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Yes. Many top life insurance companies insure cannabis users, but they tend to be cautious about coverage. Insurers care about how frequently you smoke and whether you use cannabis for an underlying health problem, which may indicate a more serious risk than casual cannabis use.
As the legal framework for the drug evolves, so will marijuana life insurance underwriting.
Marijuana use falls into two main categories, and insurers will assess how often you use the drug and what you use it for when deciding whether to cover you. Like tobacco, the more you use it, the riskier you’ll be in the eyes of the insurer.
Medical cannabis use is likely to be scrutinized for what it’s treating. If it’s used for chronic medical conditions including long-term pain, anxiety and Crohn’s Disease, coverage is determined based on your conditions, rather than the use of cannabis to treat them. Those who use it medically are less likely to be classified as smokers.
Recreational cannabis use could classify you as a smoker if you use it often. Underwriters consider the frequency — the more you smoke cannabis, the more likely an insurer will consider you a smoker.
You can improve your chances of approval and potentially cut your premiums by doing the following:
The life insurance industry has eased up on marijuana use in recent years as states across the country have legalized or decriminalized it.
Marijuana use is one factor insurers will look at when assessing your premiums. How much weight it carries comes down to the insurer, as well as your overall risk profile. One insurer may classify the use of more than once a week with smoker rates, while another may approve up to two times a week as a nonsmoker.
Here are a few ways using cannabis may affect your premiums:
Yes, most life insurers will require you to note any use of products containing THC on your application, even if you don’t smoke it. Life insurers still consider any marijuana consumption a slight risk, but you might see lower rates than smokers.
While applications are assessed on a case-by-case basis, these insurers are known to have more relaxed underwriting standards for marijuana users:
Use of cannabis won’t get your application dismissed out of hand with several providers. Make the effort to compare insurers carefully to get the best premiums and reduce the chance of being considered a smoker. You may not be able to get a nonsmoker rate, but that doesn’t mean you’ll be denied altogether.
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