Daily Marijuana Use and Life Insurance
Marijuana legalization has swept the country over the past decade. Recreational usage is now legal in 23 states and the District of Columbia, medical marijuana is currently legal in 38 states.
Even with the prevalence of cannabis use in United States today, life insurance companies are still cautious in their underwriting of daily marijuana users. This is due to the fact that the long term effects of daily marijuana use are still largely unknown. Another obstacle life insurance companies face underwriting cannabis users is the fact the marijuana is still not legal on a federal level.
Fortunately, there are several top U.S. life insurance companies currently accepting daily marijuana users and at a non-tobacco rate. This is great news for those that use marijuana on a daily basis and are looking to secure a term life insurance policy from a trusted insurer.
Daily Marijuana Users & Life Insurance
Daily marijuana users are now eligible for a term life insurance policy coverage from $50k to $50 million, 10, 15, 20, 25 and 30 year terms available.
There are two top life insurance companies that allow daily marijuana users a chance to secure a term life insurance and at a non-tobacco rate.
Life Insurance for Daily Marijuana Users
Below are the Pros and Cons for the life insurance companies that offer life insurance coverage for daily marijuana users to be eligible for a non-tobacco rate.
There are now two highly rated legacy life insurance companies that allow daily marijuana users a chance to secure traditional life insurance. Life insurance company #1: Allows daily marijuana usege up to 2x a daily to be eligible for $100k to $50 million in coverage at some of the best rates in the nation. Life insurance comapny #2: Allows unlimited daily marijuana use to qualify for a non-tobacco rate up to $500k. With both insurers, all terms available: 10, 15, 20 and 30 years.
Important Tip - Be Honest:
Life insurance policies have a two-year contestability clause which means the life insurance has the right to monitor and contest the life insurance policy in the first two-years of the policy effective date if the applicant was not honest on the application (material misrepresentation). Also, life insurance companies will not pay out if suicide occurs in the first two-years of the policy. Be honest on your application so you will have the peace of mind your beneficiaries will be protected should the unexpected occur.
Daily Marijuana Users Life Insurance Sample Rates by Age Chart
Below are the sample monthly rates from one of the largest life insurance companies in the country for a $1 million 20 year level (fixed) term that uses marijuana twice daily (no-cigarette usage in over year).
*Rates for a male, D.O.B. 8/1 with an A (Excellent) rated insurer.
BRIAN mCHAle-life insurance broker
Fortuntley, two top life insurance companies have stepped up to the plate and are now accepting daily marijuana users. Another positive is if you use marijuana 2x a day or less, you may be eligible for a non-tobacco rate up to $50 million in coverage. For those that use marijuana more than 2x daily, the coverage is going to be capped at $500k.
There are two highly rated life insurance companies in the United States that allow daily marijuana use. Both companies have been in business more than 100 years, are Excellent rated by A.M. Best and never failed to pay out a valid claim.
The first insurer (one of the largest insurers in America) allows daily marijuana use up to 2x day to be eligible for a non-tobacco rate and policies of $100k to $50 million in coverage at a Standard non-tobacco rate. The second life insurance allows for unlimited daily marijuana use for a Standard non-tobacco rate for coverage up to $500k. With both carriers, all term lengths are available.
Frequently Asked Questions
I smoke marijuana every day, do I qualify for term life insurance?
Yes, there are two highly rated life insurance companies that allow daily marijuana use.
I use marijuana daily but don’t smoke cigarettes. Am I eligible for a non-tobacco rate?
Yes, there are several top rated life insurance companies that now offer non-tobacco rates as long as their hasn’t been any cigarette usage in the last 12 months.
How much do daily marijuana users pay for life insurance?
The rates for daily marijuana users range from $15 month to for a 40-year old $100k 10 year term policy up to $741 month for a 60 year old $1 million 20 year term policy.
*Eligibility for all policies are contingent on underwriting and approval from the life insurance company.
If you are looking for the best life insurance rates and you use marijuana daily, please reach out and we’ll go over your options and shop to find you the best rates. Contact us online – or call us at: 888-676-5429.