Getting Life Insurance If You Use Marijuana

With cannabis legal in 33 States in one form or another, one issue that has come to the forefront is the impact of recreational marijuana use on obtaining Life insurance. Indeed this issue is evolving and a gray area for life insurers, with many still cautious about marijuana use — regardless of whether or not it’s legal in your State. But this doesn’t mean you cannot obtain a policy. Times have changed, and there are several insurance companies that insure marijuana smokers. At Owens Group, we can help you find a fit for your protection needs.

Some insurers, for example, may provide coverage if you are a marijuana user and assign tobacco smoker rates to your premiums, which are more expensive than non-smoker rates. Still other insurers may give non-smoker rates and even favorable rates to marijuana users, depending on frequency of use. In fact, how often recreational users smoke pot is a key question that life insurers will pose. There are carriers that will also rate a policy based on how marijuana is consumed, for instance, whether you inhale or eat the product (edibles).

Honesty for the Best Policy

In applying for Life insurance, it’s important to provide full disclosure of your marijuana use on the application. You’ll have to take a free medical exam as part of the application process. If THC is found in your system and you didn’t disclose your pot use on the application, it will likely be denied. Be aware that THC shows up in a blood test for anywhere between three and 14 days after marijuana use and is detectable in urine for up to a month, depending on frequency of use.

In addition, a Life insurance underwriter may request your medical records, and if there is mention in those records of marijuana use and you neglected to disclose it on the application, again the carrier may deny your application.  Also, failure to disclose your usage might affect whether your beneficiaries get paid. The last thing you want is for a future claim to be denied because your undisclosed use of marijuana was discovered during the contestable period, leaving your family unprotected.

There are many variables involved with marijuana use and applying for Life insurance. Our professionals are ready to help walk you through what’s involved and weed out the insurers that will provide you with a policy. Call Bob Owens at 201-408-3500, or Denise Kligman at 201-408-3501.