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 insurance companies, 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 offer non-smoker rates and possibly favorable rates to marijuana users, depending on how often they smoke. 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. A free medical exam is required as part of the application process. If THC is found in your system and you opted not to disclose your pot use on the application, coverage will likely be denied. Note, 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 want your medical records, and if those records indicate 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 determine whether your beneficiaries get paid. The last thing you want is for a claim down the road to be denied because your undisclosed use of marijuana was later discovered during the “contestable period”, leaving your family without coverage.

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.