With just about half of America's states legalizing marijuana use for medicinal purposes, insurance carriers have changed their underwriting approach for these types of cases.
With the changing times comes a big gray area and a lot of misconceptions. Here are four of them.
Misconception No 1: Marijuana users cannot qualify for life insurance.
Here's the truth:
More and more insurance companies are loosening up their guidelines relating to marijuana usage. In fact, most insurance companies will approve an individual who uses marijuana, depending on how much they use, as well as other risk factors. Not to mention, insurance carriers don't view marijuana the same as they do other drugs such as cocain, methamphetamines or heroin (which result in an automatic declines).
Misconception No 2: Marijuana users will be approved at smoker rates.
Here's the truth:
This might have been true in the past, but luckily times have changed. Every insurance company views their risk differently, and underwrites every single case individually. Currently, there are insurance carriers that will approve a marijuana user at non-smoker rates (assuming they don't also smoke cigarettes and there are no other major risk factors involved).
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