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How Marijuana Impacts Life Insurance Rates
More consumers are using marijuana than ever, especially as laws for its use change. However, life insurance companies view the drug as any other type of product to determine how much risk it presents to the life of a person – will using it cut your life short or make you more likely to die at an early age? It is important to know how life insurance rates are impacted by your marijuana use.
Provide Accurate Information When Getting Life Insurance Quotes
If you use marijuana, let your life insurance agent know that when you are applying for a policy. This is critical. If you do not provide this information and the company runs a health screen on you – which virtually all companies will do – this can cause you to have limited access to coverage. For example, nearly all companies will require blood work to be done. This allows for the insurance company to determine how healthy you are. If you say you do not use an illegal substance (or drugs) and it shows up in your blood screening, they will deny you coverage on the simple grounds that you provided false information.
Can You Get a Life Insurance Policy If You Use Marijuana?
This is another key question that many people have. Marijuana use itself may not disqualify you from getting life insurance. Whether it does depends, in most cases, on just how often you use it and the reason you use it. For those who use marijuana one or two times, it is not likely to be something of concern to the life insurance company. However, those who use it daily or use a significant amount of this may find it harder to get a life insurance policy. Remember, insurance companies do not base this information on whether it is legal in your area. Rather, they are focused on determining how its use impacts your likelihood of dying at a young age.
Will Life Insurance Companies Charge You More for a Policy If You Use Marijuana?
The answer here again depends on the amount that you use it and the reasoning behind it. For the most part, marijuana causes at least the same amount of damage to the lungs and respiratory system as smoking cigarettes. Like with the use of tobacco products, your life insurance company will charge you rates based on this level of risk. If you are at a high risk of developing cancers or other health conditions from your use, this will raise your insurance rates. This is very much dependent on your situation and your health, too.
Can You Get Whole Life Insurance and Term Life Insurance Using Marijuana?
Life insurance companies have become more lax in terms of allowing individuals who have a history of using marijuana to get life insurance policies. Most of the time, this means choosing either whole life insurance – which remains in place as long as you continue to make payments on it – and term life insurance – which remains in place only during the years you select it to. It is important for you to consider your goals for life insurance, including why you hope to purchase a policy and what you expect the policy to offer to you.
How Can You Get Cheap Life Insurance, Then?
Whether or not you use any type of drugs, it is important to shop around for affordable life insurance. At the same time, you also want to consider your options for purchasing life insurance that fits your goals. Term life insurance tends to be less expensive overall than whole life insurance even if you use marijuana. The younger you are and the healthier you are, the more affordable your policy will be as well. Be open with your life insurance agent when you discuss your options. This information can help you to determine if you qualify for life insurance protection and what type of coverage is best for your needs. Men and women who use marijuana should not feel as though they cannot get this type of coverage for their needs, though it may cost a bit more.
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