Life insurance for marijuana users
Key takeaways
- Laws and regulations around marijuana are changing rapidly at the state level, and this may impact insurance policies and rates for marijuana users.
- Recreational and medicinal use of marijuana can impact your premiums, but potentially less than you might think.
- Answering questions honestly about marijuana use is critical to getting—and keeping—the right coverage.
Can someone who uses marijuana get life insurance?
Do you smoke, vape, ingest or otherwise partake in marijuana on an occasional or daily basis, for recreational or medical use? If so, you might worry about how this will affect your ability to get life insurance.
As marijuana use becomes legalized and more commonplace, many insurance companies are looking at marijuana users differently.
What types of insurance are available for marijuana users?
Both term and permanent life insurance policies are often available to current or former marijuana users.
Many people who use marijuana can now honestly reply to their applications and gain approval for a life insurance policy. In some cases, there might be a higher premium–but this is often predicated more on the risk of smoking of any kind.
If you don’t use to excess, don’t have any arrests for marijuana-related DUIs, don’t have underlying health issues prompting marijuana usage, and don’t also smoke, you may find getting a life insurance policy is easier than you thought.
You could get approved for basic life insurance policies commonly sold to individuals, with only a negligible premium bump. If you can’t be approved based on your results from a medical exam, there are no-exam policies that may work for your needs.
Basic life insurance policies that may be available to marijuana users
Term Life
This type of policy has a level (or unchanging) premium with a term length anywhere from 10 to 30 years. A guaranteed death benefit pays out if you pass away during that term, but expires if the term ends and you are still living. You’ll have to undergo a medical exam to obtain this type of insurance, and once your term ends. Your marijuana use will factor in your insurability and premium costs. However, depending on your state laws and your habits, you may still qualify for term life. Once your term expires, you’ll have to have another exam and be quoted a new premium if you want term life insurance. The new policy will take into account your new age and any new health issues.
Explore Fidelity Life’s term life options.
Whole Life
This type of policy is a cash value policy, which means it both provides for a death benefit and accrues value that can be borrowed against or withdrawn to pay for unexpected expenses. The premium is higher with a whole life policy, but it also stays level and doesn’t have a set term limit. If you can afford it and qualify based on your marijuana usage, obtaining a policy when you are young and healthy means not have to be reevaluated for health down the line.
Explore Fidelity Life’s whole life options.
If you can’t get approved for term or whole life, don’t fret. You still have options.
No Medical Exam Policies
If you cannot be approved you for term life or whole life based on a medical exam, they may be able to insure you with a no-exam policy.
A simplified issue policy requires a substantial health questionnaire. Explore simplified issue products from Fidelity Life.
A guaranteed issue policy asks only a few health questions. Explore guaranteed issue products from Fidelity Life.
These policies have a low death benefit (averaging around $25,000) and higher premiums than a standard policy but can provide for final expenses in the event of your unexpected death.
Questions you may be asked about marijuana use
- Do you use botanical or synthetic marijuana?
- How many times per month do you use marijuana?
- Have you ever been treated for drug or alcohol abuse?
- Do you use marijuana medicinally for an underlying health condition?
