If you are thinking of applying for life insurance, you may be wondering if marijuana use will impact your application.
When you apply for life insurance, you are asked a series of medical questions going back 10 years head to toe. The company will determine your risk and then categorize you to determine your rate. You could come back anywhere from preferred plus (best) all the way down to standard or rated.
In addition to medical history, there are questions about drug use. If you are a marijuana user, they will likely ask you follow up questions. How much do you use? How often? Which types? Smoked or edibles? Depending on your answers, they will rate you accordingly.
If you smoke marijuana, they will likely come back with smoker rates which are at least 30% more expensive than nonsmoker rates.
If you are using edibles, they will likely come back at nonsmoker rates but may not allow you in the best category depending on frequency.
Some companies such as Symetra may not downgrade your rate for marijuana use. This is for people who occasionally use. Super Preferred Non-Nicotine rates are available for applicants older than age 27 and are occasional users.
For more information about life insurance and marijuana use or to request a quote, contact Set for Life Insurance today!