The national attitude toward marijuana is changing. Some states have legalized weed, others have it on their docket for 2017, and you can even invest in cannabis stock. Finding the best life insurance companies for marijuana users is important too.
But where does that leave life insurance for marijuana users?
Marijuana’s legality is still hazy, and so are the guidelines that carriers use to rate applicants who use marijuana. Insurance carriers set policy premium rates – the amount you’ll pay every month – largely based on your health. The worse your health, the more you pay. Obviously they take smoking status and drug use into account, and that’s where marijuana can complicate things.
- Tobacco smokers pay more for policies than non-smokers. Marijuana users will often get non-smoker rate with carriers...except for times when they won’t.
- Medical marijuana use can result in higher rates than recreational use because it can be indicative of an underlying medical condition.
- Individual carriers have interesting quirks: John Hancock considers marijuana drug use and likely won’t get you competitive rates. Global Atlantic will automatically decline you if you’re a marijuana user under 25 years old.
- Oh, and you’ll probably have to take a drug test when you apply (with the results protected by HIPAA, obviously).
But – maybe surprisingly – most life insurance companies are accommodating toward applicants who use marijuana. It’s all about being honest in your application and setting expectations. Lying on a life insurance application is worse than disclosing drug use; it could result in the carrier canceling your policy entirely. For most life insurance carriers, knowing what they’re dealing with is the most important thing. If they know your habits and hobbies, and can set premium rates accordingly, everyone can come out happy.
When it comes to marijuana users applying for life insurance, not all carriers are created equal, and it's good to know the best life insurance companies for marijuana users. This guide can help you navigate the ins and outs of finding the most marijuana-friendly companies and their policies. And if you need help with your particular situation, a licensed life insurance expert can help you make the right choice.
With more and more carriers offering competitive rates even for marijuana users, there’s one less excuse to not apply for life insurance, or find out which carriers are the best life insurance companies for marijuana users.
Author bio: Colin Lalley writes for PolicyGenius, a digital insurance brokerage trying to make sense of insurance for consumers, where he covers personal finance, insurance, and reducing the risks in life.