Your lifestyle plays a major role in buying life insurance. Everything from your diet, mental and physical health, and your family medical history to your age, gender, and occupation can impact your life insurance quotes and the rates you receive. So what happens when you blend marijuana usage and life insurance? The answer isn’t always straightforward. Both the purpose and frequency of use, along with other factors, may matter more than marijuana itself when it comes to finding life insurance coverage.
How do life insurance companies view marijuana usage?
Just as the laws and opinions regarding marijuana usage in the United States vary, so do the perspectives of life insurance companies. While it’s common for carriers to factor in marijuana use—including smoking, oils, edibles, and vapors—into their decisions when reviewing your application, the impact this activity has on your rates will vary from company to company. Some insurance companies may allow marijuana users to be categorized as nonsmokers, which will help them qualify for lower rates. However, other carriers may categorize marijuana use alongside other types of smoking, meaning people who report this activity on their application will likely pay more for the coverage they need.
In addition to health and lifestyle factors, many life insurance companies also look into your legal history when assessing your risk during underwriting. If you live in an area where marijuana usage is illegal and have had a past legal citation from marijuana use, it could have an impact on your rates. With marijuana approved for medical use in 38 states and recreational use in 23 states, it’s wise to review the laws for your state so you’ll have a better idea of what to expect during the life insurance application process.
Will I be able to get life insurance coverage?
Using marijuana likely won’t disqualify you from life insurance coverage. However, the right type of coverage for you and how much you’ll pay for it will depend on several factors.
Purpose of Use: Insurers will want to know whether your marijuana use is medicinal or recreational. Carriers will likely view medicinal use more favorably than recreational, but this will depend widely on the carrier and the laws and regulations in your area. If you use medical marijuana to manage symptoms of a health condition, this condition could have more of an impact on your coverage than the use of marijuana itself.
Frequency: If your marijuana use is recreational, life insurance companies will want to know how frequently you partake. This information may help the carrier categorize you as a smoker or nonsmoker, which will then impact your rates. Keep in mind that each carrier will have different criteria for smoker and nonsmoker classifications.
How honest should I be when purchasing life insurance?
When it comes to purchasing life insurance, honesty is the best policy. Because your life insurance policy is a legal contract between you and the insurance company, it’s important to provide as accurate information as possible on your application. Not disclosing medical conditions or lifestyle habits could set you up for rejected claims or higher rates. While you may be hesitant to report marijuana usage, especially if you’re in a state where it isn’t legal, keep in mind that your life insurance application is protected under HIPAA (Health Insurance Portability and Accountability Act), meaning the company cannot share information with third parties without your consent.
Is life insurance worth it?
For the majority of people, purchasing life insurance is worth the return on investment. If you were to pass away, your life insurance payout is there to replace your income and support your loved ones financially with daily expenses, paying off the mortgage or other debts, paying for college, or planning for retirement. It also can help with end-of-life expenses such as a funeral or burial costs.
As the culture and laws regarding marijuana use constantly change, it’s likely that its impact on life insurance policies will continue evolving as well. If you’re worried about your ability to “pass” a medical exam or have been denied in the past, you could consider a guaranteed issue or simplified issue policy. These policies allow you to bypass the medical exam, and, if you’re between the ages of 45-85, you cannot be denied coverage.
Find out which type of life insurance is right for you.
Let SelectQuote Help Find the Right Life Insurance for You
If you have questions about how lifestyle habits like marijuana usage can affect your life insurance application, we can help. Our licensed insurance agents will take the time to listen to your concerns and provide guidance and support. Then, they’ll search a variety of trusted life insurance carriers and hundreds of policies in just minutes. We work for you—not the insurance companies—to quickly and easily match you with a plan that’s right for your needs.
