Applying for life insurance will often require you to provide the insurance company with a great deal of information about your health, as well as other factors about your habits and your overall lifestyle. This is because the insurance carrier that you are applying through needs to know that they are not taking on too much of a risk regarding possibly having to pay out a costly claim.
Prior to approving an applicant for life insurance, the underwriters will carefully review details such as medications that the individual takes, as well as whether or not they are a smoker. This includes the smoking of not just cigarettes and cigars, but also of marijuana.
So, is life insurance for marijuana users more expensive? Yes, probably. The insurance company sees you as a higher risk because you smoke, regardless of what it is you’re smoking.
How Being a Marijuana User Can Have an Effect on Your Life Insurance Application
One of the biggest factors in the pricing of life insurance coverage entails whether an applicant is a smoker or a non-smoker.
Life insurance policies for smokers are much more than those for non-smokers. Therefore, the underwriters who review your application will take a close look at your marijuana smoking habit, as it could have an effect on your life expectancy.
Depending on the amount of marijuana that you smoke, and if you do so on a regular basis, it is possible that you may not qualify for a Standard life insurance policy rating – even if you are otherwise in very good health.
When it comes to life insurance for marijuana smokers, though, different life insurance carriers may take a different stance on how they view this particular substance. For example, while many top life insurance companies do not view marijuana in the same light as “hard drugs” like cocaine, an individual who tests positive for the usage of marijuana will typically still need to pay more for his or her coverage. Just how much more, however, will depend on the individual insurance carrier.
This is because, while all life insurance companies have some type of system for evaluating their applicants for coverage, their processes are not all identical. This means that you could apply for coverage at one insurance company and obtain a certain policy rating and premium rate, and then apply at another carrier – with for the same amount of coverage – and obtain a substantially different premium.
With that in mind, it is always a good idea to shop and compare different life insurance carriers before making your final purchase decision. The best and most convenient way to do this is to work with an independent life insurance agency or brokerage. That is because you will be able to do all of your comparison shopping in one place.
What the Life Insurance Underwriters Will Want to Know
When you apply for life insurance, you will typically be required to submit an application for coverage. This will ask for more basic details about you, such as your:
- Name and Contact Information
- Height and Weight
- Occupation and Income
- Marital Status
- Health and Health History
- Family Health History
- Medications Taken
- Hobbies (i.e., risky activities such as skydiving, rock climbing, scuba diving, etc.)
- Foreign Travel Frequency
- Other Life Insurance In Force (and the amount)
- Smoking Status
In addition, the underwriters will also inquire as to your reason for using marijuana. Today, there are users of marijuana for medical purposes. So, if this pertains to you, it will be important to let the underwriters know whether you have been prescribed the use of this substance for a health condition, as well as what the condition is, and what dosage of marijuana you have been prescribed.
This is because the medical reasons for using marijuana can differ significantly – from assisting patients who have issues with glaucoma to helping individuals who have cancer. Therefore, the life insurance underwriters will need to know more about your medical condition, and whether your use of marijuana is for a condition that is or is not life threatening.
Because of this, it is possible that you may be asked some additional questions by the life insurance company that are more specific to your usage of marijuana, such as the following:
- Is your usage of marijuana for medical purposes?
- If so, what is the medical purpose for your use of marijuana?
- How often do you use marijuana?
- How do you ingest this substance?
In addition to the application for coverage and the additional questions, it is likely that you may also be required to undergo a medical exam. This exam will typically consist of meeting with a paramedical professional either in your home, your place of employment, or other convenient location.
During the exam, you will typically be asked some additional medical-related questions. The paramedical professional will also ask you to submit a blood and a urine sample. These samples will be tested for various health risks.
The usage of marijuana will also show up in these tests. Therefore, if you are a marijuana smoker and you have not yet informed the life insurance company of this fact, it is best to do so, as keeping this information from the insurer could negate your coverage at a later time.
How Much Will Your Life Insurance Policy Cost?
There are many different criteria that will determine the cost of a life insurance policy. Certainly, the type and the amount of the life insurance coverage that you are purchasing will be two key factors. Your age and gender are others. And, your overall health is also another big component that will play into the life insurance underwriters’ decision.
Being a smoker – even of marijuana – can also be a factor. This is because the smoking of any substance can have an impact on your life expectancy. And, because life insurance companies do not want to make big risks with the applicants that they accept for coverage, the underwriters will take smoking of marijuana into consideration when reviewing the applicant of a marijuana smoker.
The cost of life insurance coverage, however, can also differ a great deal based on the company that you purchase it through. For example, you could qualify for a Standard policy rating with one company, but apply for the exact same coverage with another carrier and end up qualifying for a Substandard policy rating. Even if the difference in premium cost is $10 or $20 per month, if you own the policy for many years, the overall difference in what you pay for your coverage could be quite substantial.
Overall, when considering those who are marijuana smokers, the premium will often be dependent up several factors. These include the frequency of marijuana usage and the reason (or reasons) why the applicant is using it.
For example, if you are using marijuana for medical reasons, then it is possible that the life insurance company may give your policy a Substandard rating. (This rating may be due partly to the health issue that you also have).
If, however, you are in very good health, and you only use marijuana a couple of times per year for recreational purposes, then is may be possible for you to qualify either for a Standard rating, or even Preferred. If this is the case, then you would be able to pay the premium rate of the “average” policyholder (for the Standard rating), or even less than the average policyholder (for the Preferred rating).
What If You Don’t Qualify for Medically Underwritten Life Insurance Coverage?
In some cases, an applicant may not qualify for a medically underwritten life insurance policy. This could be due to having a medical condition, or even due to participating in hobbies that are considered risky by the life insurance underwriters.
If this is the case, there may still be alternate options that are available to you regarding applying for life insurance coverage. One such option is to apply for a no medical exam life insurance policy.
Just as the name suggests, a no medical exam life insurance policy will not require an applicant to undergo a medical exam as a part of the underwriting process – and because of this, many people who have various health issues may be more apt to qualify for coverage.
In many cases, there are also few – or even no – medical related questions on the application for coverage. And, because there are no medical underwriting requirements to wait for, this coverage can often be approved much more quickly than a fully underwritten life insurance policy. Therefore, an applicant can often have coverage within just days (or sooner) as versus weeks.
It is important to note that a no medical exam life insurance policy will have a premium cost that is much higher than a comparable medically underwritten policy. This is because of the additional risk that is being taken on by the insurance company. However, in some cases, this type of policy may be the only option that an individual has for obtaining the coverage that he or she needs.
What If You Currently Have a Life Insurance Policy?
If you currently have a life insurance policy, it is possible that you may be paying premium rates that are much too high for the coverage that you are carrying. This is especially the case if you have owned the policy for several years.
In the past, life insurance for marijuana smokers was often priced with extremely high rates. But today, many life insurance carriers have reevaluated this substance and have begun to take a different stance with pricing their plans.
Also, different life insurance companies typically have different pricing methods in place. So, it is possible that you may be able to bring your current premium down by comparing what you currently carry with what is available in the marketplace now.
Prior to moving forward with any type of new coverage, however, it is important to keep your current policy until a new plan is approved and firmly in place. That way, you can ensure that you will be fully covered in case of an unexpected event.
How to Get the Best Quotes on Life Insurance for Marijuana Smokers
To find the quotes that you need on life insurance for marijuana smokers, it is best to work with an independent life insurance agency or brokerage. That way, you will be able to more directly compare many different policies, insurers, and premium quotes – and from there, you can make the decision as to which one will be the best for you.
If you are ready to move forward with reviewing which life insurance policy is can provide you with the best coverage, we can help. We work with many of the top carriers in the marketplace today, and we can assist you with obtaining all of the important information that you require for making an informed purchase decision. We can do so for you quickly, easily, and conveniently, right from your computer, and without the need to meet in person with a life insurance agent. When you are ready to proceed, just fill out the quote from on the side of this page.
We understand that the purchase of life insurance may seem to be a bit overwhelming. As a marijuana smoker, you may feel that this type of coverage is out of reach – especially if you have been turned down for life insurance coverage in the past. But the good news is that you do have options – and we can work with you in finding them so that those whom you care about can be covered with the financial security that they need in case of the unexpected. So, contact us today – we’re here to help.