STATEN ISLAND, N.Y. – Certain medical and mental health conditions, occupations, age and even your driving record can be reasons for a life insurance company to deny coverage.
Another factor? Certain lifestyle choices – including smoking weed.
According to Insure.com, because weed is illegal at the federal level, many life insurance companies consider weed smokers as high risk and may charge you a high premium.
Some insurance companies may offer competitive rates to weed smokers as more and more states legalize recreational weed, while others may still see you as a liability and deny your coverage.
Insure.com said one factor is whether you smoke weed medically or recreationally, how often you consume weed, and how you consume it – whether you smoke it, vape or consume edibles.
If you use weed medicinally, the health condition you’re using it for – because insurance companies consider your health when determining approval, denial and rates — could also have an impact.
While some insurance companies will only ask if you smoke during your application process, other insurance companies require a medical exam and a drug test, which screens for weed.
However, if you have an existing life insurance policy and then you begin smoking weed, the insurance company cannot cancel your policy or change your rates because of use.
If you lie about your weed use – or any lifestyle or health information – on your application, it can be rejected, canceled at a later time, and is considered insurance fraud, according to Insure.com.
While weed smokers still have a chance of getting life insurance, it’s much harder for workers in the weed industry, Insure.com reported.
“If you work in the cannabis industry, most insurance companies will reject your life insurance application, regardless of where you live and work. While marijuana is legal on some level in a majority of the U.S., it is not legal federally, which prevents most insurers from offering policies to workers in the cannabis industry — anyone in any illegal occupation will see their application denied,” the report said.
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