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Marijuana is approved for medical use in 47 states and recreational use in 24 states, with continued growth expected. As the acceptance and legalization of marijuana for medical and recreational use continues to rise, cannabis users may be interested in how their life insurance applications could be affected. Can You Qualify for Life Insurance if You Use Marijuana?
Getting life insurance as a marijuana user is possible, but you may experience an unwanted side effect of higher quotes. It pays to shop around because some insurers may not charge more for marijuana usage at all, usually depending on how frequently you use it. How Does Marijuana Use Affect Your Life Insurance Rates?
Changes in life insurance quotes due to marijuana use will vary based on the insurer and your age, gender, amount of coverage requested and other factors specific to your marijuana usage. Frequency of Marijuana Usage
When you apply for life insurance , you’ll likely face a question about whether and how often you use marijuana. Your answer will help group you into a health class, such as super-preferred, preferred or standard. This will help determine your life insurance rate, along with your answers to many other health and lifestyle questions.
“A lot of people are reluctant to admit recreational marijuana use,” says Robert Bland, CEO of LifeQuotes, an online life insurance agency.
Occasional marijuana users can sometimes qualify for non-smoking rates, depending on the company. This is key, because getting classified as a smoker will mean higher life insurance quotes. Occasional use is sometimes defined as only one or two times a month . Each life insurance company decides its own parameters for what’s “occasional” use.
“The basic adage is, if you smoke marijuana, you’re a smoker,” says Bland. “So when people hear that, they tend to say they don’t smoke or it was during a vacation as a teen to Boulder, Colorado.” Is Your Marijuana Usage Medicinal?
Whether you say you use marijuana recreationally or for medical reasons […]
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