Life Insurance with Marijuana – Useful Information that will Surprise You
Some Surprising Facts
According to the Marist Poll conducted in 2017, 22% of Americans (that is 55 million people) are regular marijuana users. This is almost the same as the number of people who smoke cigarettes in the US. 8 out of 10 Americans support legalizing marijuana for medicinal purposes but only 49% support legalizing marijuana for recreational use. Over half of marijuana users are parents.
Favorable View
Perception of marijuana has steadily been changing in the last decade or so. There is more public acceptance now than previously and there is a definite trend towards it’s decriminalization. As of today, 9 US states allow both medicinal and recreational use of marijuana, 29 states have passed laws enabling therapeutic use of marijuana, and 14 states have taken steps to decriminalize it to some degree.
Given all these changes, the life insurance industry has been adjusting their views on risk classifications of applicants who are marijuana users.
Dispelling the Myths
There are a few misconceptions regarding how marijuana users view life insurance. Most start with thinking that life insurance is hard to find because of their lifestyle choice. The life insurance world looks to them like almost everyone will decline their applications and whoever does accept an application will charge a lot, and if they don’t, itwould be too good to be true. This is a myth!
Marijuana use DOES NOT ban you from purchasing life insurance. In fact, most life insurance companies will easily insure you. It is not very difficult to find the best life insurance company that fits your needs and looks at you favorably.
You can Find the Best Rates.
A competent life insurance agent with a proven track record would have helped hundreds of marijuana users secure life insurance at affordable rates. The substantial success of such an agent has a simple reason behind it – they do their homework. They research and closely follow how every carrier looks at marijuana use.
This data allows to evaluate your application and ask the right questions regarding your use of marijuana. They use this information and combine it with any other health issues you may be facing. Armed with all of this, and knowledge of a carrier’s attitude towards marijuana use, you can find a carrier which could offer no medical exam life insurance.
The key to finding the most affordable rates, whether you smoke marijuana frequently or occasionally, is getting younon-smoker rates. Smoker rates will be more than double your premium.
A Look at Some Providers
Here are a few carriers and their policies that we researched for you. Pay particular attention to their plans for non-smoker life insurance rates.
· AIG (formerly American General)
If you smoke 2 times a year or less, you get Preferred Best non-Smoker rates. If you smoke twice a month or less, you are at Standard non-smoker rates. If you smoke more than 2 times per month, you are considered a smoker with a possibility of a table rating. You cannot test positive for THC in your lab tests.
· Legal and General (formerly Banner Life)
If you smoke occasionally, you will be rated as a Standard Smoker. While the company is not very clear what ‘occasionally’ means explicitly, we guess that it is limited to a few times a month). Daily use will start at a Substandard Table B Smoker rate.
· Fidelity
Fidelity generally won’t decline you for smoking over 3 times a week. Standard Smoker rate will be applied if there is any use in the past 12 months.
· Voya (formerly ING Reliastar)
If you are over 26 and smoke twice a month or less, you can get Standard non-smoker rates. If you are in the habit of smoking 2 to 4 times a month and are over the age of 26, you are at Standard non-smoker Table 8 rates. If you smoke 1-4 times a week, you are at Table 8 Smoker. If you are under the age of 26 and if you smoke more than 4 times a week, you stand a chance of getting declined.
· Lincoln National
If you smoke once a month, you can get Preferred Plus non-smoker rates. If you smoke 1-2 times a week, the rate would be Preferred non-Tobacco. If you smoke more often than that, 3-4 times a week, the rate would be Standard to Table 2 non-tobacco. 4-6 times a week will land you at Table 2 to Table 4 non-Tobacco. If you smoke daily, you will be declined. You cannot show THC on your lab tests.
· Metlife
Smoking 1-4 times a week will get you a Preferred non-Tobacco rate. If you smoke daily, it is Table 4 to Table 8 non-Tobacco rates. You cannot show THC on your lab tests.
· Mutual of Omaha
Smoking 3 times or less in a month will get you Standard non-Tobacco rate. Smoking 4-8 times a month will be rated on a case-by-case basis. Smoking more than 8 times per month might result in a decline. THC on labs must match admitted usage.
· Minnesota Life
Occasional and recreational use will get you a Preferred Non-Smoker with Minnesota life; however, you have to test negative on your labs. If they find THC in your system, it’s a Smoker Table 3 rating.
· Protective
The best rate you can get with Protective is Standard Smoker. It is possible to get a Standard rate or get declined depending on if marijuana is used recreationally or for medicinal purpose.
· Transamerica
Standard non-Smoker rates will apply if you smoke less than 12 times a year. Standard Smoker rates apply if you smoke for 13 times or more per year.
For more information on life insurance companies and how they view marijuana smokers, contact your life insurance agent who will update you on how to apply for life insurance if you are a marijuana user.
Marijuana Smokers can be Insured!
The above list is just a representation of the kind of carriers available and is not an exhaustive list. If you smoke marijuana and are looking for a life insurance policy, even if it is a million dollar policy call your insurance agent today to fill out a form and apply. You can get reasonable rates for life insurance with marijuana if you know how to go about it.