The national attitude toward marijuana is changing. Some states have legalized weed, others have it on their docket for 2017, and you can even invest in cannabis stock. Finding the best life insurance companies for marijuana users is important too.
But where does that leave life insurance for marijuana users?
Marijuana’s legality is still hazy, and so are the guidelines that carriers use to rate applicants who use marijuana. Insurance carriers set policy premium rates – the amount you’ll pay every month – largely based on your health. The worse your health, the more you pay. Obviously they take smoking status and drug use into account, and that’s where marijuana can complicate things.
- Tobacco smokers pay more for policies than non-smokers. Marijuana users will often get non-smoker rate with carriers…except for times when they won’t.
- Medical marijuana use can result in higher rates than recreational use because it can be indicative of an underlying medical condition.
- Individual carriers have interesting quirks: John Hancock considers marijuana drug use and likely won’t get you competitive rates. Global Atlantic will automatically…