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If you use Marijuana and are concerned whether or not you are still able to get life insurance, then you can stop worrying, as you can still get life insurance.
Life insurance for marijuana users is often misconstrued, due to the fact that marijuana is still considered to be an illegal substance in most of the United states. However, no matter if marijuana is or is not legal where you are located, you can still get life insurance.
Life Insurance for Marijuana Users and Legal Rights
You may not want to admit that you use marijuana because you are worried about your own privacy, so it’s important to get the main misconception out of the way at the beginning.
When you want to apply for a life insurance policy you will obviously worried that your use of marijuana could be used against you by law enforcement agents or your employer will become aware of this or that an insurance company will automatically turn you down.
However, none of this is actually true. Under the HIPPA laws, our rights are protected and are also enforced by the US Office of Civil Rights. These laws and enforcements are able to guarantee the privacy of individual health information that is identifiable.
This then means that all of your information that you disclose to an insurance agent or company or to a health provider that is giving you a medical exam for life insurance is completely private.
Any medical information that you give including the use of marijuana cannot be passed on to an employer or to law enforcement. You don’t have to worry about others finding out. This is generally a great relief for peopling using marijuana on the hunt for a cheap policy.
The Life Insurance for Marijuana Users Medical Exam
You will need to undergo a thorough medical exam when you apply for life insurance. You may think that you will get away with not having to admit that you use marijuana, but a medical examiner will most likely take a urine test and blood test. These urine and blood tests are overall very accurate.
THC is the main ingredient in marijuana and this chemical can be detected up to several weeks after you last used the substance. The detection of this will depend on how often you use, the amount that you used and also your weight and body fat. It also can depend on if you orally ingested the drug or if you smoked or were around others who were “smoking weed.”
You should then never try and hide your usage or the amount that you consume. You should just be honest about your marijuana usage with a medical examiner. Honesty is the best policy in this particular case.
Why honesty? You will also need to be honest with your life insurance agent as they will be able to determine how this will impact your life insurance policy. Your premiums, payouts, and various terms may depend on your this medical testing and your answers to their questions.
Does Life Insurance for Marijuana Users Cost More?
Generally speaking, the legality of marijuana is not actually an issue for many life insurance companies.
Different companies, though, will rate different situations or conditions according to their specific rating criteria; this means that each company will charge different premiums. You will find that some companies will be more lenient and others will be stricter on the subject.
If you need advice regarding life insurance for marijuana users then it is best to speak to insurance lenders or your legal counsel, if you have one available to you.
How do Life Insurance Companies View Marijuana Use?
With most insurance companies, marijuana users will be treated like other smokers or consumers of nicotine.
There is confusion around marijuana as there are medical studies that contradict one another in terms of the negative effects of using marijuana. As a result, many life insurance companies will just treat marijuana users the same as people who smoke tobacco products. In the case of life insurance for smokers of all types, they’re seen in the same light.
With some life insurance companies, you could still qualify for standard nonsmoker rates if you are just an occasional marijuana user.
The rates that you qualify for will all depend on the insurance company.
Life Insurance for Marijuana Users With No Medical Exam
You are able to find life insurance companies that offer a no exam life insurance. This type of life insurance for marijuana users will be more expensive, but you will be able to avoid taking the medical exam. You will also be able to get a policy within a very short time.
Medical Marijuana Use VS Recreational Marijuana Use
There are some states that allow for medical prescriptions of marijuana for various medical conditions. If you are taking medical marijuana that has been prescribed, the insurer will want to know more about the reason you are taking medical prescription marijuana.
You shouldn’t worry about this as most medical conditions are treatable and will not affect your life expectancy. Your rating will then not be impacted if your medical condition is not life threatening. If you do have a serious health issue then you will be assessed accordingly.
How to get Preferred Rates as a Marijuana User
The key to getting the best life insurance premiums is knowing which life insurance companies are marijuana friendly.
You will first need to be straightforward with your life insurance agent in telling them that you use marijuana. You will be tested for it, so you might as well be honest from the start. You could even jeopardize getting the best rate if you are not honest from the beginning.
You will then need to determine and admit how often you use marijuana so that you can know what rate class you will be getting from insurance providers who underwrite marijuana users.
When you are applying for life insurance as a marijuana user, the insurance company will take into consideration one important factor. That factor is, if you are being prescribed marijuana, the insurance company will look into reasons why you have been prescribed medical marijuana.
You will then need to answer the following questions:
- Is your medical marijuana use for recreational or medical reasons? If it is medicinal then the health condition and its severity needs to be looked at.
- How often you use marijuana?
- The method in which you use marijuana.
You will also want to know how using marijuana will affect your life insurance rates. If you use marijuana a couple of times a year then you will qualify for preferred best rates. It will depend on how often you use marijuana.
The most Affordable Life Insurance for Marijuana Users
The most affordable life insurance policy that you are able to get is likely going to be term life insurance.
Term life insurance is also the most basic type of policy that is available as it only pays out death benefits. This coverage will cover you for your whole life. You will need to buy this policy in periods close to every 20 years.
There is usually a conversion feature for the majority of policies, which allows you to change your term policy into a permanent policy like a whole life policy, a universal life policy, or an indexed universal life policy.
You will need to select the beneficiary who would get the lump sum payout, which is tax deferred if you pass away unexpectedly whilst the policy is enforced. The money can then be used by your family however they want.
You will need to select the length of the term that you want the policy to be enforced and the amount of death benefits that you need.
Getting Life Insurance Quotes for Marijuana Users
You are able to get quotes for life insurance for marijuana users easily. You may use the internet to ask various companies for quotes. They will usually request that you fill out a simple form and they will contact you. Alternatively, you can find a website that will collect multiple quotes for life insurance for marijuana users. You will then be able to compare these in terms of the policy and the premiums you would pay.
This will save you time and you can get a side-by-side comparison. This allows you to choose the best company for your life insurance if you use marijuana.
It is important to read each policy and understand all the terms of it. If you have any questions your policies, then it is best to speak to the insurance company directly.
Keep in mind that life insurance for marijuana users is not impossible, but you should be honest about your usage as you will not receive any negative consequences in doing so. You need to be clear about how much you use as well, so that the insurance company is able to give you the appropriate life insurance policy. Your premiums will be based on your lifestyle, but if you have to pay a little more, it is worth it. Worth it, so that you and your family are protected if anything was to happen to you.