Whether you’re a cannabis user or not, there’s no denying the importance of having access to an adequate life insurance plan. In the case of an unfortunate tragedy, many people opt to obtain life insurance in order to protect their family and investments. While the insurance industry was quite strict about covering cannabis users in the past, the growing legalization movement has forced these insurance companies to lighten up their once restrictive policies.
While health insurance companies in Canada have already caught up with the times, the United States is surely lacking in that particular field. But believe it or not, the life insurance landscape is much more accommodating to cannabis users than you might expect. The independent broker Simple Life Insure recently shared all the information that cannabis users looking for a life insurance policy. Luckily, most of the news is good news.
For starters, cannabis users in the US can be approved for life insurance without much of a hassle. However, the main concern to insurance underwriters isn’t cannabis, it’s the THC. If a test happens to show the presence of THC, some insurers might consider this as an equivalent to cigarette smoke, which could lead to similarly expensive smoker rates and high premiums. Even if the person in question is a medicinal cannabis user, most insurance companies will want to know what condition you have and why cannabis was prescribed to treat it.
Although most cannabis users should have little trouble finding life insurance, it’s also important to note that these companies will likely carry out blood or urine tests to check the applicant’s health. Still, traces of THC won’t disqualify the applicant, but will likely lead to those higher rates found with cigarette smokers. Even having a prescription for cannabis can make it more expensive to obtain life insurance, but this is heavily dependent on the severity of the specific medical condition.
Last but not least, Simple Life Insure highly recommends that you tell the truth about your cannabis use. While some life insurance companies might deny you or group you with cigarette smokers, there are a number of ways to ensure you get the right plan for you and your family. To help with this, Simple Life Insure created a handy colorful infographic with everything you need to know about getting life insurance as a cannabis user.