This article was originally published on the Marijuana Patients Organization site on December 3, 2014.
You want to protect your family by purchasing a life insurance policy, however you use marijuana. What are your options, if any? Whether you use marijuana recreationally or for medical reasons, the life insurance company may not care.
As a licensed insurance agent, clients test positive for cannabis all the time after their mandatory physical and urinalysis used to bind coverage. These individuals are not always denied coverage, instead they are classified as tobacco users and their monthly premiums (payment) can increase as much as 400%.
Are marijuana users more likely to die from lung related issues like a cigarette smoker? Of course not, but the insurance carriers can do whatever they want, after all you are breaking the law and they can make a few more bucks from you. You were embarrassed enough giving the urine test, you will shell over the money is the logic of the carriers.
On every application you need to be honest or have your coverage denied for being untruthful. Every life policy application has a drug questionnaire with questions like “have you used any illegal drugs in the past 90 days?”, “what type of drugs and frequency?”
The market has evolved as more states allow marijuana use and more life insurance underwriters seem increasingly less concerned about your marijuana use. Some insurance carriers do not care at all about your marijuana use and will not charge you much, but you will need to shop your policy around and ask lots of questions.
If you use marijuana medicinally, your medical use of marijuana will have less impact on your coverage rates than the actual physical conditions or ailments. If you got your cannabis card for headaches and you do not really have headaches, claiming to be a recreational smoker may be a better option than disclosing false ailments.
Securing life insurance for your family is one of the most important things you can do. Do not let your marijuana use deter you, protect your family, shop around policies and get insured.