Finding the Lowest Life Insurance Rates for Marijuana Users
If you are a Marijuana smoker and are interested in applying for low cost term life insurance, this article is for you. I will explain how smoking Marijuana will affect your premiums and your acceptance by the insurance industry. Years ago the life insurance companies did not hold a liberal view as they do now.
Where at one time you could have been flat out declined, you can now purchase life insurance with little change in premium and your application can be easily approved. Keep in mind that way back in the 1960s the procession of a small quantity of Marijuana could put you in a prison cell for a simple first offence. The legal system and the insurance industry now have a totally different outlook on smoking Pot.
The insurance companies first question is what is your specific use of Marijuana and how many times do you use it per week.
As a rule of thumb, smoking Marijuana will not prevent you from purchasing life insurance. If you spend several hours a day smoking Pot to the tune of seven days a week than yes, this could be a problem. Heavy recreational use of Pot could raise a flag and the insurance company may take a pass. This heavy use could lead to lung and respiratory conditions similar to cigarette smoking. Most people by far that are casual users will not have a problem. It is still vital for us to shop the market for you to see who would be the most cost effective company to apply with.
For most people by far, life insurance will be obtainable with no problem. The same thing holds true for consuming alcohol. If you don’t pound down a large volume of booze or beer you can purchase life insurance without a problem. This is pretty much just common sense.
Here are some commons questions that I receive from many Marijuana users.
Can recreational Marijuana users qualify to buy life insurance?
Here is the Answer:
Yes, most definitely because the life insurance companies are changing their guidelines relating to marijuana use. The majority of the insurance companies will approve an individual who uses marijuana as well as the other factors that have to be taken into consideration such as your health history, height & weight and any hazardous jobs or sports just for example.
This revolves around the simple fact that Marijuana is not viewed along with the chemical type drugs such as Cocaine, Heroin, LSD, PCP and Methamphetamines along with many other illegal narcotics.
Years ago smoking Pot was considered a major event and could result in jail time if arrested. That is now a thing of the past and many states just inflict a small fine and no arrest at all if a person is found to have less than an ounce of Marijuana on his or her person.
Are Pot smokers approved in a “smoker rate” classification due to the fact Marijuana use is a form of smoking?
Here is the answer:
Traditionally in the past, life insurance companies would automatically consider approving Marijuana users in a “smoker” rate class because this was actually a form of smoking just like a cigarette or cigar smoker would be. Even though this was a common practice years ago the underwriting has changed to the extremes.
The majority of companies will classify a Pot smoker as a non-smoker as long as he or she does not also use tobacco at the same time when the application is completed. Just as with everything else, life insurance companies underwrite their applications differently than another company would.
Will Informing an insurance company of Marijuana use allow the insurance company to contact law enforcement?
Here is the Answer:
Absolutely not, the reason being is that the federal law known as the HIPAA act will make it illegal for the life insurance company to ever release your applications information to anyone. Your lab test results such as blood, urine and saliva tests are held in strict confidence.
Your information is never ever released to any branch of the government or law enforcement. To put it bluntly, insurance companies are in business to sell insurance and not “blow the whistle” on their applicants.
Is it better to just conceal the fact I use Marijuana and hope the insurance company never finds out about it?
Here is the answer.
Absolutely not, you never want to conceal any information that is asked of you on a life insurance application. The life insurance companies will definitely know if you use Marijuana because of your test results for blood and urine. If you lie on your application the life insurance company can decline your application.
When this happens any other life insurance company you apply with at this point with see on their central computer that you applied with a specific company and your application was declined. This will raise a flag right away. Always tell the truth!
The bottom line is if you are interested in applying for life insurance and you use Marijuana, go ahead and apply just as you normally would. Smoking Marijuana is so common today you have nothing to worry about especially in these modern times.
If your use of Marijuana is for medical purposes, that can be a different story all together.
One of our favorite companies is the well-known Prudential Insurance Company from New York. Prudential can actually offer you a life insurance policy without a smoker’s rate or and even go as far as offering you Super Preferred rates if your health history is very good. Now keep in mind that this is for the medical use of smoking Marijuana. We will take a look at the pleasure use of Pot and its effect on purchasing life insurance below.
Throughout the years we did research on what life insurance companies give the most favorable decisions for a Marijuana users.
MetLife: The New York giant MetLife will come back with a Super Preferred Non-Smoker rate if you smoke less than 1 week. If you exceed the specified limit of smoking Pot, your rates would convert to smoker’s rates which can easily double or triple your life insurance premiums.
Transamerica: The Transamerica insurance company would normally come back with a smoker’s rate which is a common underwriting decision.
Mutual of Omaha: The well know Mutual of Omaha company will usually come back with a Non-Smokers rate if you smoke reefer no more than once a week. Anything over once a week would trigger a smoker’s rate.
Prudential: The Prudential company which is a top contender for use with a Medical Marijuana user which would allow you to smoke Pot twice a month to receive a standard plus non-smoker rating. Using Pot over the 2 time per month limit would change to table B or C non-smoker rating which is still an excellent rate to receive.
Minnesota Life: The well-known Minnesota Life from you guessed it, Minnesota, will offer you Preferred non-smoker’s rates. If the chemical THC is found in your lab results the rate class would change to Smoker rate table 3 or 4.
The usual step by step underwriting considerations remain the same when a person applies for life insurance for Marijuana smokers.
Always remember that your overall health history still is the most important factor on any life insurance application along with any hazardous sports or occupations. The use of Marijuana is just another rating factor on an application along with everything else which is taken into consideration on a conventional life insurance application for low cost term life insurance.
We work with over 40 life insurance companies so finding the company with the most favorable underwriting decision is not going to be a problem. We pre-screen many of our applicants before we have them actually apply to eliminate any surprises when the underwriting process is finally completed.
Anything used in moderation is usually not going to represent a problem and this holds true for Marijuana.
If a person is a heavy Pot smoker, the Pot can represent the same lung, heart and respiratory medical conditions as a heavy cigarette smoker which could lead to lung Cancer, Emphysema or COPD. Just because you smoke Marijuana, that certainly does not mean you can’t have the same medical conditions as a tobacco user. The Marijuana deposits its residue in the lungs which can come back one day as a major life threatening disease.
You also have to remember that Pot smoker’s do not use a filter like a cigarette user usually does. This is very similar to smoking the old cigarette brands such as Camel, Lucky Strike, Pall Mall or Chesterfield cigarettes without filters which was a standard practice years ago.
If you are interested in purchasing life insurance for Marijuana smokers and want the lowest rates possible, give us a call and we will answer all your questions with no cost or obligation. Our job is helping you find the best term life insurance with the absolute lowest rates. Nobody wants to pay any more than they have to for insurance products and that includes myself. We always provide the very best choice of the most trusted life insurance companies on the market.
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