The Effects Of Cannabis Use On Life Insurance

Cannabis use is not without controversy. The plant has been shown to have negative effects on the body, but a study in 2013 also showed that cannabis might be helpful for people with Alzheimer’s Disease and other memory-related problems. Many people have a lot of misconceptions about the effects cannabis use has on life insurance. Some are under the impression that if they smoke weed, their rates will skyrocket, while others believe it doesn’t affect them. Also, most people are curious to know how health insurance companies know if you smoke. 

Well, there are various aspects of the companies that help them recognize such habits easily. In truth, there is no evidence to suggest that cannabis use can cause an increase in your life insurance premiums, and some studies even show that it may lower the cost! This post will explore some of the potential side-effects of using cannabis and how life insurance companies take these factors into account when you apply for coverage.

How Do Insurance Companies View Cannabis Use?

Cannabis use is typically graded on a sliding scale. If an individual test positive for marijuana, they will be flagged as having consumed the drug. This could affect their insurance premiums or lead to the cancellation of coverage altogether.

Depending on how many times this happens and what kind of substance was found in their system, it can also impact other aspects of their life regulated by the state, such as getting a driver’s license or being eligible for any federally funded financial aid.

You could even use CBD oil to reduce your marijuana addiction. Well, if you wonder, does medicare cover CBD oil? Then you should know that they don’t cover it as the FDA doesn’t approve it.

What Amount Of Cannabis Would You Require To Meet The Needs For Non-Smoker Rates?

The needs for non-smoker rates are around $100,000 to cover the cost of a funeral and final expenses. To meet this amount with cannabis would require at least six ounces (or 175 grams). This is equivalent to approximately fifteen joints that weigh about one gram each. The costs will vary depending on your location as well.

In the state of Texas, the average price per gram is around $30. The effects of cannabis use on life insurance will vary depending on how much you smoke and your location. For those looking for lower rates, it would be best to not consume any amount of cannabis at all while they’re younger, and then when they are older, they could get a life insurance policy that doesn’t require them to be 100% drug-free.

Does It Matter Whether You Use Medicinal Or Recreational Cannabis?

No, any use of cannabis will result in disqualification. However, suppose you are using it for medicinal purposes. A doctor confirms that your condition requires treatment with medical marijuana to relieve symptoms or side effects from another chronic disease like cancer.

In that case, this is something we can work with. You will have to give proof of diagnosis, which can be in the form of a prescription or medical records.

Can You Get Life Insurance After You’ve Been Declined For Using Marijuana?

Yes, you can get life insurance after being declined for using marijuana. Some options will allow a person to be still approved for coverage, but they may have to work harder and pay more to find an insurer who is willing to offer them the policy. The type of agency or company that people use when searching for their new plan also has a lot of influence on whether or not they’ll be able to qualify. A high-risk carrier might turn down someone due solely because cannabis was found during the screening process. 

You’ll need to demonstrate that you can stay clean for quite some time before we give the thumbs up again, and you’re eligible for life insurance rates based on your new status. You could request coverage when your doctor confirms that marijuana use isn’t necessary anymore or if it is medically advisable for you to stop using it.

Which Life Insurance Policy Is Perfect For Cannabis Users?

Term life policies have the lowest monthly premiums and annual fees, making them an affordable option for most people and a good choice for cannabis users who want inexpensive life insurance. A term life policy does not accumulate cash value or have any investment components, so it is most appropriate for young and healthy people who need coverage that will last only a few decades until retirement age.

Wrapping Up On Cannabis Effects On Life Insurance

The cannabis use and life insurance debate is a complicated one. On the surface, it seems that if you smoke weed, then your rates will be higher than someone who doesn’t, but there are many factors to consider before drawing any conclusions. It is important to note that life insurance companies often use several factors besides cannabis usage when determining rates and premiums. 

These other variables include drinking or smoking habits, weight, age, family history, and even occupation. All things being equal, it does seem as if cannabis users are paying more than non-users.