Medical marijuana has been legalized in a number of states. Several other States have pending legislation to approve the legalization of marijuana for medicinal purposes. Estimates show that over 2 Million Americans use medicinal cannabis. That figure is expected to grow as medicinal use becomes more accepted and legalized in additional States.
While life insurance companies may have similar guidelines on certain health conditions, or what height and weight you need to qualify for the best rate, when it comes to marijuana use - both recreational and medicinal, the differences can be quite vast. One company that takes a more liberal approach is Prudential life insurance. They have the most liberal guidelines on both recreational use and medical marijuana, resulting in a lower rate for life insurance.
While many insurance companies treat marijuana smokers as “smokers” and charge tobacco rates, Prudential does not.
In fact, Prudential only charges cigarette smokers with tobacco rates. As long as you admit on your application to smoking a pipe, cigar, marijuana, or even an electronic cigarette, you can qualify for non-smoker rates with Prudential. This represents a huge savings if you are in any of these categories. Tobacco rates on average can be 2-4 times higher than non smoker rates.
Aside from getting non-smoker rates, you can still qualify for Preferred Best non tobacco for medical marijuana use with Prudential. Prudential’s guidelines are that medical marijuana use is ‘rated for cause’ - meaning that the health rating that Prudential will offer you is based on the medical reason you are using marijuana. For example if you are using marijuana for something fairly inconsequential, such as insomnia, you can get Preferred Best Non Tobacco. However if you are using marijuana due to MS, or Chronic Pain, then Prudential will rate your application just like any other person with similar health who is not using marijuana. Basically Prudential sees medical marijuana as an alternate form of treatment and the condition itself is really what determines your health rating.
Other life insurance companies may weigh heavier penalties in the form of increased rates for medical marijuana use, while also charging you smoker rates. The difference in pricing can be staggering.
If you are using marijuana for medicinal purposes but are in non-medical marijuana approved state, then Prudential, as well as other companies view you as a recreational user. With Prudential you can still get non smoker rates and possible qualify as Standard Non Smoker for recreational use. It is generally helpful to disclose how you get the marijuana and how often you are using it. The more information you provide the more accurate a quote you will get, and likely a better result as far as pricing.
When it comes to medical or recreational marijuana, Prudential is an excellent company to consider. They are also excellent if use tobacco in any other form except cigarettes, as they will give you non smoker rates for pipe,cigar, and chewing tobacco.
You can get a custom quote by filling out the form below or call me if you would like to discuss your specific situation and get the best rates for term life insurance.