Marijuana and Life Insurance Companies Have a Conflicting Relationship. While marijuana is now classified as a tobacco product, life insurers are still reluctant to cover its use because it raises insurance premiums. In addition, many insurers will use a “no-benefits” period to assess the risk of false positives.
Life insurance companies test for THC
If you’ve been caught smoking marijuana, it may have a negative impact on your life insurance premiums. Some insurance companies will even refuse coverage to marijuana users. If you’re caught using pot, it’s important to let your insurance agent know right away. Even if you don’t smoke often, a trace amount of THC in your urine or blood can affect your premiums.
Even though the law has legalized marijuana, some insurance companies still require you to submit to a drug test before you can get life insurance. You’ll likely need to pass a medical exam and submit urine and blood samples. During the medical exam, they’ll test for a variety of illegal and legal substances, including marijuana.
Marijuana is classified as a tobacco product
Marijuana is classified as a “tobacco product” because it contains a substance that exacerbates lung disease, called aspergillus. This substance, which is present in small amounts in cannabis, can cause lung disease when inhaled by smokers. However, these effects are rare in healthy people. Additionally, some smoking techniques, such as using “vape-pens” to inhale cannabis, can cause respiratory problems.
It is important to note that the majority of cannabis users also smoke tobacco. This makes it difficult to separate the effects of smoking marijuana from those from tobacco. As a result, a person’s risk of developing cardiovascular disease, lung disease, and malign change is similar to the risk of smoking tobacco.
False positive results can lead to higher premiums
Most life insurance companies require an annual physical for all applicants. However, you should be aware that tests aren’t always accurate. For example, an exam can detect positive results for drugs like amphetamines/methamphetamines, cocaine, opiates, phencyclidine (PCP), barbiturates, and marijuana.
Genetic tests aren’t always reliable. In fact, 40% of direct-to-consumer tests yielded false positive results. That means insurers may want to check out the results before they issue coverage. But this doesn’t mean that genetic tests can’t help you get a life insurance policy. Genetic tests can be used to determine if you’re predisposed to certain cancers, like breast cancer.
Other factors to consider
There are a few other factors to consider when applying for life insurance, and these will affect the premiums you pay. First, you must consider the amount of money you need to leave for your beneficiaries. This can include mortgage payments, remaining college education costs, and regular living expenses. In addition, you should estimate your potential medical costs in the future. Most people underestimate the amount of life insurance they need, and it’s best to speak with an insurance expert about the details.
