Marijuana use has been a hot topic within the past couple years because of many States legalizing its use. It is often used to treat different maladies, but some States have even legalized its recreational use. Because of all these changes, the life insurance industry has begun taking a serious look at underwriting marijuana.
Right now, how insurance companies rate marijuana use is all over the map. Some carriers will outright deny you coverage because they consider marijuana a serious drug and your regular use puts you at risk. Others are more than willing to offer coverage, depending on certain qualifications. If you smoke marijuana only once or twice a year, it is possible that a carrier would offer you their best non-smoker rating. Others may give you a smoker-rate for this. Regular marijuana use is typically given a smoker-rate, but you can definitely still get life insurance coverage.
The reason you use marijuana can also affect how the insurers rate you. Most will rate differently for medical versus recreational use. For medical marijuana use, there are some carriers that will even narrow it down to serious versus not-so-serious conditions, such as marijuana for glaucoma versus marijuana for back pain. In the serious medical condition cases, the company may just underwrite the condition and not the marijuana use. It really varies per company.
Being descriptive about your marijuana use on your life insurance application is the surefire way to get the best coverage possible because when we have all the information we can shop the appropriate insurance carriers. We want you to be able to protect your loved ones in the most affordable way with the best coverage possible. We shop your case with many insurance carriers, this is called an underwriting study, to ensure you are getting the best product for your individual situation.
Life insurance will provide you with peace of mind that your family will be financially secure in the event of your death. See how little it will cost by getting a free and anonymous term life insurance quote today.