Life Insurance for Marijuana Users
Can you use marijuana and still buy life insurance? Here’s what you need to know to protect your family financially.
Can I Buy Life Insurance If I Use Marijuana?
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:
- Usage frequency: How many times per month you smoke or ingest marijuana? Insurers will also typically ask if you’re using it recreationally or medically.
- The type of use: Insurers will consider how you use marijuana or CBD, including smoking; vaporizing; eating; or taking it in pill, liquid, or oral form.
- Legality: Do you have a medical card or live in a state where marijuana is legal? Criminal behavior can make you ineligible for coverage.
- Your driving record: Companies tend to look at arrests, DUIs, and DWIs as part of the approval process, especially any that happened while you were under the influence of marijuana.
- Lifestyle choices: Insurers will ask whether you use other drugs or alcohol, or smoke tobacco. If you only use marijuana, but not tobacco, you may qualify for non-smoker rates.
- Health issues: Any medical conditions you have, regardless of whether you’re using marijuana to treat them, can affect your rates and eligibility.
- Age and employment status: The younger you are, the more affordable your rates will be. Insurers will also want to determine if marijuana is interfering with your ability to hold a job.
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.
The Best Life Insurance for Marijuana Users
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.
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Life Insurance Quotes Through eFinancial
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 866-388-3996800-957-9525 to talk with one of our agents.