Will my Marijuana Use Prevent Me From Getting Life Insurance in 2013?

The following is a guest post. 

In today’s life insurance market, marijuana use – honestly conveyed on an application – often won’t be grounds for rejection; in fact, a select few insurance companies won’t even raise your premiums, at all. Most, however, will insure you as a smoker – which, of course, doesn’t make a lot of sense, but just give it time – they’re coming around, slowly but surely.

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Why are they coming around? Because smoking has never really been deemed healthy, by anyone’s standards… ever; while marijuana on the other hand has been scientifically proven to assist medically. Which is why 18 of the 50 states in America now allow medicinal marijuana usage by law – with another 11 states currently pending their own legislation to do the same, which would bring the percentage up to over half of the United States. Visit Suncorp today to learn more about getting your own coverage.

States that have legalized medicinal marijuana include: Alaska, Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New Mexico, Oregon, Rhode Island, Vermont, Washington, and also Washington D.C.

With this kind of legislation and laws making the rounds, life insurance companies are reevaluating how they categorize marijuana usage, because if it’s medically good for you, and legal, how can they lump it in with something like smoking or chewing tobacco?

If you’re currently a medicinal marijuana user and want to know what to expect when you apply for life insurance, you’re going to run into three different scenarios, usually:

1)     Rejection: This insurance company isn’t hip with the times just yet.

2)     Smoker Rates: This insurance company doesn’t mind if you smoke marijuana, but they aren’t sold yet on its positive attributes.

3)     Inclusion: This insurance company has incorporated marijuana usage into their policy in the fairest way that they see fit, given the current status of marijuana usage, and has either made it contingency-free or has limited requirements for fair premiums.

How do I Find the Best Insurance Company if I’m a Marijuana User?

You’ll want to do your research, and consider contacting an insurance specialist that knows the industry like the back of their hand. Marijuana usage is so prevalent in today’s society that any insurance agent that’s been in the game for even the last five years will know exactly which insurance companies you should apply to and which ones you shouldn’t bother with at all.

Here’s a small sampling of what life insurance companies currently offer when it comes to marijuana usage for you to get an idea:

  • AMERICAN GENERAL
    • (2) uses per month qualifies for non-smoker status
    • (3) uses, or more, qualifies for smoker status
    • Preferred Best Rates available for (2) uses, or less, per year
    • COLUMBUS LIFE
      • Intermittent usage qualifies for smoker status
        • Applicant must be 25+ years old
        • Usage can be medicinal or recreational
  • Heavy usage will be declined
  • FIDELITY
    • Recreational Use
      • Usage within last (12) months qualifies for smoker status
      • Usage more than (12) months ago qualifies for non-smoker status
  • Medicinal Use
    • Usage within last (12) months qualifies for sub-standard smoker status
    • Usage more than (12) months ago qualifies for non-smoker status
    • GENWORTH FINANCIAL
      • (8) uses per month qualifies for smoker status
      • (9) uses, or more, per month qualifies for sub-standard smoker rates
      • Applies for Recreational or Medicinal
      • LINCOLN BENEFIT
        • Recreational Use
          • Qualifies for smoker status
  • Medicinal Use
    • With medical documentation of prescription, non-smoker status
    • LINCOLN NATIONAL
      • (2) uses per week qualifies for non-smoker status
      • (3-4) uses per week qualifies for sub-standard Table B smoker status
      • (5) uses, or more, per week is declined
      • MET LIFE
        • (1) use per week qualifies for Preferred Plus Non-Smoker status
        • (2) uses, or more, per week qualifies for Smoker status
        • Daily use may still qualify for Table 4 rating
        • Heavier usage will be declined
        • PRUDENTIAL FINANCIAL
          • (2) uses per month qualifies for Standard Plus Non-Smoker status
            • Contingent upon testing negative, monthly, for THC
  • (4) uses per week, or positive THC results, qualifies for Table B Smoker status
  • (5) uses, or more, per week will be declined

 

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