Marijuana Smokers: Tips for Applying for Life Insurance
If you smoke marijuana, your marijuana usage can affect your life insurance rates. How your marijuana usage affects your rates, however, can vary significantly from one company to the next. Therefore, whether you enjoy an occasional joint or you smoke marijuana or a regular basis, it is important to explore all of your options carefully as you look for life insurance for marijuana smokers.
Since marijuana usage is illegal in most states except for when it is used for medical reasons, some life insurance companies will completely deny coverage to those who smoke marijuana. While most insurance companies do not test applicants for marijuana before providing coverage, keep in mind they do have the right to test for drugs after your death. Therefore, if your blood shows that you have marijuana in your system and you did not disclose your usage in your application, your dependents may not receive your life insurance benefit. As such, you should be sure to disclose this information on your application if you are asked.
While some insurance companies will not provide life insurance for marijuana smokers, you don’t have to worry about getting into legal trouble when you disclose this information on your application. This is because your disclosure is kept confidential under HIPAA laws. Furthermore, just because you are a marijuana smoker, it does not guarantee you will be denied coverage. In fact, many companies do provide life insurance for marijuana smokers, though they may charge a higher rate to those who choose to smoke pot. In some cases, life insurance companies treat marijuana smokers in the same way as cigarette smokers. This is particularly true of marijuana smokers who smoke on a regular basis. In some rare cases, life insurance companies will still give their best non-smoker rates to those who only smoke marijuana a couple times per year.
In the case of those who smoke marijuana for medical reasons, the underlying medical condition is often more of a concern than the marijuana itself. This is particularly true of those who smoke marijuana for cancer.
If you are concerned that your marijuana usage will have a significant impact on your rates or if you simply are not comfortable with disclosing your marijuana usage despite HIPAA laws, you might want to consider purchasing no medical term life insurance policy. Although guaranteed term life insurance coverage is more costly than traditional coverage, you do not have to undergo a medical examination and you do not have to provide medical information in order to qualify for this coverage. No matter your condition, you are guaranteed coverage with this type of policy.