states in the US have fully legalized the use of recreational and medical marijuana.
To keep up with these changes in the industry, life insurance companies have been working towards adjusting their views and risk classifications. Unlike alcohol and tobacco, there have not been enough medical studies on the long-term use of marijuana to determine any definite results that may lead to risks of mortality. Therefore, each life insurance company has different guidelines for underwriting marijuana.
Marijuana and Life Insurance
Let’s look at some of the factors taken into consideration while assessing a life insurance applicant with marijuana usage:
- Type of use; Medical or recreational
- Frequency of use; how many times in a day
- How marijuana is being used? (smoking, vaping, eatables, in liquid form, in pill form etc)
The underwriter will also look at some factors like other medications applicant may be using, driving records and medical history. About one-third of the companies do not consider occasional marijuana as harmful as tobacco but there are a lot of companies out there that will classify you in the same risk category as ‘tobacco user’. Thus, you will end up paying three to five times more than non-tobacco users.
Medical cannabis users will qualify for preferred rates if they have a prescription for medical cannabis. Keep in mind that life insurance rates depend on age and overall health of an applicant. Life insurance companies will look into your condition for which medical marijuana has been prescribed for. They are lenient if medical cannabis is prescribed for treating medical conditions like insomnia, glaucoma and headaches but if the marijuana is being used to help with more serious medical conditions like cancer then the company will be concentrating more on cancer rather than the marijuana.
Also, life insurance companies show leniency when edible and topical marijuana is being used by the applicants.
How to Choose a Carrier?
Working with an independent broker increases your chance of getting approved because these brokers have contracts with multiple life insurance companies and will choose the one which gives the best rate to marijuana users. Here at LifeQuote, we will help you find a marijuana-friendly life insurance company that best fits your needs.
When underwriting marijuana applicants, life insurance companies will need to know why you use marijuana. Let’s say you are using it to treat migraines then the carrier will want to know everything about your migraines. So make sure you are all honest with your agent.
With all this information, it will be easier for your agent to choose a company that is most favourable towards your situation. Remember do not hide anything from your agent. Lying on your life insurance application will cost you more in the long run.
6 Best Life Insurance Companies for Marijuana:
It looks quite impossible to qualify for ‘preferred’ rates with most companies when you are a recreational marijuana user but there are some companies out there that seem to have some marijuana friendly underwriting policies.
Let’s have a look at these 6 top-rated life insurance companies that provide best rates when it comes to marijuana usage:
Metlife allows you to qualify for ‘Preferred rates’ if you are smoking less than 4 times a week. No other company on the list allows this. Metlife does not test for THC. Underwriting is mainly dependent on admitted usage.
Metlife also offers ‘Preferred Elite rates’ for applicants who use edibles. This may depend on how often and how much you consume. Metlife is certainly the best choice when it comes to choosing life insurance policy for marijuana users.
Prudential is a great choice when it comes to high-risk cases. So if you are one of those who use medicinal marijuana for treating a certain health condition then you may get some of the best rates from Prudential.
Moreover, Prudential provides ‘standard plus rates’ to users smoking 3-4 times a week. Applicants test results can be positive for THC.
3. United of Omaha:
They do not offer preferred rates for marijuana users but those who smoke once a week may qualify for ‘standard non-smoker rates’.
United of Omaha shows leniency even if your lab results come positive for THC but there is one condition,i.e. your admitted usage must match the levels in the urine test.
You can qualify for ‘standard non-smoker rates’ if you are using marijuana only twice a month. We know that for some twice a month may not be enough but every company has a different guideline process when it comes to underwriting policies. However, Principal may consider better rates for individuals using only edibles so if you are one of those then this can be used to your advantage.
5. Lincoln National:
Lincoln National offers ‘standard non-smoker’ rates to medical marijuana users who smoke daily. ‘Preferred plus rates’ if your consumption is once a month and ‘preferred rates’ for those who smoke two times per week in social situations.
6. American General (AIG):
Occasional marijuana users may get ‘preferred plus rates’ by AIG, provided they are in excellent health condition and use marijuana maybe once or twice a year. If your usage level is less or equal to twice a month then you may still qualify for ‘non-smoker’ rates.
Tips to Getting Best Life Insurance Rates For Marijuana Users:
- Work with an independent agent or agency who has contracts with all the above-listed companies. Just because a company is lenient with its underwriting policies when it comes to marijuana, doesn’t necessarily mean that they are the best choice for you. An agent can help in assessing your health and lifestyle and make the best choice for you.
- Be honest with your agent about your marijuana use. Lying on your insurance application is never a good idea and may lead to a rejection for coverage protection.
- Have your agent pull quotes from multiple life insurance companies so that you may get the best possible rate available.
How Can We Help?
LifeQuote works with all the above-listed companies. We will help you get the most affordable life insurance policy that best fits your situation. Our experienced and licensed life insurance agents are here to help. You may check our testimonials to see how happy our customers are. We are not pushy salespeople. We strive to satisfy our clients with affordable life protection they need for themselves and their families.