It’s easy to get confused about whether you should disclose cannabis use to a life insurer. Possessing cannabis—a schedule 1 drug—is a federal offense, and yet it’s legal in many states. Will your insurer tattle on you to the government for using it? Will your insurance get denied?
First off, insurers aren’t looking to put potential customers in jail, so you don’t worry about that. In fact, if you aren’t smoking up every other hour and you don’t have marijuana-related DUIs, getting a life insurance policy as a cannabis user will be easier than you might think, if a bit more expensive.
Don’t lie about cannabis usage
As part of the life insurance underwriting process, you’re often required to take a medical exam. Along with your medical history, your current health determines a health classification that will affect how much you pay for insurance premiums. It’s tempting to lie, but remember that THC can be detectable in your blood or your urine for days or weeks.
As well, some companies will rate you more favorably if you disclose your cannabis use but don’t test positive for THC in the exam, so abstaining for at least a month beforehand is a good idea. (You should also avoid the use of CBD oils, as they might produce a positive marijuana result in drug tests).
Moreover the biggest reason you don’t want to lie is that an insurer can access your medical records, prescription history and driving record. It’s easy for them to catch you in a lie at any point in your policy, and as a result, they can raise your premiums, cancel your insurance or even contest your payout after you die. Worse yet, if you are denied life insurance for lying on your application, that information is shared with other insurers through something called the Medical Information Bureau (MIB).
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Shopping around
Companies vary on their policies for cannabis usage based on your frequency of use, ranging from rare (like twice a year) to daily. For some, recreational cannabis smoking of any kind can get you designated a “smoker,” and those policies can be 200% more expensive than nonsmoker rates, according to Policygenius. Others are much more lenient however, and allow for near-daily usage without classifying you as a smoker. Your best bet is to shop around.
According to QuickQuote, the average life insurance rates for a smoker are $83 per month or $992 per year. They also have a good breakdown of what kinds of policies are available and how they vary.
Other factors can affect your premiums:
Cannabis inhaled or ingested? You might get a discount by not smoking.Medicinal use: Your rate might vary depending on the underlying condition. Your age: Some policies allow for recreational use only after a certain age, like 25.Generally, having a cannabis-related DUI on your record is… not good.The bottom line
Not all life insurers will cover you if you use cannabis, but you can probably find one that does. While factors vary, you’ll always get the best rates if you stay in good health and don’t smoke often.
