Can you use marijuana and still buy life insurance? Here’s what you need to know to protect your family financially.
A life insurance policy offers your family financial protection if something happens to you. After your death, the policy will pay out a lump sum to help your beneficiaries cover day-to-day expenses, debts, your funeral costs, or any other financial needs.
When you apply for life insurance, your health and lifestyle are some of the biggest factors companies consider to determine your eligibility and rates. While marijuana use was once a big no-no for most life insurance companies, there’s been a shift toward acceptance of marijuana and CBD in the past several years, and life insurance companies are working to keep up. That means users can often still get covered, and you may even qualify for the best rates from your insurance company.
If you’re a marijuana user, here are some of the things your insurance company will want to know when you apply:
Each insurance carrier has different rules for marijuana users. It’s best to work with an agent who knows the options and can help you find the right fit for your needs, lifestyle, and budget.
If you’re in generally good health, you may be able to qualify for affordable life insurance rates, even with occasional marijuana use. The most popular options are term life insurance or permanent life insurance policies. Term life offers flexible and affordable short-term coverage, which lasts anywhere from 10 to 30 years. Permanent insurance offers lifelong protection and comes with a cash value component.
When applying for insurance, keep in mind that both term life and permanent life insurance generally require a medical exam to help determine your rates. If you’re using marijuana because of a serious medical condition or have other health issues, a simplified issue or guaranteed issue policy may be worth considering.
That depends on the insurance company and your overall health. If you’re an occasional user who’s otherwise healthy, you should be able to qualify for similar rates to a non-user or non-smoker. A life insurance agent can help you compare life insurance quotes to find the right fit.
Yes. Term life insurance and permanent life insurance typically require a medical exam, which includes a drug test. If you aren’t truthful about your marijuana use on your application and test positive, you could be instantly disqualified. Your insurance company might even report you to the Medical Information Bureau (MIB), which means every carrier would know you lied on your application and could decline to cover you.
Even worse, if you do lie and your application is accepted but the carrier finds out afterward, they can cancel your policy and deny your family’s claim, leaving them unprotected. It’s best to be upfront about your marijuana use so that your agent can help you find the best plan for your needs.
In most cases, yes. The medical exam includes a blood and/or urine test for THC. THC shows up in a blood test three to 14 days after use and in urine for up to a month, depending on how often you use it. Some companies will rate you more favorably if you admit to marijuana use but don’t test positive for THC, so if you’re applying for life insurance, you may want to abstain for a month or so to ensure your urine is clean. Learn more about taking a medical exam here.
At eFinancial, we’re committed to helping individuals, couples, and families across the country find the right life insurance options for their needs. We offer high-quality, affordable options from over 20 top life insurance companies and personalized guidance from our team of life insurance agents.
After you find a plan that best matches your lifestyle and budget, we’ll help you through the approval process so you can get covered as quickly as possible. You’ll never be alone when you buy life insurance through eFinancial.
To learn more, start your free, no-obligation online quote or call 800-957-9525 to talk with one of our agents.
