MARIJUANA AND LIFE INSURANCE
Times have changed! The social acceptance, accessibility and education around marijuana, CBD, THC, hemp, etc have all been greatly increased. Regardless of personal opinions of the topic, it is our responsibility to help you navigate through the life insurance process. And that is exactly what we are here to do!
First, the question or concern that is normally expressed is..As a person who smokes marijuana or ingesting cannabis, can I even get life insurance? The short answer is yes. However, it is important to know that life insurance is generally pretty slow at adapting to current times. So our perspective is that it will take some time for a majority of the carriers to find a happy balance of fair underwriting and rating. For this reason, you may find it to be difficult to find a company that will take you on and if they do, offer a reasonable price. The good news is that there are some companies that have adjusted to the current environment.
I SMOKE BUT NOT TOBACCO
This is probably one of the more common responses we hear when it comes to the dreaded question, “Are you a smoker or non smoker”? I smoke..but not tobacco. Depending on the company that you are seeking a quote from, you have a couple different outcomes. They will determine you ineligible for coverage with them, list you as a tobacco smoker, rate you (meaning they will tack on an additional premium on to your payments), or you may not be impacted negatively at all. Now, the later part of the list is heavily predicated on your usage of marijuana. Companies have their own individual tolerance levels for how much usage they will accept before they start charging you more. That is why having an insurance broker who can help you find the right option is important!
WHAT DOES THE PROCESS LOOK LIKE?
Fortunately, the process will look similar to most applications as far as how you go about obtaining coverage. A lot of companies now offer a non medical application for getting life insurance. This generally means that you are able to get insurance without requiring someone to come take your blood and grab a urine sample( yes, this is a thing!) There are a couple of variables that play into that.
First, the amount of coverage you are applying for will decide if you can do a non medical application. Larger policies may not let you go the non medical route because of the amount of risk companies are taking on. Instead, they may want to take extra measures to be sure they feel good about moving forward with a policy.
Second, your overall health. Most insurance companies will look at a snapshot of your medical history using data provided by the MIB( Medical Insurance Bureau) and other third party sources.. Based on what they find, they may require you to do the blood and urine exam.
Now, why does that matter for this conversation? Depending on the company that you apply with, you may be eligible for a non medical exam despite marijuana and cannabis use. However, you still have the variables we listed above to factor in whether or not you have to go through the medical exam process. Bottom line, we don’t want you to become worrisome if a company decides to request a urine sample after submitting your application. They are not trying to get you in trouble. Remember, there are a couple reasons that could have triggered the exam.
Your insurance agent will be able to advise if and when you need a medical exam throughout the process.
NEXT STEPS
We need you to know that you can absolutely get life insurance while indulging in your recreational activities. The key is having the right insurance carrier to issue the policy. If you are ready to get started on your quote, click here.
