Marijuana Usage Laws Are Changing & So Are Life Insurance Guidelines for Coverage
Marijuana Laws are changing in many states and the Life Insurance industry is adjusting too. Colorado and Washington have moved the furthest and have legalized sales and usage. Here in Connecticut the decriminalization for possession of less than 1/2 ounce is now the law of the land. The penalties for the decriminalized offenses are:
Connecticut Laws & Penalties
| Offense | Penalty | Incarceration | Max. Fine |
Possession | |||
Personal Use | |||
| Less than 1/2 oz (first offense) | civil penalty | N/A | $ 150 |
| Less than 1/2 oz (subsequent offense) | civil penalty | N/A | $ 500 |
For the full list of CT marijuana related offenses and penalties follow this link: http://norml.org/laws/item/connecticut-penalties
How do Life Insurance companies underwite users of marijuana? Below is a list of some of the more common insurers we have worked with and their general underwriting guidelines. I have received this information from www.LifeHealthPro.com. Please note that this is for general information only. For current information and a quote on CT Life Insurance please follow this link: /coverage/life-insurance/
American General: If applicant smokes two times a year or less, they can get Preferred Best Non Smoker rates. If theyt smoke two times per month, they’re at Standard Non Smoker. If they smoke more than two times per month, they’re considered a smoker with a possibility of a table rating. (ie: higher cost)
Banner Life: Occasional use will be Standard Smoker. Daily use will start at a substandard Table B Smoker rate.
Genworth: Standard Smoker rates for use eight times per month or less. More than that would be substandard smoker. Prescription use isn’t recognized, it’s rated the same as non-prescription use.
ING Reliastar: Table 4 Smoker for daily use.
Lincoln National: Standard Non Smoker up to two times per week. Substandard table B Non Smoker for three to four times per week. Declined for four or more times per week.
MetLife: Preferred Plus Non Smoker if individual smokes less than once per week. More than once per week and applicants receive Smoker rates. Daily use is a minimum Table 4 rating.
Prudential: For marijuana use up to two times per month and a negative lab result, individuals can qualify for Standard.
Transamerica: Standard Smoker rates.
I repeat, guidelines are changing regularly.
