Let’s start with the assumption, that if you read this article afterward, you may be a marijuana user wondering if your drug use will have any effect on the price of a life insurance policy?
The quick solution to this is yes. Life insurance policy treatment tests require testing your urine and blood occasionally, and testing your urine will expose your marijuana use.
If you are stressed because of this, then you are not alone. Cannabis is one of the most commonly used recreational drugs among women and men in Unified Species. Over the past few years, we have experienced a major shift in our understanding of cannabis use. With broad public approval and a pattern toward decriminalization, marijuana use is becoming as common as alcohol and cigarettes. Today, 8 specifications in the US have completely legalized recreational and clinical marijuana use.
To stay abreast of changes in the industry, life insurance providers have worked to change their outlook and risk categories. Unlike alcohol and cigarettes, there haven’t been enough clinical studies on long-term marijuana use to determine which specific outcomes could lead to death. Therefore, each life insurance policy company has different cannabis financing standards.
Let’s take a look at some of the factors that are taken into account when assessing a potential life insurance policy with marijuana use:
The expert will also look at factors such as various other drug candidates that may be used, driving documents and clinical background. About a third of companies periodically rule out marijuana as being as harmful as cigarettes, but there are plenty of companies out there that will put you in the same risk category as a ‘tobacco user’. Thus, you will pay 3 to 5 times more than non-tobacco users.
Clinical marijuana users will get approval for the desired price if they have a prescription for clinical marijuana. Keep in mind that the price of a life insurance policy depends on the age and overall health and fitness of the candidate. A life insurance provider will address your case recommended for clinical marijuana. They are lenient if clinical marijuana is recommended to treat clinical problems like sleep disorders, glaucoma and migraines but if marijuana has been used to help larger clinical problems like cancer cells then the company will concentrate more on cancer cells instead compared to marijuana.
Also, life insurance providers show leniency when both edible and topical marijuana have been used by candidates.
Working with an independent broker increases your chances of getting approved because this broker has agreements with several life insurance providers and will choose the one that provides the best rates for marijuana users. Here, we’ll help you find the cannabis-friendly life insurance policy company that best fits your needs.
When funding cannabis candidates, life insurance providers need to know why you are using marijuana. Say you are using it to treat migraines after which the provider wants to know everything about your migraines. So make sure you are all honest with your representatives.
With all this information, it will be easier for your representative to choose the most profitable business for your circumstances. Remember not to hide anything from your representative. Resting on your life insurance policy application will cost you more over time.
It can seem pretty difficult to get an agreement on ‘preferred’ pricing with most companies when you’re a recreational marijuana user, but there are a few companies out there that seem to have some fun cannabis financing plans.
Let’s take a look at these top 6 life insurance providers that provide the best prices for cannabis use:
Metlife allows you to get approved for a ‘Preferred Rate’ if you smoke less than 4 times a week. No other company on the list allows this. Metlife does not test for THC. Financing is primarily based on recognized uses.
Metlife also offers ‘Preferred Exclusive Rates’ for candidates who use food. This may depend on how often and how much you consume. Metlife is certainly the best choice in choosing life insurance coverage for marijuana users.
Prudence is the right choice when dealing with high-risk situations. So, if you’re one of those people who use medical marijuana to address certain health and wellness concerns, then you’re probably getting some of the best prices from Prudential.
In addition, Prudential provides ‘standard plus tariff’ to cigarette users who smoke 3-4 times a week. Candidate test results can be declared for THC.
They don’t offer preferred rates for marijuana users, but those who smoke once a week can be approved for the ‘standard non-smoker rate’.
Unified of Omaha also shows leniency if your lab results are favorable for THC but there’s one problem, viz. your approved use must match the degree in the urine test.
You can get approved for the ‘standard non-smoking rate’ if you use marijuana only twice a month. We understand that twice a month may not be enough, but every company has a different standard process when it comes to financing plans. However, Primer may consider a better price for people who only use food so if you are one of them after that it can be used to your advantage.
Lincoln Nationwide offers ‘standard non-smoker’ pricing to clinical marijuana users who smoke daily. ‘Preferred rate plus’ if your consumption is once a month and ‘preferred rate’ for those who smoke 2 times a week in social situations.
Regular marijuana users may be eligible for a ‘rate plus choice’ by AIG, provided they remain in excellent health and fitness and use marijuana perhaps once or twice a year. If your usage rate is significantly less than or equal to twice a month after that, you may still get approved for a ‘non-smoker’ price.