I never thought I’d be writing a blog post like this, but with the “holiday” (April 20th, or 4/20) approaching, it makes sense to talk about how smoking marijuana can and will affect your life insurance rates.
Fact is, most companies will still consider you insurable if you like to indulge, whether it be recreationally or medically. However, those companies will most likely put you in the “smoker” or “tobacco” classes, which have rates as much as 4 times those assigned to otherwise healthy non-smokers. Of course, your rate also depends on other factors like your health and lifestyle.
There are a select few companies who will give you a non-smoker, preferred rate if you only use marijuana 1-2 times a month. There’s no way the average consumer would know which companies treat marijuana smokers favorably; that’s why comparison shopping and using a smart quote tool is so important.
Like with any health condition or lifestyle choice, it’s imperative that you’re 100% honest and forthcoming on your application. If you’re not, and they find your THC (the active chemical in marijuana) levels elevated, your whole policy can and probably will be rescinded, or voided. Even worse, if you die, and they found out you smoked, vaped, ate, or consumed marijuana in any way, your death benefit will NOT be paid.
You should know that if you use cocaine, heroin, methamphetamine, or any unauthorized prescription drugs, you WILL be denied coverage. Also, if you have been arrested for selling or possessing marijuana, you will most likely be denied coverage.
It’s probably a good idea to stop smoking for a week or two before you get your medical exam. For more tips to help you get the best exam results, check out this blog post.
All life insurance companies are different and they will quote differently. That’s why it’s ideal to shop the market. At AccuQuote, we do this for you!
Update: Check out our new post on how marijuana use affects your life insurance rates.