Cannabis Life Insurance FAQ’s

Cannabis use is becoming more accepted and legalized in many states, and as a result, more people are wondering how it affects their life insurance policies. Here are some frequently asked questions about cannabis use and life insurance.

Do I have to disclose my cannabis use on my life insurance application?

YES!   You should disclose any cannabis use on your life insurance application. If you fail to disclose this information, it could result in a denied claim later on. Be honest about the frequency and method of your cannabis use, as this information is important for the underwriting process.   Times are changing and some carriers underwrite cannabis use differently and won’t negatively affect your monthly premium.  The end goal is to protect your family’s future… there’s no need to lie on an application any longer.

Will my cannabis use affect my life insurance rates?

It depends on the frequency and method of your cannabis use. If you use cannabis infrequently, your rates may not be affected. However, if you are a frequent user or have a history of substance abuse, you may be classified as a higher risk and have higher rates like a tobacco user.  Your rates will also depend on the type of life insurance policy you choose.

Can I get life insurance if I use cannabis medically?

Yes, you can still get life insurance if you use cannabis medically. Be sure to disclose your medical use on your application and provide any necessary documentation from your doctor. Your rates will be mostly affected by the condition you’re medicating with cannabis.

How do I find life insurance that covers cannabis use?

There are life insurance companies that specialize in providing coverage for cannabis users. You can also work with an independent insurance agent who can help you find the best coverage for your needs. When looking for coverage, be sure to ask about the company’s policies on cannabis use and if they have any restrictions or limitations.  Working with a broker that represent multiple carriers may be best for you.